Currency and Banking
The national currency of Nigeria is the naira, which is divided into
100 kobo (129.22 naira equal U.S.$1; 2003 average). Exchange rates have
been allowed to fluctuate since 1995, when the government abandoned a
disastrous, short-lived attempt to fix the rate at 22 naira per dollar.
Currency and banking are supervised by the Central Bank of Nigeria,
founded in 1958 and located in Lagos. Several foreign banks have branches
in Nigeria; since 1976, all have been required to have at least 60
percent Nigerian ownership. The Nigerian Stock Exchange, founded in 1960, is
located in Lagos and is supervised by the Nigerian Securities and
Exchange Commission.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment