The Central Bank of Nigeria, CBN is the only issuer of legal tender money (that is the Nigerian currency) all over Nigeria. The Central Bank of Nigeria determines the quantity of money which is being pumped into the economy and as well as to determine the monetary and price stability.
It was during the military regime of General Gowon that the Nigerian "Naira" was introduced into the Nigerian economy. According to some facts, the word "naira" is just a contraction of "Nigeria".
Observing this matter critically, you will find out that the word "naira" was not derived from any Nigerian language at all. Naira is not Hausa, Yoruba, Igbo, Kanuri, Fulani, Ijaw, Urhobo, Edo, Efik, Ibibio name; it does not belong to any Nigerian ethnic group, so what is the purpose of using it as the Nigerian currency.
It is quite egregious that the Nigerian currency name is not derived from a Nigerian indigenous name. That means a Nigerian can tell exactly the meaning of the word "Naira".
Nigerian currency name should have been given an indigenous name other than a contraction of whatever conception that inspired General Gowon or the Central Bank of Nigeria to name it "Naira".
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