Complete the sentence about Naira with the correct year: The naira was introduced on 1 January ______, replacing the Nigerian pound at a rate of £1 = ₦2.
Answer and explanation
Correct answer: A. 1973
The naira is the currency of Nigeria, divided into 100 kobo and issued by the Central Bank of Nigeria. It was introduced on 1 January 1973 and replaced the Nigerian pound at a rate of one pound to two naira. Its coins were the first ever issued by an independent Nigeria.
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