Egyptian Pound in Nigerian Naira

EGP Egyptian Pound

Country of application:
Egypt

Coin denominations in circulation:
25, 50 piastres, 1 pound sterling.

Denominations of banknotes in circulation:
£ 1, 5, 10, 20, 50, 100, 200.

History reference:
The national currency of Egypt is the Egyptian pound or guinea, pronounced el-Giney, el-Mashri). In 1834, according to a royal decree, on the basis of a parliamentary bill, the issue of a new monetar...y currency of Egypt, the pound, was launched, a currency of a larger denomination in relation to the piastres. Piastre was not withdrawn from circulation and was equated to 0.01 pounds, amounting, in turn, to 40 pairs. In 1885, the production of steam was discontinued, and in 1916 it was replaced by millimes, i.e. 0.1 piastres. All banknotes depict various mosques in Egypt. Banknotes of 25 and 50 piastres, as well as 1 pound, actually went out of circulation, just as banknotes of 5 and 10 piastres went out of circulation earlier.

NGN Nigerian Naira

Country of application:
Nigeria

Coin denominations in circulation:
50 kobo, 1, 2.

Denominations of banknotes in circulation:
5, 10, 20, 50, 100, 200, 500, 1000 naira.

History reference:
The Nigerian Naira is the currency of Nigeria, the name of the currency comes from the name of the state and the river. The naira was put into circulation on January 1, 1973 instead of the Nigerian p...ound, 1 pound = 2 naira. Thus, Nigeria became the last African state to abandon the duodecimal monetary system. Rampant inflation has occurred in Nigeria. The Central Bank of Nigeria said they were trying to keep the annual inflation rate below 10%. In 2011, CBN increased its key interest rate 6 times from 6.25% to 12%. On January 31, 2012, CBN decided to keep its key interest rate at 12% to reduce the impact of inflation due to cuts in fuel subsidies. On October 25, 2021, eNaira, an electronic analogue of the national currency, was launched in Nigeria. eNaira is not a cryptocurrency, all transactions are controlled by financial government agencies.