Nigerian Naira in Panamanian Balboa

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.

PAB Panamanian Balboa

Country of application:
Panama

Coin denominations in circulation:
1 and 5 centesimos, 0.1, 0.25, 0.5, and 1 balboa.

Denominations of banknotes in circulation:
-

History reference:
The Balboa is the currency of the Republic of Panama. Panama money got its name from the Spanish conquistador Vasco Nunez de Balboa, the first European to cross the Isthmus of Panama from the Atlanti...c to the Pacific coast. With the independence of Panama in 1904, it became necessary to introduce a new currency to replace the Colombian peso. The balboa became such a currency. Until 1934, it was relatively independent and had a certain gold content (1.5048 g of pure gold), later a firm 1:1 ratio with the US dollar was established, which has been maintained to this day.