![base info Sponge](https://img.bitgetimg.com/multiLang/coinPriceLogo/26a200ef6a9dc6aa3b5bfa555830b1bb1716225078960.png)
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NGN information
About the Nigerian Naira (NGN)
What Is the Nigerian Naira (NGN)?
The Nigerian Naira is the official currency of Nigeria, a country in West Africa. The Naira is symbolized by ₦ and has the currency code NGN. One Naira is divided into 100 Kobo. As Africa's largest economy, Nigerian Naira plays a crucial role both domestically and in the African financial landscape. The Nigerian Naira is the sole legal tender in Nigeria, and it is used for all transactions within the country.
The Nigerian Naira is issued by the Central Bank of Nigeria (CBN), which is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. The CBN is responsible for the design, production, and distribution of the currency, as well as for implementing monetary policy and maintaining the value of the Naira.
What Is the History of NGN?
The Nigerian Naira, introduced on January 1, 1973, marked a significant milestone in Nigeria's economic history, replacing the Nigerian pound at a rate of 2 Naira for 1 pound. This transition signified Nigeria's shift from the British pound sterling to a distinct and independent decimal currency system. The name 'Naira' was derived from 'Nigeria', symbolizing the nation's sovereignty in monetary matters. The initial series of banknotes and coins were the first to be issued by an independent Nigeria, with the coins being the last to feature Queen Elizabeth II, reflecting the country's colonial history.
Notes and Coins of NGN
The Nigerian Naira (NGN) comprises a variety of coins and banknotes, each with distinct values and designs. Coins in circulation include denominations of 50 Kobo, 1 Naira, and 2 Naira. Banknotes are issued in denominations of ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1000.
What Is eNaira?
The eNaira is the first African central bank digital currency (CBDC). Launched on October 25, 2021, by President Muhammadu Buhari, the eNaira is issued and regulated by the Central Bank of Nigeria (CBN). It operates as a legal tender, just like physical Naira, but in a digital form, maintaining a one-to-one value with the traditional Naira. The eNaira aims to enhance financial inclusion, improve payment efficiency, and facilitate seamless cross-border transactions. It operates on a blockchain network, allowing peer-to-peer transactions without intermediaries, distinguishing itself from decentralized cryptocurrencies like Bitcoin by running on a private blockchain controlled by the CBN. Users access the eNaira through digital wallets, with transactions promising speed, reduced costs, and increased convenience.
Is NGN Pegged to GBP?
No, the Nigerian Naira (NGN) is not pegged to the British Pound Sterling (GBP). The Naira operates on a floating exchange rate system, where its value is determined by market forces based on supply and demand in the foreign exchange market.
Historically, Nigeria used the British Pound Sterling during its time as a British colony and for some years after gaining independence. However, in 1973, Nigeria introduced the Naira to replace the Pound Sterling and established its own monetary system. Since then, the Naira has not been pegged to the Pound Sterling or any other foreign currency but has been subject to fluctuations in the international currency markets.
Is NGN a Stable Currency?
The Nigerian Naira (NGN) has historically faced challenges regarding stability. The Naira had been experiencing significant fluctuations, largely due to factors such as political instability, economic challenges, and fluctuations in oil prices, which is a major revenue source for Nigeria. For instance, in 2021, the official exchange rate of the Naira to the US Dollar was around 380 NGN to 1 USD, while the parallel market rate was much higher, around 475 NGN to 1 USD. In June 2023, the Naira fell 23% in a day to a rate of ₦600 to US$1. This discrepancy indicates ongoing challenges in achieving currency stability.
$SPONGE to NGN conversion rate trend
Conversion rate comparison of various exchanges
Exchange | Price | Maker / Taker Fee | Tradable |
---|---|---|---|
Bitget | ₦1.04 | 0.0200% / 0.0320% | |
Gate.io | ₦1.06 | 0.1000% / 0.1000% | Yes |
How to buy Sponge
Buy $SPONGE (or USDT) for NGN (Nigerian Naira) offers
Merchants (trades/completion rate) | Price | Amount/limit Low to high | Payment methods | Zero fees Action |
---|---|---|---|---|
T Timmy_Asap ![]() 3803 trades|Completion rate 100.00% | 1522.22 NGN | Amount5 USDT Limit1500 - 1500 NGN | ![]() | |
T TheBullTrader ![]() 1410 trades|Completion rate 98.00% | 1548 NGN | Amount20.1 USDT Limit31000 - 31000 NGN | ![]() | |
T THANKS EXCHANGE ![]() 658 trades|Completion rate 99.00% | 1549.9 NGN | Amount5117.91 USDT Limit100000 - 3000000 NGN | ![]() | |
A Abbaak ![]() ![]() 1695 trades|Completion rate 99.00% | 1558 NGN | Amount1044.17 USDT Limit200000 - 1600000 NGN | ![]() | |
O OptimusPrimal ![]() 36 trades|Completion rate 97.00% | 1558 NGN | Amount77.52 USDT Limit5000 - 120776.16 NGN | ![]() |
Sell $SPONGE (or USDT) for NGN (Nigerian Naira) offers
Merchants (trades/completion rate) | Price | Amount/limit High to low | Payment methods | Zero fees Action |
---|---|---|---|---|
m mjay001 ![]() 142 trades|Completion rate 97.00% | 1553 NGN | Amount500 USDT Limit100000 - 776500 NGN | ![]() | |
G GOODMAN- ![]() ![]() 565 trades|Completion rate 95.00% | 1553 NGN | Amount280 USDT Limit434840 - 434840 NGN | ![]() | |
F Faisee1 ![]() 253 trades|Completion rate 98.00% | 1552.75 NGN | Amount24656.85 USDT Limit50000 - 38818750 NGN | ![]() | |
d dbest1221 ![]() 255 trades|Completion rate 96.00% | 1552.52 NGN | Amount94699.05 USDT Limit500000 - 75000000 NGN | ![]() | |
S Sylvic Worl111 ![]() 437 trades|Completion rate 100.00% | 1552.51 NGN | Amount75000 USDT Limit700000 - 75000000 NGN | ![]() |
What factors influence the conversion rate of Sponge to Nigerian Naira?
Sponge to Nigerian Naira is rising this week.Conversion tables
The exchange rate of Sponge is increasing.$SPONGE to NGN
NGN to $SPONGE
Today vs. 24 hours ago
Amount | 08:04 am today | 24 hours ago | 24h change |
---|---|---|---|
0.5 $SPONGE | $0.0001994 | $0.0001947 | +2.41% |
1 $SPONGE | $0.0003989 | $0.0003895 | +2.41% |
5 $SPONGE | $0.001994 | $0.001947 | +2.41% |
10 $SPONGE | $0.003989 | $0.003895 | +2.41% |
50 $SPONGE | $0.01994 | $0.01947 | +2.41% |
100 $SPONGE | $0.03989 | $0.03895 | +2.41% |
500 $SPONGE | $0.1994 | $0.1947 | +2.41% |
1000 $SPONGE | $0.3989 | $0.3895 | +2.41% |
Today vs. 1 month ago
Amount | 08:04 am today | 1 month ago | 1M change |
---|---|---|---|
0.5 $SPONGE | $0.0001994 | $0.{4}4392 | +354.12% |
1 $SPONGE | $0.0003989 | $0.{4}8783 | +354.12% |
5 $SPONGE | $0.001994 | $0.0004392 | +354.12% |
10 $SPONGE | $0.003989 | $0.0008783 | +354.12% |
50 $SPONGE | $0.01994 | $0.004392 | +354.12% |
100 $SPONGE | $0.03989 | $0.008783 | +354.12% |
500 $SPONGE | $0.1994 | $0.04392 | +354.12% |
1000 $SPONGE | $0.3989 | $0.08783 | +354.12% |
Today vs. 1 year ago
Amount | 08:04 am today | 1 year ago | 1Y change |
---|---|---|---|
0.5 $SPONGE | $0.0001994 | $0.{4}6885 | +189.67% |
1 $SPONGE | $0.0003989 | $0.0001377 | +189.67% |
5 $SPONGE | $0.001994 | $0.0006885 | +189.67% |
10 $SPONGE | $0.003989 | $0.001377 | +189.67% |
50 $SPONGE | $0.01994 | $0.006885 | +189.67% |
100 $SPONGE | $0.03989 | $0.01377 | +189.67% |
500 $SPONGE | $0.1994 | $0.06885 | +189.67% |
1000 $SPONGE | $0.3989 | $0.1377 | +189.67% |
Sponge price prediction
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