In which year did Nigeria start using Naira currency?

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Since Nigeria was formed and shaped under the colonial rule of UK, its main currency used to be English pound. Such situation continued all the way up to 1973, when naira was introduced and substituted the pound. This event took place on January 1st of 1973. Unfortunately this currency undergoes rapid inflation. There was even a plan to exchange old naira for the new one, but it never was implemented.

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