The naira is the currency of nigeria. it is subdivided into 100 kobo. the central bank of nigeria (cbn) is the sole issuer of legal tender money throughout the federation. it controls the volume of money supply in the economy in order to ensure monetary and price stability. the currency & branch operations department of the cbn is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.