The córdoba (Spanish pronunciation: [ˈkordoβa], sign: C$; code: NIO) is the currency of Nicaragua and is divided into 100 centavos.

The first córdoba was introduced with the new National Bank of Nicaragua (Banco Nacional de Nicaragua Incorporado) which was created in 1912, after which the government of Adolfo Díaz promulgated the Monetary Conversion Law, in March 1912.

[1] From 1979 onwards, a period characterised by high inflation began, which caused the currency to lose value and led to the currency exchange and conversion operation of 14 February 1988, in which the córdoba, under the Sandinista regime's "Operation Berta" (Operación Berta), was replaced by the "new córdoba" (córdoba nuevo) at an exchange rate of 1,000 to 1.

In 1987, the final coins of the 1st córdoba were issued, featuring Sandino's characteristic hat.

[citation needed] Famous people from Nicaragua's history are depicted on the obverses of the current banknotes.

[citation needed] On May 15, 2009, polymer ten and twenty córdoba notes were issued to circulate alongside their paper counterparts.

[15] In 2012, the Banco Central de Nicaragua (Central Bank of Nicaragua) began issuing a new series of córdoba banknotes with revised security features, beginning with the 10, 20, and 200 córdoba polymer banknotes, which is similar to their first issue, but the notable change is the embossed "10", "20", and "200" on the see-through window now being of an opaque white.

Also notable is the wider security thread, a revised registration device, a repositioned serial number, subtle underprint design changes and the commemorative text "1912-2012 Centenario del Cordoba" in pearlescent ink at the left front of the note.

[20] On 26 October 2015, the Banco Central de Nicaragua introduced a new family of banknotes in denominations of 5, 10, 20, 50, 100, 200, and 500 Córdobas.

[21] On 1 December 2016, the Banco Central de Nicaragua introduced a 1,000 Córdobas banknote to ease high-value transactions.

[22][23][24] In July 2019, the 500 and 1000 Córdoba banknotes were reissued in polymer, to circulate in parallel with existing issues.

[25] In 1991, the Central Bank of Nicaragua established a crawling peg scheme in accordance with FMI exchange rate policies with a 12% annual rate of devaluation; "as of 2014"[update], this scheme continued to devalue the córdoba against the United States dollar by 5% per annum and decrease further at 3% per annum, subsecuently.