[3][4] It controls the volume of money supplied in the economy in order to ensure monetary and price stability.

On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to a reduction in fuel subsidies.

[16][needs update] In October 2021, the eNaira, the digital version of the state currency, was officially launched in Nigeria by President Muhammadu Buhari.

[17] The 2023 Nigerian currency crisis was precipitated in January 2023 by a shortage of naira cash amid an attempt by the Nigerian government to force citizens to use newly-designed notes, which the government said would help stem the tide of vote-buying in the lead-up to the 2023 general elections.

[6][7][8] The country's Supreme Court later invalidated the government's pronouncement that the previous notes had ceased to become legal tender.

[25] On 1 January 1973, the Central Bank of Nigeria introduced notes for 50 kobo, ₦1, ₦5, ₦10 and ₦20: in April 1984, the colors of all naira banknotes were changed in an attempt to control money laundering.

The main feature on the front is the engraved portraits of Alhaji Aliyu Mai-Bornu and Dr. Clement Isong, both of which are former governors of the Central Bank of Nigeria.

[36] On the first prints of the ₦100 notes issued starting 1 December 1999, Zuma Rock was captioned as located in Federal Capital Territory, while actually it is situated in Niger State.

The notes are similar to its regular issue with the portrait of Chief Obafemi Awolowo on the front, but are redesigned to include a new color scheme, revised security features, and the text "One Nigeria, Great Promise" in microprinting.

[42][43] In 2019, the naira attained a landmark when it featured the signature of Priscilla Ekwere Eleje, the new Director of Currency operations of the Central Bank of Nigeria and the first woman to hold the post.

The Nigerian Central Bank stated that it would make the naira fully convertible against foreign currencies by 2009.

Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate.

[49] Banknotes were to be printed in denominations of: In 2022, the Central Bank of Nigeria (CBN) under President Muhammadu Buhari led administration expressed the decision to redesign the naira as a statutory responsibility and a way to curb the increased circulation of counterfeit notes in the country.

[58] The CBN Governor, Mr. Godwin Emefiele expressed that the approval for the redesign was granted by the president of the country in fighting corruption, terrorism, kidnapping and other unlawful practices.

[59][60] President Muhammadu Buhari officially unveiled the new notes at the state house after 19 years since the naira was redesigned.

[62][63][needs update] In November 2022, CBN, Nigeria's central bank, informed the citizens that the new notes will be issued from 15 December 2022 onward, and that old naira notes need to be returned to the banking system before 31 January 2023 when they will cease to be legal tender.