nai·​ra | \ ˈnī-rə How to pronounce naira (audio) \
plural nairas or naira

Definition of naira

the basic monetary unit of Nigeria — see Money Table

Examples of naira in a Sentence

Recent Examples on the Web The gunmen in the earlier abduction had filmed the execution of five of their hostages to compel parents to pay a ransom of 180 million naira, equivalent to about $440,000, plus eight motorcycles for their release, according to local media reports. Joe Parkinson, WSJ, 31 May 2021 All Uche needed was to follow a link provided by the foundation to create a profile and pay the sum of 10,500 naira (about $25) via digital payments startup Paystack to generate the test access pin. Chikezie Omeje, Quartz, 8 Apr. 2021 The government increased funding for the health sector by 9% to 106 billion naira this year to boost capacity to manage Covid-19 infections and other diseases successfully, according to the commissioner. Emele Onu,, 14 Jan. 2021 Magaji says he was taken to the forest with a group of others and the kidnappers demanded a ransom of 10 million naira (about $26,000). Stephanie Busari, CNN, 26 Apr. 2021 While Nigerian naira and Kenyan shillings are rarely exchanged, USD is found in both countries, which can simplify payments. Karl Moore, Forbes, 27 Apr. 2021 Nigerian officials said recently that the increasing use of bitcoin could erode the value of the local currency, the naira. Jared Malsin, WSJ, 16 Apr. 2021 Between January and August last year, the value of e-payment transactions in Nigeria was 804 trillion naira (about $2 trillion) with online transfers accounting for nearly one-third, according to the Central Bank of Nigeria. Chikezie Omeje, Quartz, 8 Apr. 2021 The move came on the heels of a nationwide crackdown on banks dealing in cryptocurrencies, which the government enacted in an attempt to counteract the naira’s declining value. Roya Wolverson, Quartz, 26 Mar. 2021

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'naira.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of naira

1972, in the meaning defined above

History and Etymology for naira

alteration of Nigeria

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Statistics for naira

Last Updated

10 Jun 2021

Cite this Entry

“Naira.” Dictionary, Merriam-Webster, Accessed 19 Jun. 2021.

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