naira

noun

nai·​ra ˈnī-rə How to pronounce naira (audio)
plural nairas or naira
the basic monetary unit of Nigeria see Money Table

Examples of naira in a Sentence

Recent Examples on the Web Accessing legal representation can rise to 700,000 naira (about $500), or almost two years’ earnings for a minimum-wage worker. Ogar Monday, The Christian Science Monitor, 21 May 2024 The gunmen had last week demanded a ransom of 1 billion naira ($620,000) and threatened to kill all of the students if their demands were not met, a member of the local community said. Sophie Jeong, CNN, 24 Mar. 2024 By Nimi Princewill | CNN Gunmen who kidnapped at least 287 school children in Nigeria last Thursday have demanded a ransom of 1 billion naira ($621,848) and threatened to kill all of the students if their demands are not met, a member of the local community told CNN on Wednesday. Cnn.com Wire Service, The Mercury News, 13 Mar. 2024 Meanwhile, the country’s multiple exchange rates were unified to allow market forces to determine the rate of the local naira against the dollar, which in effect devalued the currency. Chinedu Asadu, The Christian Science Monitor, 20 Feb. 2024 Meanwhile, the country's multiple exchange rates were unified to allow market forces to determine the rate of the local naira against the dollar, which in effect devalued the currency. Chinedu Asadu, Quartz, 17 Feb. 2024 Under the previous leadership of the Central Bank of Nigeria, policymakers tightly controlled the rate of the naira against the dollar, thereby forcing individuals and businesses in need of dollars to head to the black market, where the currency was trading at a much lower rate. Chinedu Asadu, The Christian Science Monitor, 20 Feb. 2024 Weekly cash withdrawals from banks are restricted to 100,000 naira for individuals and 500,000 naira for corporations, and any amount above that limit will attract a fee of 5% and 10%, respectively, the central bank said. Emele Onu, Bloomberg.com, 6 Dec. 2022 The Central Bank of Nigeria capped the maximum customer withdrawal at 20,000 naira ($44.97) a day, down from the previous limit of 150,000 naira, according to a circular sent to lenders on Tuesday. Emele Onu, Bloomberg.com, 6 Dec. 2022

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'naira.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

Etymology

alteration of Nigeria

First Known Use

1972, in the meaning defined above

Time Traveler
The first known use of naira was in 1972

Dictionary Entries Near naira

Cite this Entry

“Naira.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/naira. Accessed 14 Jun. 2024.

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