Catalog
2 Naira
| Issuer | Central Bank of Nigeria |
|---|---|
| Year | 2006 |
| Type | Standard circulation coin |
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| Obverse description | The stainless steel centre features the Nigerian coat of arms in high relief, depicting an eagle displayed atop a black shield charged with a white pall, flanked by two rampant horses as supporters, all resting on a grassy compartment. A scroll beneath the shield bears the national motto legend UNITY AND FAITH, PEACE AND PROGRESS. The date 2006 appears in the field below the coat of arms, and the issuer's initials CBN are inscribed at the base of the copper-plated steel ring, which carries the circumferential legend FEDERAL REPUBLIC OF NIGERIA. |
|---|---|
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| Mintage | 2006 - - 107,500,000 |
| Additional information |
Nigeria redenominated and reformed its coinage in the early 2000s under pressure to reduce transaction costs and replace the paper 2 Naira note, which had become impractical due to years of inflation eroding its purchasing power. The bimetallic format was adopted partly to discourage counterfeiting at a denomination now worth using for everyday transactions again.
Dies for the series were produced abroad — Nigeria has historically relied on the Royal Mint and other external facilities for coinage production rather than domestic striking.