Nairas

Part of speech: noun, plural

Definitions

1. A currency used in Nigeria, typically denoted by the symbol ₦
2. Representing the primary monetary unit of Nigeria, it facilitates trade and economic transactions
3. A legal tender in Nigeria, functioning as the medium of exchange within the nation’s economy

Etymology: The plural "nairas" is simply the regular plural of "naira," the currency of Nigeria, so the story belongs to the singular. "Naira" is a contraction of "Nigeria," and the name was coined by Obafemi Awolowo, who was Federal Commissioner for Finance at the time. Awolowo is a well-known Nigerian statesman, and the choice of a short, clipped form drawn from the country's own name tied the currency directly to the nation it served. Since "naira" is a clipping rather than a word with older roots, its history is short and deliberate: a national name shortened into a currency name, with the plural formed in the ordinary English way by adding "s."

Synonyms: currency, money, cash, funds, capital