1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 31.462 NGN (Nigerian Naira). It is the official currency of Nigeria. 1 NGN (Nigerian Naira) is subdivided into 100 kobo. The issuing of the currency is controlled by The Central Bank of Nigeria. The Naira currency was introduced in 1973, replacing the Pound at a rate of two Naira = one Pound.