The monetary unit of Nigeria is composed of two parts: the Naira (5 letters) and the Kobo (4 letters). The Naira is the primary currency of Nigeria and is divided into 100 Kobo. The Naira was introduced in 1973, replacing the Pound at a rate of 2 Naira to 1 Pound. The Kobo was introduced in 2008 as a subdivision of the Naira. The Naira is currently the most widely used currency in West Africa.