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The name naira is simply a contraction of "Nigeria", while the subdivision, kobo, is named by a derivation of the English "copper."
The coat of arms of Nigeria has a black shield with two white lines that form in a "Y" shape. The black shield represents Nigeria's fertile soil, while the two horses or chargers on each side represent dignity. The eagle represents strength, while the green and white bands on the top of the shield represent the rich soil.
FEDERAL REPUBLIC OF NIGERIA
Herbert Macaulay head 1/4 right.
CENTRAL BANK OF NIGERIA