Share of ₦3 nominal value were issued at a price ₦4. The difference of ₦1 is a

In this scenario, shares were issued at a price of ₦4, which is higher than the nominal value of the shares, which is ₦3. The difference between the issue price and the nominal value of the shares is ₦1. This difference is called a "premium." A premium is a payment made by investors for shares in excess of their nominal value. It represents the amount by which the issue price exceeds the nominal value of the shares. Therefore, the correct answer is "premium."