Nageshwarnath is considered to be the presiding deity of Ayodhya. The temple of Nageshwarnath is said to have been established by Kush, the son of Lord Rama. Legend has it that kush lost his armlet while bathing in the river Saryu, which was picked up by a Nag-Kanya, who fell in love with him. As she was a devotee lf Lord Shiva, Kush erected this temple for her.
It is said that this has been the only temple to have survived till the time of Vikramaditya, the rest of city had fallen into ruins and was covered by dense forests. It was by means of this temple that Vikramaditya was able to locate Ayodhya and the sites of different shrines here. The festival of Shivratri is celebrated here with great pomp and splendor.
The present temple built during the reign of sufdarjung by hindu minister Naval Rai around 1750