The kanji and the word are exactly the same. That means they share meanings as well.

Note that 否 (いな) is very formal and somewhat archaic. Today, it's most commonly used in the expression 〜か否か (whether… or not).

Since this word is made up of a single kanji, it probably uses the kun'yomi reading. You did not learn this reading, so here's a mnemonic to help you:

Instead of saying "no" you say "na," and instead of saying "na" you say いな.

Note that 否 can also be read いや, which is a common way to say “no” in modern Japanese, but that reading is almost always written in kana.