S. OlawaleNigerian Currency History : All You Need To Know
Naira is the current official currency of Nigeria, it is subdivided into 100
Kobo { Nigerian Currency History }. The Central Bank of Nigeria is the only issuer of legal tender money throughout Nigeria. The Central Bank of Nigeria controls the volume of money supply in the economy in order ensure stability of the economy.
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1912 { Nigerian Currency History begins }
Nigeria had used various forms of money before the Naira including cowries and manilas. Between 1912 to 1959 The West African Currency Board was the body responsible for issuing currency notes in Nigeria.
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1st of July 1959 { Nigerian Currency Notes }
The Central Bank of Nigeria issued the Nigerian currency notes and coins and withdrew the West African Currency Board notes and coins on the 1st of July, 1959.
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1962 / 1968 { Legal Tender Status }
It was though not until 1st July, 1962 that legal tender status was changed to reflect the Nigeria’s new independent status. The currency notes were again changed in 1968 as a war strategy during the civil war, this was in response to the misuse of the country’s currency notes.
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1971 – 2005 { Naira – Kobo}
March 1971 it was announced by the government that Nigeria would change to decimal currency system as from 1st January, 1973. It was also announced that the major currency unit would be called Naira which and would be equivalent to ten shillings. The minor unit to a naira would be called kobo, i.e 100 kobo would make 1 Naira. This decision made Nigeria the last country to abandon the £sd system.
On January 1, 1973 the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10
and 20 Naira according to plan. In the year 1991, 50 naira notes were issued and was also followed by 100 naira in the year 1999, 200 naira notes in the year 2000, 500 naira in the year 2001 and finally the 1000 naira note was annouced in the year 2005 which is currently the highest denomination of the naira.
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2007 { Polymer Notes }
There where also modifications to the Naira as on February 28, 2007 a new versions of the 5 to 50 naira banknotes were introduced. The naira notes where modified to become smaller and remodelled. And 20 naira was released in polymer.
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2009 { Polymer Notes }
In the year 2009 the new Central Bank of Nigeria Governor Sanusi Lamido Sanusi eventually changed the 5, 10 and 50 naira to polymer notes. Though the polymer notes where soon withdrawn due to higher costs and environmental issues.
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2016 { Naira Value – Nigerian Currency Exchange Rate}
The Central Bank of Nigeria announced June 2016 that value of the naira would be allowed to float. Trades have speculated the natural range of the naira would float between 280 and 350 to the dollar.
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