History of Nigeria Currency
Issuing of currency notes in Nigeria was initiated by West African Currency Board from 1912 to 1959.
Before this time Nigeria had used various forms of money like Cowries and Manilas.
On July 1st, 1959, the Central Bank of Nigeria issued the Nigerian currency notes and coins thereby West African Currency notes and coins were withdrawn.
In 1962 legal tender status was changed to reflect the country's new status. The notes were again changed in 1968 as strategy against because of misuse of the currency notes.
March 31st, 1971, the Head of State announced that We would change to decimal currency as from 1st January 1973. The major currency mentioned was Naira which was equivalent to ten shillings and the minor unit Kobo , 100 kobo equivalent to one Naira. The decision to change to decimal currency following the recommendation of committee set up in 1962 which submitted its report in 1964.
On 11th February precise, a new banknote denomination of 20 Naira was introduced/issued in 1977.
- The N20 note was the highest denomination to be introduced then.
- The N20 note became the first currency in Nigeria bearing the Portrait of a Nigeria citizen, in this case the Head of State, General Murtala Ramat Muhammed (1938 - 1976) who was the torch bearing of the Nigeria Revolution July, 1975.
He was declared a national hero on the 1st of October, 1978. The note was issued on the 1st Anniversary of his assassination. On 2nd July, 1979, three new currency notes were issued, namely; N1, N5 and N10 to add to previous once. In 1991, both the 50k and N1 Notes were coined. In other to facilitate efficiency of payment system and expand economic activities, N100, N200, N500, and N1000 were introduced in December 1999, November 2000, April 2001 and of course October 2005 respectively.
As part of economic reforms, on February 28th, 2007, 50K, N1, N5, N10, N20 and N50 were redesigned.
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