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History of Nigerian Naira

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History of Nigerian Naira by : 3:10 pm On October 17, 2019

Many people today use the Nigerian naira, but do not know its history, as well as the various signs, symbols and their value. The standard currency, currently used in Nigeria, is called Nigerian naira, which has been subdivided into 100 kobo.

NAIRA Symbol
NAIRA Symbol

In this article, We will review with you the history, the symbol, the sign and the value of the Nigerian currency, the naira, and the kobo.

Nigeria is a country already known as middle, mixed and emerging market. It is regarded as one of the biggest economies in Africa today and the largest in West Africa, endowed with many useful natural resources and exporting to several countries of the world. Before the introduction of Naira and Kobo in Nigeria, which was in 1973, the pound was the currency of Nigeria and was used between 1907 and 1973. However, before that time, the country had used several forms of currency, including cowries and manila.

It was not until 1958 that Nigeria used West African pounds to issue its currency. The books were subdivided into 20 shillings, each of 12 pence. At that time, Nigerian books were par with British books with easy convertibility. It was replaced by the introduction in 1973 of the Naira decimal at the rate of 1 pound = 2 naira. This new change has made Nigeria the last country to leave the West African monetary system.

In 1959 coins were issued in categories of ½, 1, 3 and 6 pence respectively and in 1 and 2 shillings. The 1 and 1 cent coins were bronze and pierced. The three-cent nickel-brass coin was a smaller version of the twelve hundred distinctive three hundred used in the United Kingdom, Jersey, and Fiji. The problem of banknotes in Nigeria has a long history. In 1918, the government posed an emergency problem by presenting categories of 1, 10 and 20 shillings. In 1959, the Central Bank of Nigeria proposed notes in denominations of 5 and 10 shillings, including 1 and five livres. Three sets of notes were issued in 1958, 1967 and 1968, individually.

Following the introduction of a new currency, Naira and Kobo legal tender in 1973, Kobo was the first to be widely used in the country. Some symbols and unique signs distinguished the piece.

  • Naira has the sign ‘₦.’
  • The Kobo was signed “K.”

There were five Kobo denominations that were 1 / 2k, 1k, 5km, 10km and 25k in 1973 and 1989, the 50k and N1 notes were changed to pieces

Nowadays in the country, Kobo coins have been eliminated because their value no longer makes it possible to buy items in the country’s market. The only economic organization was Central Bank of Nigeria (CBN) which is allowed to the issue naira banknotes in the country, while the press was printing Nigerian mining stocks and companies.

Nigerian Naira, the code “NGN” and signed with the symbol “₦” was launched in the notes in 1973, including four different denominations: ₦ 1 ₦ 5, ₦ 10 and 20 ₦.

Read Also: Current Dollar to Naira Exchange Rates for 2019 (CBN and Black Market Rates)

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