When was currency introduced in nigeria

In , following the assassination of General Murtala Ramat Muhammed , the Twenty 20 Naira note was issued as the highest denomination and the first currency to bear the portrait of a Nigerian citizen, the late Head of State. The note was issued on the 1st anniversary of Gen. Muhammad's assassination as a tribute. All the other currencies remained the same. In order to facilitate identification, distinctive colours which were similar to those of the existing banknotes of the various denominations were used.

The engravings on the back of the notes reflected cultural aspects of the country. In April , all the notes were withdrawn and reissued in interchanged colours, except the 50 kobo note. This was done by the military administration which took over power in December, , to arrest the alarming rate of currency trafficking going on at the time.

However, the coins remained the same. In October , Fifty Naira 50 note was introduced as the highest denomination and the One Naira 1 and Fifty kobo 50k were withdrawn and coined. A completely new coin range was issued as part of a major reform of the nation's currency structure. The coins were in the following denominations. Half kobo and five kobo were withdrawn in this year. The Hundred Naira note was introduced on December 1, as one of the new generation notes of the Nigerian currency system.

It included the most recent developments in security printing technology on paper and ink. The Two-Hundred Naira note was released on November 1, , with the same security features as the Hundred Naira. The Five-Hundred Naira note was released on April 4, On its front is a portrait of Dr.

At the back of the note is the picture of an offshore oil-rig. The One-Thousand Naira note was released October 12, , with even more advanced security features.

It is currently the highest denomination in circulation. In , the one 1k kobo, ten 10k kobo and twenty-five 25k kobo coins were ushered off the market. The One Naira 1 and Fifty kobo 50k coins were also redesigned, while a new Two 2 Naira coin was introduced. The naira was first introduced in Before then Nigeria had been using the Nigerian pound. The coins of the Nigerian pound all had the name of Queen Elizabeth II on them and the naira coins introduced in were the first to be issued by an independent Nigeria.

Today the faces on Nigerian currency are different. When the naira replaced the Nigerian pound the British pound to naira conversion rate was set at 1 pound for every 2 naira. Over the years the naira has been linked to the British pound and more recently it has been pegged to the US dollar at a number of levels.

The history of Nigerian currency is long and complicated. Well, while the history of the naira began proper in , one of the oldest forms of currency, Cowries , were still being used in the early twentieth century around the same time that the British first introduced paper money. Knowing about the history of the Nigerian currency is important but it also helps to know what the naira looks like today.

As a result, no redenomination of the naira occurred. New notes were introduced but the only change was the material. Many of the current naira notes in circulation are polymer banknotes that are more secure, more durable and more sustainable to manufacture than the old paper notes.

In recent years the Central Bank of Nigeria has issued some commemorative notes. The current series of banknotes feature a number of significant Nigerian figures and depictions of Nigerian culture. It helps to compare the naira to other major currencies around the world.

For example, by comparing the naira to the US dollar , the Euro or the Indian rupee you can get a good idea about the worth of the naira and the health of the Nigerian economy. According to Exchangerates. Knowing these exchange rates will also help you if you are travelling to Nigeria or if you want to send money to loved ones in Nigeria. For many years, Small World has been helping people all over the world support their loved ones.

With Small World, you can send money to Nigeria from our agents, branches, online or through our app. Both methods are quick, simple and secure. Small World has facilitated millions of money transfers all around the world.

Other types include the cryptocurrency which authorities banned in February saying its instability exposed citizens to huge financial risks. The government expects the e-Naira to improve store of value for Nigeria weakening currently as well as drive financial inclusion for millions of citizens. But digital money experts like Janet Kaatyo say Internet penetration and tech savviness could present initial problems. It is not different with the digital currency, the e-Naira or even the cryptocurrency.

People need to learn how to use these things," said Kaatyo. The use of digital currencies has grown in recent years in Nigeria, especially among the younger population. Authorities say with the e-Naira, they can better monitor transactions, curb black market trading for the paper currency, protect against devaluation, and lower inflation. Search Search.