HISTORY OF NIGERIA CURRENCY

HISTORY OF NIGERIA CURRENCY 

...How Nigeria started using cowries/manilas to pounds, kobo and presently Naira.

Before the west African currency board was found, Nigeria already had its own currency in the form of cowries and manilas. The board was charged of issuing currency notes in the country. This was during the time of colonial masters 1912 to 1959.

Nigerian currency notes issued on 1st of july, 1959:

The central bank of Nigeria withdraw the west African currency notes and coins, and issued the Nigerian currency notes and coins on 1st of July, 1959.

Legal tender status 1962-1968:

By 1st july,1962, the legal tender status of the naira was changed to showcase Nigeria's new independent status. The currency notes were changed in 1968 during the civil war.

On April 1971 the Government announced chat to decimal currency system as from 1st January, 1973. On the same date the CBN introduced 50 kobo, 1,5,10 and 20 naira respectively.

In the year 1991, 50 naira notes were issued and Al's followed by 100 naira in the year 1999, 200 naira notes in the year 2000.

In the year 2001 the 500 naira note was introduced and 1000 naira note was announced in the year 2005 which is currently the highest denomination of the naira.

As at February 28, 2007 polymer notes were introduced.

The idea of the CBN was to make the notes smaller and durable. The notes affected by the CBN polymer policy were 5, 10, 20, and 50 naira notes by the then CBN governor Prof. Charles Soludo in 2008.

It was Soludo Successor, Sanusi Lamido Sanusi, who eventually in 2009, released the remaining 5, 10 and 50 versions of the polymer currency.