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Its Throwback Thursday #TBT. Let us even discuss about something every Nigerian is looking for presently, our legal tender, 'The History of the Nigerian Naira'.

The Nigerian Naira is our recognized form of legal tender and therefore it is utilized on a daily. In our daily hustle, no one has the time to pay close attention to the Nigerian currency (unless when the note is torn or so) so I am sure most of us do not know the history of the currency, what the symbols on them depict and how much it contributes to the image of Nigeria. Here are few interesting facts about the Nigerian currency.

In 1973 coins were introduced In denominations of ½, 1, 5, 10 and 25 kobo

                                                                                               

In 1974  the exchange rate was 1 Dollar= 63kobo. During this period, Nigeria was under military rule with General Yakubu Gowon as her Head of State. The demand of dollar was low and there was not much transaction that required dollar.

The ½ and 1 kobo were created in bronze and the higher denominations in cupro-nickel. The ½ kobo coins were only minted that year.  

In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and 1 Naira.

On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 Naira. The 50 kobo notes were last issued in 1989. The first of Bank Notes were 50 kobo, 1, 5, 10 and 20 naira

In 1991, 50 Naira notes were issued, followed by N100 in year 1999, N200 in year 2000, N500 in year 2001 and N1000 on October 12, 2005.

On 28 February 2007, new coins were issued in denominations of 50 kobo, 1 and 2 Naira, with the 1 and 2 Naira bimetallic.

In 2008, CBN Proposed a Naira re-denomination and the Naira was scheduled for re-denomination in August 2008, with old 100 Naira to become new 1 Naira. This was cancelled by the then President, Late President Umaru Musa Yar’Adua .

On the 12th of November 2014, President Goodluck Jonathan unveiled a new 100 Naira note with unique characteristics to commemorate Nigeria’s 100 years of existence. 

In front, the new note has the same portrait of Chief Obafemi Awolowo as the existing note but with a new color scheme and increased security features. It also had inscribed on it “One Nigeria, Great Promise” in micro printing. 

On the back it features traditional dancers as well as a QR code which launches a website about Nigeria’s history when scanned.

This write-up just gives brief details of all denominations of our Naira, the next post would give a detailed history. Join me on this ride, it surely promises to be fun.

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