The Naira (₦) is the official currency of Nigeria, but did you know that Nigerians didn’t start using Naira until 13 years after independence

In this article, we’ll tell you five things you probably didn’t know, but need to know about the history of money in Nigeria.

1. Nigerians haven’t always had money.

Before the colonial era, Nigerians traded differently. Value was exchanged through systems like trade by barter where people exchanged goods and services for other goods and services. If you wanted a slave, for example, you had to have something valuable like ivory or cotton to give in exchange. People also traded things like fish, gin, beads, tobacco and salt for whatever they wanted.

As time went on, the concept of currencies became more stable, as people relied mainly on cowries, beads and manilla currency.

2. The British introduced the first currency in Nigeria.

During Britain’s colonisation of Nigeria, the concept of money was introduced. Nigerians used Pounds, Pence and Shillings.

Fun fact: Nigeria used Pound Sterling until 1973

Even though the Central Bank of Nigeria was established in 1958, Nigeria continued to use the Pound Sterling for 13 years after she gained independence. Nigeria was the last country to abandon this system among the British colonised Countries. In 1973, Nigeria started using the Naira.

3. The Naira was introduced in 1973.

On January 1, 1973, Nigeria started using its own currency. It was named naira by Chief Obafemi Awolowo. This was the real beginning of the history of money in Nigeria. Naira and kobo was rolled into the Nigerian economy with bank noted and coins. The central bank of Nigeria is in charge of distributing the Naira. It controls how much money flows into the economy. The official currency code for Naira is NGN.

In 1973, we had ½, 1, 5, 10 and 25 kobo coins, and 50kobo ₦1, ₦5 and ₦10 banknotes. The ½ and 1 kobo coins were made with bronze and the higher denominations in cupro-nickel. ₦1 is 100 kobo

In 1977, the ₦20 was introduced.

Fun fact: Till today, the ₦20 is called “Muri” in some parts of Nigeria because it has a picture of Late General Murtala Muhammed

In 1989, the 5 kobo and 10 kobo coins removed from circulation, and in 1991, the ₦50 note was introduced. In 1991, the 50 kobo and ₦1 notes were changed to coins.

Fun fact: The ₦50 carries an illustration of people from different parts of the country to promote unity. That’s why it’s called “Waso”, which is a short form for “Wazobia”.

Wa-zo-bia is made up of three words, each of which means ‘come’ in Yoruba (wa), Hausa (zo) and Igbo (bia), Nigeria’s three largest linguistics groups

In 1999, the ₦100 note was introduced, in 2000. ₦200 was introduced. ₦500 was introduced in 2001 and ₦1000 in 2005.

₦1000 is the largest Nigerian denomination in circulation.

4. Who are the people on the Naira notes?

The ₦5 has former Prime Minister Abubakar Tafawa Balewa, ₦10 has educationist, activist and politician, Alvan Ikoku, General Muritala Mohammed is on ₦20, and ₦50 carries an illustration of Nigerians from varying tribes.

₦100 has Obafemi Awolowo, ₦200 has a picture of Sir Ahmadu Bello, ₦500 carries the first president of Nigeria, Nnamdi Azikiwe and ₦1000 has former CBN governors, Alhaji Aliyu Mai-Bornu and Clement Nyong Isong.

5. The naira wasn’t always this bad.

Today, the naira exchanges at $1 to 413 NGN. It hasn’t always been like that. Over the years, the naira has depleted in value because of economic problems in Nigeria, and inflation.

In fact, we interviewed someone who left Nigeria in 1979 with ₦700, and got it changed to $1000 when he got to the US. His flight to the US cost 280 NGN.

How did we get here?

Source: https://www.zikoko.com/money/5-things-to-know-about-the-history-of-money-in-nigeria/

Trade and barter still remains the fairest of trade although monetary value makes world economy balanced to a large extent.

Meanwhile peradventure this thread makes Front page, Things are extremely expensive in the country. Families are finding it very hard to cope and feed. Things are very tough out here.

This message is for those in the right quarters, who will make living comfortable for we the ordinary Nigerians. Please do something... It's getting too hard and unbearable

Echowas:
Trade and barter still remains the fairest of trade although monetary value makes world economy balanced to a large extent.

Meanwhile peradventure this thread makes Front page, Things are extremely expensive in the country. Families are finding it very hard to cope. Things are very tough out here.

This message is for those in the right quarters, who will make living comfortable for we the ordinary Nigerians.

I see trade by barter as a big headache, especially when what you trade is off season. Let's say you sell plantain for example, what will you eat during the planting season for plantain?
Diversification isn't even easy because resources are limited.

But with digital money, monies are created out of thin air, and this helps trade through savings, financial investments, etc

IjapaTiroko:

I see trade by barter as a big headache, especially when what you trade is off season. Let's say you sell plantain for example, what will you eat during the planting season for plantain?
Diversification isn't even easy because resources are limited.

But with digital money, monies are created out of thin air, and this helps trade through savings, financial investments, etc

Agriculture and wars and conquests (slave trade) was the major business back then. And all resources needed to prosecute such endeavors were never limited.
But incase either of the two resources are limited that means your own is finished

The British did not introduce the concept of money to us.

Cowries and other currencies were money in every sense of the word.

We had money before the British came
Beads and cowries

Do your research well

2. The British introduced the first currency in Nigeria

Amadioha was using cryptocurrency before British came into Nigeria..

Geometric depression

In 1999, the ₦100 note was introduced, in 2000. ₦200 was introduced. ₦500 was introduced in 2001 and ₦1000 in 2005.

This part answered the OP's question. Within 5 years of Obasanjo's rule, the largest denominations were introduced which exposes not only the level of inflation, but the ease of carrying looted funds.
As at early 2000s Abuja stadium of just 60,000 capacity was already built with around $320million. Talk of ignorance, cluelessness and lack of exposure

About 6 years later, one clueless man came and his government were debating #5000 naira note and baiting us with Funmilayo Kuti's picture, hoping the western Nigerian would buy in to that trick of looting.

Damnnn niggar
Isoright.....

Perused through this article as I put on my intellectual cap to read between lines while blazing my weed and i must say this whole article is devoid of intellect

Naira with no value

Educative write-up.... Thanks to op

History of Money in Nigeria is pathetic ..Who the hell introduced Naira sef we need to locate the person, he or she do us very bad thing

Imagine, I saw a receipt of a volkswagen car bought in the year 1982 at #3984 on someone's whatsapp DP...hmm..That amount cannot buy 1 Ltr of engine oil today!!!

I know someone will argue that #1 today cannot be #1 tomorrow, but $1 in 1982 is equivalent to $2.82 today year 2021. That's about 181.55% cumulative inflation rate.
If you use the same rate (Nigeria no get data to actually calculate, so lets use the dollar rate na), #3984 in 1982 will be #11,217 in 2021. (I no be economics, someone can help)... So, can you near a tyre showroom today with #11,217 try am, if them no go kill you

Nawa for NAIRA ooo

Indomie generation wouldn't know much about the coins but you should thank God you had no cause to be chasing your money around. I remembered dipping my hand into gutters to find my coins.

You see,,,, that #1 coin can roll for Africa

Annn

Ok

Cyp.to is the future of money.

Aiit

Noted, thanks OP

Poly ti clans caused it

I see

F

Honestly i have all dis money with me... all the whole coins are with me.



I add that bluetooth mouse so dat u wont say its not real


as u can see.... i have all of dem wit me... for future reference


OP forgot to add 2 naira in coin... here it is attached

Don’t just know about money legally acquire it.

Ok

now the money don cast.. as if the past even make sense than the present when it comes to Nigeria money