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Checkout Nigerian Currency From Past To Present. by Nobody: 2:21am On Nov 03, 2016
As a nation, Nigeria has come a long way, from the days of the colonial masters when their currency was the only thing allowed for buying and selling, to this period when our own Naira is the legal tender.



Before the colonization and subsequent creation of the place we now know as Nigeria, inhabitants of the land were known to execute their businesses with the help of ‘currencies’ like cowries, exchange of salt, animals and farm produce and also textiles, in an act known as trade by barter. The west African Currency Board was responsible for issuing currencies (which included banknotes and coins) from the year 1912 to 1959. The currencies in circulation then were pounds, pence and shillings.

In 1959 the Central Bank of Nigeria (CBN) started issuing the Nigerian currency notes, and in 1962, the legal tender was officially changed again. Following the Nigerian civil war, the currency was again changed in 1968 as a war strategy, and in 1973, the naira and kobo became the official legal tender. We take you down memory lane and presents a brief history of Nigeria’s currency in pictures:

1. Cowries
Cowries were used for buying and selling before banknotes and coins were introduced into the Nigerian economy. Payment of cowries was mostly made in cups or in bags.


Cowries were used as currency exchange before the introduction of banknotes and coins

2. Trade by barter (exchange of farm produce, animals, textile, copper, etc)

This system was adopted by people who lived in the same locality, and it involved giving what you had in exchange for what you needed. This exchange occurred mostly between individuals and their deities, and between friends and neighbours.


Goods were exchanged in return for other goods and services

3. The Nigerian shillings issued in 1958/1959

Even though this denomination is no longer in use in present day Nigeria, the shilling is the legal tender in Kenya and Uganda. If you happen to have about 5000 Shillings, you’d be N15,000 richer in Kenya and just about N400 richer in Uganda.


A front and back view of the five Shillings note


4. The Nigerian pound issued in 1967:

Just in case you didn’t know before or you may have forgotten, this is a reminder that the legal tender in Nigeria used to be the pound. Right now, anyone who possesses a large amount of this currency might be regarded as a rich person, judging by the current exchange rate of the pound to the naira, which is pegged at N565 to £1.


This was in circulation 1967

5. Another five shilling note issued in 1968

As a war strategy, the shillings notes were changed to reflect different colours. While the banknotes were changed, the coins remained unchanged and in circulation.


A front and back view of the ‘new’ five Shillings note

6. One pound notes were reintroduced in a different colour in 1968

All the pound notes had their colours changed, including the five pound notes.


One pound notes with different colours were circulated in 1968

7. 50 kobo was introduced in 1973

and taken off the market in 1978 Just five years after the fifty kobo note was first circulated in Nigeria, it was decided that it should be taken off the market. The nickel-plated coins for the same denomination were introduced in 1989 and eventually withdrawn from the market in 2007.


The Fifty Kobo notes were introduced in 19

8. The one Naira note:

The one Naira note was introduced in January, 1973, by the Central Bank of Nigeria.


The front and back view of the one naira note


9. The five Naira note: The five Naira note was first introduced in 1973,

The green-coloured note bore the engraved portrait of Alhaji Sir Abubakar Tafawa Balewa who was the first prime minister of Nigeria. In 1984, the colours of the note were changed to mauve (a mix of pink and purple), and in 2007, the notes were changed from paper to polymer notes.


The old five Naira note, the back of the note shows the Nkpokiti dancers from South Eastern Nigeria


The new polymer notes were circulated in 2007 and have remained in the market, even though the money itself may


Five Naira polymer note

10. The ten Naira note:

The 10 Naira note was also issued first in 1973, and is engraved with the portrait of Dr Alvan Ikoku, an educator and politician. The back is engraved with a picture of Fulani milk maids from northern Nigeria.


Front and back view of Alvan Ikoku


11. The 10 Naira note;

was reintroduced as polymer notes in 2007, and have remained in circulation.


Ten Naira polymer note

12. The 20 Naira note:

The 20 Naira note was first introduced as paper notes in 1973, and shows the engraved portrait of General Murtala Muhammed, a former Nigerian military ruler. The notes were eventually changed to polymer notes in 2007.


The old twenty Naira note


The polymer notes are still in circulation till date, the back of the polymer shows Ladi Kwali, a popular female potter.


Twenty Naira Polymer note


13. The 50 Naira note:

The 50 Naira note was the highest denomination in 1991 when it was first introduced into the Nigerian market. The back of the banknote depicted farmers working hard at their farm.


Old fifty Naira note

The note was later changed to polymer in 2007, and the back was later changed to depict fishermen holding their big catch.


Fifty Naira polymer note


14. The 100 Naira note:
The hundred Naira note was first introduced in December 1999. The note shows the engraved portrait of Chief Obafemi Awolowo, a former premier of the western region. The back shows the popular Zuma rock, located in Niger state.


old hundred Naira note

The 100 Naira note was eventually changed on November 12, 2014 in commemoration of Nigeria’s 100 years of existence. The colour of the note was changed and the back was changed from Zuma rock to traditional dancers showing off their skills. The note also features a QR code which launches a website about Nigeria’s history when scanned (bet you didn’t know this)


new 100 Naira note

15. The 200 Naira note:
The 200 Naira note was introduced in 2000, and shows the engraved portrait of Alhaji Sir Ahmadu Bello, the first Premier of Northern Nigeria. The back shows Pyramid of bags of agricultural commodity, fruits, vegetables, cattle and livestock farming. This probably refers to those early days of trade by barter, or shows that Nigeria is a country that is rich in agriculture.


The 200 Naira note


16. The 500 Naira note:
The 500 Naira note was introduced in 2001, and shows the engraved portrait of Dr Nnamdi Azikiwe, the first President of the Federal Republic of Nigeria. The back shows a picture of an offshore oil rig (why not? Nigeria is known for its oil after all).


The 500 Naira note


17. The 1000 Naira note:
The 1000 Naira note was introduced in 2005, becoming the highest denomination of the nation’s currency. It is also the only Nigerian banknote that has the engraved portrait of two prominent Nigerians, Alhaji Aliyu Mai Bornu and Dr. Clement Isong, who were the first and second indigenous Governors of the Central Bank of Nigeria. The back shows a picture of the Central Bank of Nigeria’s corporate Head Office in Abuja.


One thousand Naira note

So far, only the polymer notes have the three major Nigerian languages, Igbo, Hausa and Yoruba, inscribed on them. They are also the only notes bearing the Nigerian flag.

18. The ‘coins era’:
There was a time when coins were the ‘it’ thing. The Pence were mostly made from Gold, while the Shillings were made from Silver. These days they have become ‘extinct’ and even the Central Bank of Nigeria tried to bring them back into circulation with the introduction of the N2 coin, it didn’t catch on as the value of the Naira has been on a steady decline.


These coins were used in Nigeria, including the shillings and pence

These coins below could be called the ‘big boys’ of the Nigerian coins, as they were introduced much later in 2007. The 50 Kobo coin was made from the Nickel, the N1 coin was made from Brass plated steel, the N2 coins were made with Copper plated Steel.


The ‘new era” coins

How much about these currencies can you remember? With the present economic recession in the country, which of these currencies would you prefer to be using as a Nigerian?


https://www.naij.com/1031242-pictures-nigerian-money-1958-till-date-will-definitely-turn-head.html

54 Likes 15 Shares

Re: Checkout Nigerian Currency From Past To Present. by INTROVERT(f): 2:54am On Nov 03, 2016
Lalasticlala come and see.

2 Likes

Re: Checkout Nigerian Currency From Past To Present. by stnkembu(m): 3:30am On Nov 03, 2016
Well done Op.

4 Likes

Re: Checkout Nigerian Currency From Past To Present. by Nobody: 9:28am On Nov 03, 2016
Seun, lalasticlala, mynd44
Which of this currency have you spent?
Re: Checkout Nigerian Currency From Past To Present. by Nobody: 11:53am On Nov 03, 2016
grin grin grin grin
Re: Checkout Nigerian Currency From Past To Present. by veekid(m): 11:53am On Nov 03, 2016
Informative

1 Like

Re: Checkout Nigerian Currency From Past To Present. by oluFELAxy(m): 11:56am On Nov 03, 2016
Walahi! m not moved...

1 Like

Re: Checkout Nigerian Currency From Past To Present. by dayleke: 11:56am On Nov 03, 2016
I bet you somebody is gonna quote all of that now to write something....
LOL.....

4 Likes

Re: Checkout Nigerian Currency From Past To Present. by dayleke: 11:56am On Nov 03, 2016
WAITING.......
Re: Checkout Nigerian Currency From Past To Present. by dayleke: 11:58am On Nov 03, 2016
Anybody?
Re: Checkout Nigerian Currency From Past To Present. by hamzia(m): 11:58am On Nov 03, 2016
Nice wink ; wink wink
Re: Checkout Nigerian Currency From Past To Present. by McBrooklyn(m): 11:58am On Nov 03, 2016
I swear Nigeria is even going down just like the Naira itself cheesy cheesy

13 Likes

Re: Checkout Nigerian Currency From Past To Present. by efilefun(m): 11:58am On Nov 03, 2016
Obasanjo really murdered the naira.... Just imagine the highest denomination to be 50 Naira how will someone comfortably steal 100M naira... Even obanikoro go tire to transport money with private jet go give fayose

13 Likes

Re: Checkout Nigerian Currency From Past To Present. by McBrooklyn(m): 11:58am On Nov 03, 2016
Even Malaria wey person dey struggle buy for #850 is now being sold at for #1500, which means I'm going to strangle the next mosquito wey ah catch just like Buhari is strangling Nigeria right now angry

1 Like

Re: Checkout Nigerian Currency From Past To Present. by fran6co(m): 11:59am On Nov 03, 2016
nice post
Re: Checkout Nigerian Currency From Past To Present. by Nobody: 11:59am On Nov 03, 2016
I see 50 kobo. Kia I miss growing up in the 90s. 90s were the most fun yrs to grow up in Nigeria...Nigeria was pure, natural, organic, friendly, crime was low, tribalism was at its lowest largely because the wounds of the civil war have scabbed from 70s thru 80s. Lots of fun activities for kids then. I could use 50 kobo to buy a handful of of sweets and candies.

10 Likes 1 Share

Re: Checkout Nigerian Currency From Past To Present. by teehay45(m): 12:00pm On Nov 03, 2016
Very educative

1 Like

Re: Checkout Nigerian Currency From Past To Present. by biadaba: 12:00pm On Nov 03, 2016
Wow oh wow!!! What an educating and informative post. Thanks for sharing OP.

www.trendyrammy.com.ng

1 Like

Re: Checkout Nigerian Currency From Past To Present. by powerfulsettingz: 12:00pm On Nov 03, 2016
Looking for bitcoins


Lol
That's moments when u discover the iPhone 7 u sold ur father's house to buy has android OS

6 Likes

Re: Checkout Nigerian Currency From Past To Present. by Kaxmytex(m): 12:00pm On Nov 03, 2016
PERFECTION
Re: Checkout Nigerian Currency From Past To Present. by Fabulosdave01: 12:00pm On Nov 03, 2016
God. I feel like crying. Where did we go wrong?

2 Likes

Re: Checkout Nigerian Currency From Past To Present. by lyricalpontiff(m): 12:01pm On Nov 03, 2016
Well done
Re: Checkout Nigerian Currency From Past To Present. by Princelegacylemoha(m): 12:03pm On Nov 03, 2016
When NIGERIA was NIGERIA
Re: Checkout Nigerian Currency From Past To Present. by saintneo(m): 12:03pm On Nov 03, 2016
mightyfada:
As a nation, Nigeria has come a long way, from the days of the colonial masters when their currency was the only thing allowed for buying and selling, to this period when our own Naira is the legal tender.



Before the colonization and subsequent creation of the place we now know as Nigeria, inhabitants of the land were known to execute their businesses with the help of ‘currencies’ like cowries, exchange of salt, animals and farm produce and also textiles, in an act known as trade by barter. The west African Currency Board was responsible for issuing currencies (which included banknotes and coins) from the year 1912 to 1959. The currencies in circulation then were pounds, pence and shillings.

In 1959 the Central Bank of Nigeria (CBN) started issuing the Nigerian currency notes, and in 1962, the legal tender was officially changed again. Following the Nigerian civil war, the currency was again changed in 1968 as a war strategy, and in 1973, the naira and kobo became the official legal tender. We take you down memory lane and presents a brief history of Nigeria’s currency in pictures:

1. Cowries
Cowries were used for buying and selling before banknotes and coins were introduced into the Nigerian economy. Payment of cowries was mostly made in cups or in bags.


Cowries were used as currency exchange before the introduction of banknotes and coins

2. Trade by barter (exchange of farm produce, animals, textile, copper, etc)

This system was adopted by people who lived in the same locality, and it involved giving what you had in exchange for what you needed. This exchange occurred mostly between individuals and their deities, and between friends and neighbours.


Goods were exchanged in return for other goods and services

3. The Nigerian shillings issued in 1958/1959

Even though this denomination is no longer in use in present day Nigeria, the shilling is the legal tender in Kenya and Uganda. If you happen to have about 5000 Shillings, you’d be N15,000 richer in Kenya and just about N400 richer in Uganda.


A front and back view of the five Shillings note


4. The Nigerian pound issued in 1967:

Just in case you didn’t know before or you may have forgotten, this is a reminder that the legal tender in Nigeria used to be the pound. Right now, anyone who possesses a large amount of this currency might be regarded as a rich person, judging by the current exchange rate of the pound to the naira, which is pegged at N565 to £1.


This was in circulation 1967

5. Another five shilling note issued in 1968

As a war strategy, the shillings notes were changed to reflect different colours. While the banknotes were changed, the coins remained unchanged and in circulation.


A front and back view of the ‘new’ five Shillings note

6. One pound notes were reintroduced in a different colour in 1968

All the pound notes had their colours changed, including the five pound notes.


One pound notes with different colours were circulated in 1968

7. 50 kobo was introduced in 1973

and taken off the market in 1978 Just five years after the fifty kobo note was first circulated in Nigeria, it was decided that it should be taken off the market. The nickel-plated coins for the same denomination were introduced in 1989 and eventually withdrawn from the market in 2007.


The Fifty Kobo notes were introduced in 19

8. The one Naira note:

The one Naira note was introduced in January, 1973, by the Central Bank of Nigeria.


The front and back view of the one naira note


9. The five Naira note: The five Naira note was first introduced in 1973,

The green-coloured note bore the engraved portrait of Alhaji Sir Abubakar Tafawa Balewa who was the first prime minister of Nigeria. In 1984, the colours of the note were changed to mauve (a mix of pink and purple), and in 2007, the notes were changed from paper to polymer notes.


The old five Naira note, the back of the note shows the Nkpokiti dancers from South Eastern Nigeria


The new polymer notes were circulated in 2007 and have remained in the market, even though the money itself may


Five Naira polymer note

10. The ten Naira note:

The 10 Naira note was also issued first in 1973, and is engraved with the portrait of Dr Alvan Ikoku, an educator and politician. The back is engraved with a picture of Fulani milk maids from northern Nigeria.


Front and back view of Alvan Ikoku


11. The 10 Naira note;

was reintroduced as polymer notes in 2007, and have remained in circulation.


Ten Naira polymer note

12. The 20 Naira note:

The 20 Naira note was first introduced as paper notes in 1973, and shows the engraved portrait of General Murtala Muhammed, a former Nigerian military ruler. The notes were eventually changed to polymer notes in 2007.


The old twenty Naira note


The polymer notes are still in circulation till date, the back of the polymer shows Ladi Kwali, a popular female potter.


Twenty Naira Polymer note


13. The 50 Naira note:

The 50 Naira note was the highest denomination in 1991 when it was first introduced into the Nigerian market. The back of the banknote depicted farmers working hard at their farm.


Old fifty Naira note

The note was later changed to polymer in 2007, and the back was later changed to depict fishermen holding their big catch.


Fifty Naira polymer note


14. The 100 Naira note:
The hundred Naira note was first introduced in December 1999. The note shows the engraved portrait of Chief Obafemi Awolowo, a former premier of the western region. The back shows the popular Zuma rock, located in Niger state.


old hundred Naira note

The 100 Naira note was eventually changed on November 12, 2014 in commemoration of Nigeria’s 100 years of existence. The colour of the note was changed and the back was changed from Zuma rock to traditional dancers showing off their skills. The note also features a QR code which launches a website about Nigeria’s history when scanned (bet you didn’t know this)


new 100 Naira note

15. The 200 Naira note:
The 200 Naira note was introduced in 2000, and shows the engraved portrait of Alhaji Sir Ahmadu Bello, the first Premier of Northern Nigeria. The back shows Pyramid of bags of agricultural commodity, fruits, vegetables, cattle and livestock farming. This probably refers to those early days of trade by barter, or shows that Nigeria is a country that is rich in agriculture.


The 200 Naira note


16. The 500 Naira note:
The 500 Naira note was introduced in 2001, and shows the engraved portrait of Dr Nnamdi Azikiwe, the first President of the Federal Republic of Nigeria. The back shows a picture of an offshore oil rig (why not? Nigeria is known for its oil after all).


The 500 Naira note


17. The 1000 Naira note:
The 1000 Naira note was introduced in 2005, becoming the highest denomination of the nation’s currency. It is also the only Nigerian banknote that has the engraved portrait of two prominent Nigerians, Alhaji Aliyu Mai Bornu and Dr. Clement Isong, who were the first and second indigenous Governors of the Central Bank of Nigeria. The back shows a picture of the Central Bank of Nigeria’s corporate Head Office in Abuja.


One thousand Naira note

So far, only the polymer notes have the three major Nigerian languages, Igbo, Hausa and Yoruba, inscribed on them. They are also the only notes bearing the Nigerian flag.

18. The ‘coins era’:
There was a time when coins were the ‘it’ thing. The Pence were mostly made from Gold, while the Shillings were made from Silver. These days they have become ‘extinct’ and even the Central Bank of Nigeria tried to bring them back into circulation with the introduction of the N2 coin, it didn’t catch on as the value of the Naira has been on a steady decline.


These coins were used in Nigeria, including the shillings and pence

These coins below could be called the ‘big boys’ of the Nigerian coins, as they were introduced much later in 2007. The 50 Kobo coin was made from the Nickel, the N1 coin was made from Brass plated steel, the N2 coins were made with Copper plated Steel.


The ‘new era” coins

How much about these currencies can you remember? With the present economic recession in the country, which of these currencies would you prefer to be using as a Nigerian?


https://www.naij.com/1031242-pictures-nigerian-money-1958-till-date-will-definitely-turn-head.html

This information is incomplete without the mention of the Biafran currency.

Nigeria needs to appreciate its history.

3 Likes 2 Shares

Re: Checkout Nigerian Currency From Past To Present. by toshmann(m): 12:03pm On Nov 03, 2016
Last time i was home we only had 500naira. I'm Yet to use this 1000naira.

[size=5pt]Nnaa like play like play person don tey for alabekee o. I must fo home this xmas. Hoha. [/size]
Re: Checkout Nigerian Currency From Past To Present. by megareal: 12:03pm On Nov 03, 2016
Sensible post. Thanks OP.

1 Like

Re: Checkout Nigerian Currency From Past To Present. by Nobody: 12:04pm On Nov 03, 2016
We ve come a long way
Re: Checkout Nigerian Currency From Past To Present. by Nobody: 12:05pm On Nov 03, 2016
Shows how the naira value dwindled over the years,


I remember when they wanted to introduce 5000naira, only if they did, by now we would be being talking 10k note.

Embezzlement made easy.
Re: Checkout Nigerian Currency From Past To Present. by brain247(m): 12:05pm On Nov 03, 2016
Gradually that was how we landed into a big mess. I wish i was around back then,so that by now I will be resting at the other world,laughing to Nigeria has become.
Re: Checkout Nigerian Currency From Past To Present. by Lanre4uonly(m): 12:05pm On Nov 03, 2016
Kudos to you OP for this historical & educative post.
Re: Checkout Nigerian Currency From Past To Present. by 9jaBloke: 12:05pm On Nov 03, 2016
Mightyfada bles u Op. Believe it or not, I was just going to surf the Internet for this info.
Re: Checkout Nigerian Currency From Past To Present. by Nobody: 12:06pm On Nov 03, 2016
Good old times when we didn't depend on oil. When Agriculture was no1 in Nigeria as it can be seen on the currencies

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