BigCabal:
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/

theFilmtric:
We had money before the British came
Beads and cowries

Do your research well

Kincaldb247:
Money is the root of all evil but don't accept that adage until you have enough money to sort your whole generation.


Check my signature if you need a quick and low interest loan from 200k to 10million(salary earner)

BigCabal:
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 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/

adioolayi:
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

Born2conquer:
You are wrong, 1$ of back then is not the same as today’s 2$

adioolayi:


Look for CPI inflation calculator....It's is correct...If you can proof it is wrong...I will be happy

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 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

theFilmtric:
We had money before the British came
Beads and cowries

Do your research well

IjapaTiroko:
Number two is a shameful lie. I hate lies and distortions.
We Yòrùbás used beads as a unit of exchange, then when there was inflation (excess money chasing few goods), we adopted cowry shells, before we got to paper money.
The Brits didn't introduce the concept of money to Yòrùbás and every other people geographically North of the Yòrùbás up to Algeria

nokspos:
God bless you sir

PacAmaru:
I remember stumbling on my grandma's marriage list,my grandpa paid my grandma's dowry completely with 57naira.

Nathaniel111:


;DReally?
That na sky he pay nahh.

Bustincole:
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

IjapaTiroko:
Number two is a shameful lie. I hate lies and distortions.
We Yòrùbás used beads as a unit of exchange, then when there was inflation (excess money chasing few goods), we adopted cowry shells, before we got to paper money.
The Brits didn't introduce the concept of money to Yòrùbás and every other people geographically North of the Yòrùbás up to Algeria

IjapaTiroko:
Number two is a shameful lie. I hate lies and distortions.
We Yòrùbás used beads as a unit of exchange, then when there was inflation (excess money chasing few goods), we adopted cowry shells, before we got to paper money.
The Brits didn't introduce the concept of money to Yòrùbás and every other people geographically North of the Yòrùbás up to Algeria