₦airaland Forum

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).

13. 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.

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

12. 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.

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

11. 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 10 Naira note was reintroduced as polymer notes in 2007, and have remained in circulation.

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.

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

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.

8. The one Naira note:

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

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.

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.

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.

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.

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.

2. 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.

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.

NAIJ.com Gossip takes you down memory lane and presents a brief history of Nigeria’s currency in pictures:

1. 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.

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.

NAIJ.com Gossip takes you down memory lane and presents a brief history of Nigeria’s currency in pictures:

1. 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.

Even Bible

Check the history of all ponzi schemes, it never ends well. It will keep growing and more people will keep investing their money until it finally gets to the stage where it bursts like a bubble. What happens most of the time is the early subscribers earn the actual money and the latter participants end up losing.

MMM pays, but for how long?


https://www.naij.com/1030243-8-reasons-nigerians-will-never-stop-investing-mmm-crashes.html

It is because of those articles that criticize MMM and warn against it that some people won’t stop investing in it. Some feel there is something the government or those criticizing MMM are trying to hide. According to one MMM participant, the CBN warned people against participating out of jealousy being that it was making the poor, richer.

8. Nigerians don’t give up easily

A lot of people want to reap where they did not sow. Most people are not interested in working hard, they just want quick money and MMM provides that. People will keep increasing the fund they put in to getting more money even though they have been advised to use only their spare money. They won’t heed warning until when the scheme goes down. Ponzi scheme plays and thrives on people’s greed.

7. Articles that criticize MMM

As the economy keeps getting worse, the unemployment rate is getting high. Many who had jobs at the beginning of the year are now out of jobs as employers have been laying off staff. When there are no jobs and one has to cater for his family, he will embrace any option that will fetch him cash. What better option than to join those benefitting from MMM? As long as it keeps paying the bills and putting food on the table, there is no way Nigerians will give up on it.

6. Greed

Almost everyone around you is involved in MMM. A member of your family or friend is involved and they influence you to join, telling you of all the benefits. You decide to join because of your friend and then you start to enjoy free money too. Next thing, you are getting your other friends to join too. After all, no one wants miss out on the extra source of income.

5. Unemployment

It came into the country at a when the economic situation in the country is rapidly going from bad to worse. Minimum wage is N18,000, fuel price is N145 per litre and the prices of goods are going up on a daily basis. Despite criticisms, Nigerians are going crazy over this scheme. Nigerians would gladly jump at anything that has the potential to provide an extra source of income. Until the entire scheme fizzles away or crashes, Nigerians will not give up on MMM.

4. Influence

No bank pays a monthly investment return of 30 per cent. For many, MMM is a blessing to the poor and average earners. Imagine helping someone with N100,000 and getting an extra 30 per cent of the money in a month’s time. Cool cash right? It is access to fast and free cash. A lot of people are benefitting from MMM. Many are using it to feed their families and there’s nothing you will tell them that will make them stop. Who wouldn’t be enticed with 30 per cent Return on Investment (ROI) after 30 days?

3. Economy

“He who is not courageous enough to take risks will accomplish nothing in life,” Muhammad Ali. They say life itself is full of risk. We take risks everyday of our lives. There’s a chance that you might not see tomorrow. Many have lost millions to business ventures and have not given up in hopes that one day, they will get it right. No one advices you about the risks involved before joining but you are aware it is a risky venture. For those benefiting from MMM, it’s all about taking that risk.

2. MMM pays

More Nigerians are becoming aware of MMM, which has been labelled a ponzi scheme and promises 30 per cent Return on Investment (ROI) after 30 days.


The Central Bank of Nigeria (CBN) has warned Nigerians against patronizing the MMM scheme which stands for Mavrodi Mondial Moneybox.

There have also been rumours of it crashing but trust Nigerians to criticize anyone who tries to bad mouth something that’s making them richer like magic.

The warning and rumours are coming at a time when things are getting harder for the masses, people are losing their jobs, and the economy is going from bad to worse.

MMM is flourishing in Nigeria, so you can’t expect people to believe any negative thing said about a scheme that is helping them make money like they never expected.

Here are reasons why Nigerians cannot give up on MMM until it finally crashes.

1. Life is a risk

Esira seh a pya Kono?

Of course, this leaves wide-open the important question: does the iPhone attract the sexually active, or does owning an iPhone help you attract partners? Or totally a coincidence?”


https://www.naij.com/1031302-say-people-use-phone-better-sex-photo.html

Android nerds have slept with only six.

And it isn’t just 30 year-olds: whatever age you look at, the iPhone is the smartphone of the sexually prolific: