₦airaland Forum

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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkytb2vg31m0qva.c8cbd73b.jpg

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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt47p1hrfd2fp.c600a887.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkytt5na8p5q234.acb024c2.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt7qouonam79s.1f813bba.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkytb2g0f8qtv1e.190107fe.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt2nkv0repraa.fb6b5d78.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt38giufv1eib.0d1950f5.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt5m8d7lbaukd.1e96ed60.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt2i4pbkto2smg.8069caf1.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt15mrj0egi06o.1a9d784a.jpg
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

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt35f6r5ou11og.9684aa10.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt5a2qql1tbvg.a223800c.jpg
Front and back view of Alvan Ikoku


11. The 10 Naira note;

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

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt6g0rt68c64f.17c5a5b8.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt631mf8686m4.bcc0d48d.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt52c59t3cmge.4ba45452.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyteadrob4iie2.fba2efbf.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyth8k68g5f22s.0ca4c8b9.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkytcp20psu9f62.d55d17cb.jpg
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)

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt4g08fbbmfoa.b97dc158.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt74kkvmkrmpg.b546a180.jpg
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).

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt1v568l08ldj8.c2d570de.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt3t78guc815qg.c4ebebfe.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkytb2vg31m0qva.c8cbd73b.jpg
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.

https://www.gq234.com/wp-content/uploads/2016/11/vllkyt4753ntrg3ol.71e35729.jpg
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

Mtcheww

dc

STFUareyouGod:
Good old times when we didn't depend on oil. When Agriculture was no1 in Nigeria as it can be seen on the currencies

Lol
The 500 was introduced with oil rig at the back, signaling bye bye to agriculture.

Useful post! Kudos to you

STFUareyouGod:
Good old times when we didn't depend on oil. When Agriculture was no1 in Nigeria as it can be seen on the currencies

more than ten student and graduate internships posted on http://careersome.com since the past 2 days

Naira

I love that 50 kobo coin those days when I was a kid.

Fap it and buy lots of bubble gum and sweet s those days.

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

Nigeria needs to appreciate the it's history.

You had to quote the entire write-up?

Looking @ that N1 note all I can say is edos have suffered sha.

We have suffered

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

Nigeria needs to appreciate the it's history.

Why quote the entire article?
What about people using small phones?

The pounds and shillings remind me of my loving parents Mr. Sunday Eke and Mrs. Gladys Eke of blessed memory.

McBrooklyn:
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

Malaria is free. Next time don't struggle to buy it at any amount. Just leave ur doors and windows open.

justscorchone:
Mtcheww

What's the objective of this post? And u had to quote the whole thing to contribute nothing. Na wa for all these kids on Nairaland nowadays.

BTW @OP Please verify the facts well. I believe N20 with the image of Ramat Muritala was not introduced in 1973. He had not assumed power then.

maj007:
What's the objective of this post? And u had to quote the whole thing to contribute nothing. Na wa for all these kids on Nairaland nowadays.

BTW @OP Please verify the facts well. I believe N20 with the image of Ramat Muritala was not introduced in 1973. He had not assumed power then.

Mtchew wetin dey worry me no be all this coins and history lesson.i dey vex say na now I wan enter politics na hin EFCC when dey show working.

dayleke:
I bet you somebody is gonna quote all of that now to write something....
LOL.....

Prophet check dt saintneo below u. He just did what u predicted... wasting precious e-space

toshmann:
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]

Onye ala bu otu

Clinton9000:
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.

What then reopened the wounds again?

Nice one, I'm proud to have watched most of these currency changes occur

Clinton9000:
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.

I miss the good old days too

I got 90% of all the currency in my collection, I would rent it out for a museum some day. Been keeping it since I was a lad. THE cowrie is my favourite

This list is not complete:

Pics 1 and 2: West African Shilling from the 1920s and 1930s

Pics 3 and 4: Nigerian coins from the 1940s and 1950s

cc mightyfada

OP you tried but some of your historical accounts are not correct.

When naira notes were introduced in 1973, they didn't have portraits of national heros and there was no N20. All have the picture of the old cbn building at Tinubu square.

The first naira note to have a portrait was N20 which was introduced in 1977 with Murtala Mohammed picture. The N1, N5 and N10 notes with portraits were introduced in 1979 and they were not in the colours you posted. Those with the colours you posted were the 1984 version introduced by Buhari/Idiagbon regime when they juxtaposed the naira colours.

10 kobo is my pocket money during my primary school days . If Nigerian government have any means I'm sure they will prefer using dollars by now and the highest will be 10 thousand dollars.

Biafran Pound and Biafran shilling.

(it is part of Nigerian history, let us learn from the mistakes of the past. Also, before my post starts a tribal war amongst the jobless, I am not an IPOB supporter, just a follower of History).

Will you open account with skybank when stolen fund was located at Skye Bankhttp://thenationonlineng.net/court-refuses-order-forfeiture-jonathans-wifes-15-5m/

But the CBN say that it will leave skybank.

Me will not put money where stolen cash reside because one day the bank will close due to criminal activities. Evil money corrupt good money. One day all the money in that bank will disappear along with stolen money to efcc. And you will the following before withdrawal need a lawyer, Intl passport and 5 army generals. Hmmm.

Ok

Upcoming Artistes chance
https://www.nairaland.com/3444469/chance-upcoming-artistes

authe911:
I got 90% of all the currency in my collection, I would rent it out for a museum some day. Been keeping it since I was a lad. THE cowrie is my favourite

Hold onto them. We have a collection and I have a feeling that someone is planning a proper museum in Nigeria soon

Very very informative

nigeria became laughing stock of a country, military general destroyed nigeria.

1000 uploading

This is very memorable.