The naira is our identity, we utilize it daily, it has inevitably become a part of our daily activities. The truth is no one has the time the pay close attention to the Nigerian currency (unless when the note tears or probably whenever the exchange rate is weak).
What most of us do not know is the history of our currency, how it depicts how culture and how much it contributes to the image of Nigeria.
Here are few interesting facts about the Nigerian currency.
In 1973 Coins were introduced In denominations of ½, 1, 5, 10 and 25 kobo
The ½ and 1 kobo were created in bronze and the higher denominations in cupro-nickel. The ½ kobo coins were only minted that year. In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and 1 Naira. On 28 February 2007, new coins were issued in denominations of 50 kobo, 1 and 2 Naira, with the 1 and 2 Naira bimetallic.
The first OF Bank Notes Were 50 kobo, 1, 5, 10 and 20 naira
On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 Naira. The 50 kobo notes were last issued in 1989. In 1991, 50 Naira notes were issued, followed by 100 Naira in 1999, 200 Naira in 2000, 500 Naira in 2001 and 1000 Naira on October 12, 2005.
CBN Proposed Second Naira In 2008
The Naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar’Adua, with 100 old Naira to become 1 new Naira. The Nigerian Central Bank stated that it will make the Naira fully convertible against foreign currencies by 2009.
In 1974 the Exchange Rate was 1 Dollar= 63kobo
Then Nigeria was under military regime, the head of state was General Yakubu Gowon. The demand of dollar was low and there was not much transaction that requires dollar.
New 100 Naira note was introduced To commemorate Nigeria’s 100 years of existence
President Goodluck Jonathan unveiled a new 100 Naira note on the 12th of November, 2014 to commemorate Nigeria’s 100 years of existence. In front, the new note has the same portrait of Chief Obafemi Awolowo as the existing note but has a new color scheme and increased security features, including “One Nigeria, Great Promise” in micro printing. On the back it features traditional dancers as well as a QR code which launches a website about Nigeria’s history when scanned.