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The History Of Nigerian Currencies (Naira And Kobo)

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The History Of Currencies In Nigerian (Naira And Kobo)

The History Of Nigerian Currencies (Naira And Kobo), Naira Symbol ₦, Kobo Symbol k, All About Nigerian Currency, 5 Five Naira To 1000 One Thousand Naira



The History Of Nigerian Currencies (Naira And Kobo)

Since then, Naira and Kobo has been the official currency of Nigeria. The Cen
tral Bank of Nigeria on her part is the only issuer of the legal tender money throughout country. The CBN also controls the volume of money supply in the economy in a bid to ensure a stable economy.

Below is a run down of Nigerian currency history from amalgamation till date.

Nigerian Currency History begins in 1912

Nigeria had used other forms of money (cowries and manilas) prior to the introduction of the Naira. The West African Currency Board was the body legally responsible for issuing currency notes in Nigeria between 1912 to 1959 .

Nigerian Currency Notes issued on 1st of September, 1959

The Central Bank of Nigeria withdrew the West African Currency Board notes and coins, and issued the Nigerian currency notes and coins on 1st of September, 1959.

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Legal Tender Status 1962-1968

By 1st September, 1962, the legal tender status was changed to showcase Nigeria’s new independent status. The currency notes were again changed in 1968 during the civil war.

Introduction of Naira & Kobo denomination 1971–2005

The government announced on September 1971 that it would change to decimal currency system as from 1st January, 1973.

It also announced that the major currency unit would be called Naira represented with the symbol “₦” and minor unit, kobo with symbol “k”

The CBN on that same date introduced notes for 50 kobo, 1, 5, 10 and 20 Naira respectively.

In the year 1991, 50 naira notes were issued and was also followed by 100 naira in the year 1999, 200 naira notes in the year 2000, 500 naira in the year 2001 and finally the 1000 naira note was announced in the year 2005 which is currently the highest denomination of the naira.

Polymer notes was introduced 2007 to 2009

As at February 28, 2007, the Naira was modified and changed into Polymer notes. Although not all naira notes were changed to new versions.

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The idea of the Central Bank was to make the notes smaller and durable. The notes affected by the CBN polymer policy were the 5, 10, 20 and 50 Naira notes by the then governor Sanusi Lamido Sanusi in 2009

Today’s Nigerian Currency Exchange Rate

The value of the Naira today according to the Central Bank of Nigeria isn’t that stable due to market forces. Therefore it’s exchange rate is allowed to float.

Trades speculations has it that the exchange rate of the Naira will float between 350 and  400 against the American dollar.

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