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.
When did Nigeria change her currency to naira and kobo?
The naira is divided into 100 kobo. The naira was introduced in 1973, when the country decimalized its monetary system and substituted the naira for the Nigerian pound (the country used the British pound sterling when it was a British colony), which was divided into shillings.
What currency did Nigeria use before naira?
The Nigerian pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings, each of 12 pence.
Who introduced 50 Naira note in Nigeria?
The Central Bank of Nigeria started issuing these 50 Nigerian Naira banknotes in 1991. They were withdrawn from circulation in 2009.
When did Nigeria introduced paper currency?
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes, Before the establishment of the West African Currency Board, Nigeria had used various forms of money, chief of them being the cowries.
What is the difference between naira and kobo?
The Naira (sign: ₦; code: NGN) is the currency of Nigeria. One naira is divided into 100 kobo.
|Banknotes||₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000|
Which year was naira equal to dollar?
From the day that Abacha took power to the day he died on June 8 1998, a period of some five years, the ‘official’ exchange rate of the naira to the dollar never changed from 22 naira to $1.
Why is the naira falling?
What Has Happened? Strong demand for dollars and a lower than expected inward flow of foreign currency caused the Nigeria Central Bank (NCB) to take this action. It has led to the Naira falling to 500 per dollar in the parallel market. … One of the issues faced by Nigeria is the fall in crude oil prices.
Did Nigeria print money?
Naira notes and coins are printed / minted by the Nigeria Security Printing and Minting (NSPM) Plc and sometimes, other overseas companies, and issued by the CBN.
What year did Nigeria stop using coins?
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes, while the WACB-issued banknotes and coins were withdrawn. It was not until 1st July, 1962 that the currency was changed to reflect the country’s republican status.
Who is on the 200 naira note?
The 200 Nigerian naira note front design features Ahmadu Ibrahim Bello, Sardauna of Sokoto (1910 – 1966), was a Nigeran statesman knighted as Sir Ahmadu Bello, who planned northern Nigeria through Nigerian independence in 1960 and was its first and only prime minister between 1954 and 1966, before his assassination.
How do I convert EFX to naira?
EFX to NGN Conversion Table.
|Effect.AI (EFX)||Naira (NGN)|
|1 EFX||=||17 NGN|
|2 EFX||=||33.99 NGN|
|3 EFX||=||50.99 NGN|
|5 EFX||=||84.98 NGN|
How do I convert kobo to naira?
The naira is the currency of Nigeria. It is subdivided into 100 kobo.
Quick Conversions from Nigerian Naira to Nigerian Naira : 1 NGN = 1 NGN.
|₦ 250||₦ 250.00|
|₦ 500||₦ 500.00|
|₦ 1,000||₦ 1,000.00|
|₦ 5,000||₦ 5,000.00|
Who is on the face of 100 naira note?
The 100 Naira note
The 100 naira note bears the face of the late sage, Obafemi Awolowo, a nationalist and prominent politician. Awolowo is credited to have introduced free education in the Western region of Nigeria.
Who is on Nigeria 1000 naira note?
The 1000 Naira banknote is the highest value paper money note in Nigeria. On the obverse side of the ₦1000 bill are the portraits of Mallam Alijy Mai-Bornu and Dr Clement Nyong Isong. Both men are governors: the former of the Central Bank of Nigeria and the latter of Cross River State, South Nigeria.
What is the highest currency in Nigeria?
Currently the highest currency denomination is 1,000 Naira.