It’s not news that the Nigerian naira has lost its value against the major foreign currencies.
But did you know how far we’ve come with our currencies since independence? The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959. Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas.
1. There was the 5-pound note
2. And the one pound note
3. And the five shilling note
4. And the ten shilling note. All four notes were withdrawn in 1968
5. Then there were the two shilling coin
6. And the one shilling coin
7. And the six-pence. Used to sing a song of six-pence in school
8. And then three-pence
9. And then the one and a half pence
10. In 1973, Nigeria made a great leap in changing to decimal currency. There was the ten naira note
11. And the five naira note
12. And one naira too
13. Even fifty kobo had a note
14. Then twenty-five kobo coins
15. And ten kobo
16. And five kobo
17. And one kobo
18. Even half kobo follow sef
19. In 1977, Nigeria issued a currency note denomination of the value of Twenty (N20) Naira.
The banknote was the first currency note to bear the portrait of a Nigerian citizen, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was assassinated but declared a national hero for his leadership qualities. It had the new 20 naira as the new addition with all currency notes remaining the same.
20. In October 1991, a new currency Fifty Naira (N50) note, was introduced and the One Naira (N1) and Fifty kobo (50k) were coined.
A completely new coin range was issued as part of a major reform of the nation’s currency structure. The coins were in the following denominations. One Naira (N1), Fifty kobo (50k) Twenty-five kobo (25k), Ten kobo (10k) and One kobo (1k).
21. Here’s what the Twenty naira looked like
22. Ten Naira got a new look
23. And so did five naira
24. The coins were pretty much the same except for addition of the 100 kobo coin
25. Between 1999 and 2005, 100 naira, 200 naira, 500 naira and 1000 naira was introduced and they were changed from paper to polymer in 2009.
26. The coins were redesigned and right now, only 2 naira, 1 naira and 50 kobo are in circulation
Man, such a long way we’ve come from!
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