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.
On July 1st, 1959 the Central Bank of Nigeria issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn. It was not until 1st July, 1962 however, that legal tender status was withdrawn from West African Currency Board. In 1963, Nigeria became a Republic, and this eventually led to the changing of the banknotes in 1965 to reflect the country's new status. The notes were again changed in 1968 following the misuse of the country's currency notes, during the civil war
In 1973, Nigeria adopted a truly national currency in decimal form instead
of the pounds, to replace the imperial system which she inherited from the British
colonial administration. The pounds and shillings were changed to Naira (
N) and kobo
(k),and four denominations of notes were issued as follows: 50 kobo; N1; N5
and N10. In response to rapid economic growth made possible by the oil boom,
N20, and N50 note denominations were added in 1977 and
Considering cost effectiveness and expansion of economic activities, higher denomination
notes were issued. These are 100 Naira(1999),
200 Naira note (2000).
500 Naira was released in April,
2001 while the 1000 Naira note was
released in October 2005.