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History of Nigerian Currency
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 1st July, 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Bank of Nigeria issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn.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 that legal tender status were changed to reflect the country’s new status. The notes were again changed in 1968 as a war strategy following the misuse of the country’s currency notes.
On 31st March, 1971, the then Head of State, General Yakubu Gowon announced that Nigeria would change to decimal currency as from 1st January, 1973.The major currency unit would be called Naira which would be equivalent to ten shillings: the minor unit would be called kobo; 100 of which would make one Naira. The decision to change to decimal currency followed the recommendations of the Decimal Currency Committee set up in 1962 which submitted its report in 1964.
The change that took place in January, 1973 was a major one and this involved both currency notes and coins. The major unit of currency which used to be £1 (one pound) no longer exists and the one Naira which is equivalent to 10/- (Ten shillings) has become the major unit:
He was declared a national hero on the 1st of October,1978. The note was issued
on the 1st Anniversary of his assassination as a befitting tribute to a most illustrious
son of Nigeria. On 2nd of July, 1979, new currency notes of three denominations,
is granted to reproduce or cite portions herein, if proper attribution is given
to the Central Bank of Nigeria.
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