Facts | Events
First issued in 1959, the Nigerian pound had fixed parity with the British Pound while it enjoyed full Sterling backing. It remained in circulation until January 1973 when decimalised currency, the Naira was introduced with four denominations (fifty kobo, one naira, five naira, and ten naira).
|Federal Reserve Bank:|
The Federal Reserve, the Central Bank of the United States was founded by Congress in 1913 to provide the nation with a safer, more flexible and more stable monetary and financial system. The Chairman and Vice Chirman of the Board are named by the President from among the members and are confirmed by the Senate.They serve a term of four years.The Federal Reserve System are also nominated by the President and confirmed by Senate. A full term is fourteen years. Alan Greenspan is the current Chairman
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