Currency Management Currency Management
Issue System | History of Nigerian Currency | Legal Tender |Currency Gallery | Security Features
Currency Gallery
Notes:Coins
Withdrawn:
Earlier | 1959 | 1965 | 1968 | 1973 | 1977 | 1979 | 1984 | 1991 | 2007
1973 Currency Issue
On 1st January, 1973, Nigeria made a great leap in changing to decimal
currency. 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 involved both the notes and coins. The major unit
of currency which used to be One (£1) Pound no longer existed and the One (N1)
Naira which was equivalent to Ten (10/-) Shillings became the major unit. The
notes were in the denominations of Ten Naira (N10), Five Naira
(N5), One Naira (N1) and Fifty Kobo (50k) while coins were
Twenty Kobo (20k), Ten Kobo (10k), Five Kobo (5k), One Kobo (1K) and Half (½k)
Kobo. The coins have the same dimension of 12 x 123 inches.
| Name |
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| Ten Naira Dimension: 151 x 78 mm Material: Paper Withdrawn: 1977 |
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| Five Naira Dimension: 151 x 78 mm Material: Paper Withdrawn: 1977 |
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| One Naira Dimension: 137 x 78 mm Material: Paper Withdrawn: 1977 |
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| Fifty Kobo Dimension: 127 x 78 mm Material: Paper Withdrawn: 1979 |
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| Twenty Five Kobo Material: Silver Withdrawn: 1991 |
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| Ten Kobo Material: Silver Withdrawn: 1979 Reissued in Bronze in 1991 |
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| Five Kobo Material: Silver Withdrawn: 1979 Reissued in bronze in 1991 |
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| One Kobo Material: Bronze Withdrawn: |
 |
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| Half Kobo Material: Copper Withdrawn: 1991 |
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See frequently asked questions on Currency Management
| Facts : 1/1/1962 |
|---|
| Central Bank of Nigeria, Kano Branch:In 1962,the first Central Bank Branch was established in Kano and opened for business in the same year.This brought to 2, the number of Central Bank offices in Nigeria at that time. |
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