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Withdrawn: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
Before 1959
Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas. Commodities were also used as a form of exchange known as barter.
The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959.
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| Manila Dimension: Varies in Size Material: Pig Iron & Slag Period Used: up until 1700 |
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| Manila Dimension: Varies in Size Material: Pig Iron & Slag Period Used: up until 1700 |
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| Manila Dimension: Varies in Size Material: Pig Iron & Slag Period Used: up until 1600 |
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| Cowries Dimension: @ 0.5 In across Period Used: before 1700 The Cowry has, for centuries, served our people as an important form of currency. In 1860 the following system was in use: 40 Cowries formed a "String"; 50 Strings made a "head" and 10 heads comprised a "bag". In Lagos in 1865 one bag of 20,000 shells was exchanged for one or two English Pounds. |
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| Salt & Barter Period Used: before 1600 |
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See frequently asked questions on Currency Management
| Facts : 1/1/1995 |
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| National Clearing System Re-Visited:In January 1995, a revised clearing rule became operational to facilitate effective clearing of financial instruments and shorten the period of clearing. Consequently, inter-state cheque clearing time was reduced from 21 days to 15 days, while intra-state clearing has been reduced from 12 days to 9 days. |
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