Introduced in 1973, the currency currently used in Nigeria is the Naira and Kobo. Prior to this, the country used Pounds as the legal tender.
When did Nigeria change from pounds to naira and kobo?
naira, monetary unit of Nigeria. The naira is divided into 100 kobo. The naira was introduced in 1973, when the country decimalized its monetary system and substituted the naira for the Nigerian pound (the country used the British pound sterling when it was a British colony), which was divided into shillings.
When did Nigeria stop using shillings?
The Nigerian pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings, each of 12 pence.
When did we start using naira and kobo?
Nigeria started using Naira and kobo on 1st January 1973. Naira and kobo is Nigeria’s indigenous currency and it was issued by the central bank of Nigeria, when this was issued, the pounds sterling that were issued by the West African currency board which Nigeria was using before this day was withdrawn.
Which year did Nigeria stop using Kobo?
In 2007, the one (1k) kobo, ten (10k) kobo and twenty-five (25k) kobo coins were ushered off the market. In February, redesigned currency notes in the denominations of Fifty Naira (50), Twenty Naira (20), Ten Naira (10) and Five Naira (5) were introduced in Polymer form.
Who changed Nigeria currency to naira?
On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira: in April 1984, the colours of all naira banknotes were changed in an attempt to control money laundering. In 1991, 50 naira notes were issued, while the 50 kobo and 1 naira notes were replaced by coins in 1991.
When did Nigeria introduced 10 naira?
On 2nd July, 1979, new currency banknotes of three denominations, namely ₦1, ₦5 and ₦10 were introduced.
Who introduced naira and Kobo in Nigeria?
On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989.
How do I convert my kobo to naira?
The naira is the currency of Nigeria. It is subdivided into 100 kobo.
Quick Conversions from Nigerian Naira to Nigerian Naira : 1 NGN = 1 NGN.
|₦ 1,000||₦ 1,000.00|
|₦ 5,000||₦ 5,000.00|
|₦ 10,000||₦ 10,000.00|
|₦ 50,000||₦ 50,000.00|
When did Nigeria started using 200 naira note?
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.
When did GSM come into Nigeria?
Its ten years since GSM, the Global System for Mobile communications was introduced to Nigeria. The launch of GSM in 2001 liberated Nigerians from the shackles of the once powerful, but now virtually insignificant, national telecoms monopoly NITEL.
Why did Nigeria stop using coins?
There was also a monumental decrease in the value of the Naira. 1 NGN was now almost worthless. People could no longer transact with smaller denominations as the value had dropped. So the coin currency slowly faded into non-existence.
What year did Nigeria change to left hand drive?
On 2 April 1972 Nigeria swapped sides and Ghana did the same thing in 1974.
Which country Print Nigeria money?
CBN stated in the report that the notes were printed by the Nigerian Security Printing and Minting Plc (NSPM Plc). CBN said, “The NSPM PLC remained the sole printer of the Nigerian legal tender currency. The Central Bank of Nigeria as a major investor holds 89.52 per cent of the shares in the company.