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| Nigerian Coins: Photo Credit - www.nigeriaworld.info |
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Old One Naira Note: Photo Credit - www.nigeriaworld.info
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| Ten Naira Note: Photo Credit - www.nigeriaworld.info |
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| Five Naira Note: Photo Credit - www.nigeriaworld.info |
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| Twenty Naira Note: Photo Credit - www.nigeriaworld.info |
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| Hundred Naira Note: Photo Credit - www.nigeriaworld.info |
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| Two Hundred Naira Note: Photo Credit - www.nigeriaworld.info |
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| Five Hundred Naira Note: Photo Credit - www.nigeriaworld.info |
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| One Thousand Naira Note: Photo Credit - www.nigeriaworld.info |
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| Fifty Naira Note: Photo Credit - www.nigeriaworld.info |
Nigerians were using all sorts of money in the early days and these included cowries and metals to transact business. These items were used until in 1912 when the West African Currency Board started issuing the naira notes to Nigerians. The WACB continued with their role until in 1959 when the Nigerian central bank took over and commenced the duty of issuing Nigerians with the naira notes and coins. This led to the withdrawal of the WACB coins and notes. In 1962, all the currencies were changed to capture Nigeria’s new profile. In 1968, the notes underwent another transformation following the careless use of the currency. March 31st, 1971 was the year Nigeria changed completely to the decimal monetary use. From 1973, 1st January, the name naira was coined. The naira note was equated to 10 shillings while the smaller denomination of the money was called kobo. However, in February 11th 1977, the N20 was released for used in transaction across the country. Note: That the N20 note became the very first Nigerian Note to bear the picture of Nigerian nationalist. On the Twenty Naira is a prominent former Nigerian Head of state by name Gen. Murtala Muhammad. Murtala Muhammad was pronounced Nigerian’s hero on October 1st, 1978. The twenty naira note was put into use for the very first time in 1978, 1st October to commemorate the assassination of Muhammad. In 1979, July 2nd, new naira bills of N1, N5 and N10 were circulated. Their size was 151 by 78 mm. In the year 1991, the 50k and the N1 which were in paper form were turned into coins. As the activity of the economy grew there was need to expand and such bigger currency like N100, N200, N500 and N1000 in the year Dec, 1999, 2000 Nov, 2001 April and 2005 October respectively
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