As a nation, Nigeria has come a long way, from the days of
the colonial masters when their currency was the only thing allowed for buying
and selling, to this period when our own Naira is the legal tender.
Before the colonization and subsequent creation of the place
we now know as Nigeria, inhabitants of the land were known to execute their
businesses with the help of 'currencies' like cowries, exchange of salt,
animals and farm produce and also textiles, in an act known as trade by barter.
The west African Currency Board was responsible for issuing
currencies (which included banknotes and coins) from the year 1912 to 1959. The
currencies in circulation then were pounds, pence and shillings.
In 1959 the Central Bank of Nigeria (CBN) started issuing
the Nigerian currency notes, and in 1962, the legal tender was officially
changed again.
Following the Nigerian civil war, the currency was again
changed in 1968 as a war strategy, and in 1973, the naira and kobo became the
official legal tender.
Here are the past to the present currency notes:
1.. Cowries
Cowries were used for buying and selling before banknotes
and coins were introduced into the Nigerian economy. Payment of cowries was
mostly made in cups or in bags.
2.The Nigerian shillings issued in 1958/1959
Even though this denomination is no longer in use in present
day Nigeria, the shilling is the legal tender in Kenya and Uganda. If you
happen to have about 5000 Shillings, you'd be N15,000 richer in Kenya and just
about N400 richer in Uganda.
3. Trade by barter
(exchange of farm produce, animals, textile, copper, etc)
This system was adopted by people who lived in the same
locality, and it involved giving what you had in exchange for what you needed.
This exchange occurred mostly between individuals and their deities, and
between friends and neighbours.
4. The Nigerian pound issued in 1967:
Just in case you didn't know before or you may have
forgotten, this is a reminder that the legal tender in Nigeria used to be the
pound.
Right now, anyone who possesses a large amount of this
currency might be regarded as a rich person, judging by the current exchange
rate of the pound to the naira, which is pegged at N565 to £1.
5. Another five shilling note issued in 1968
As a war strategy, the shillings notes were changed to
reflect different colours. While the banknotes were changed, the coins remained
unchanged and in circulation.
6. One pound notes were reintroduced in a different colour
in 1968
All the pound notes had their colours changed, including the
five pound notes.
7. 50 kobo was introduced in 1973, and taken off the market in 1978
Just five years after the fifty kobo note was first
circulated in Nigeria, it was decided that it should be taken off the market.
The nickel-plated coins for the same denomination were introduced in 1989 and
eventually withdrawn from the market in 2007.
8. The one Naira note:
The one Naira note was introduced in January, 1973, by the
Central Bank of Nigeria.
9. The five Naira note:
The five Naira note was first introduced in 1973, The
green-coloured note bore the engraved portrait of Alhaji Sir Abubakar Tafawa
Balewa who was the first prime minister of Nigeria. In 1984, the colours of the
note were changed to mauve (a mix of pink and purple), and in 2007, the notes
were changed from paper to polymer notes.
There was a time when coins were the 'it' thing. The Pence were mostly made from Gold, while the Shillings were made from Silver. These days they have become 'extinct' and even the Central Bank of Nigeria tried to bring them back into circulation with the introduction of the N2 coin, it didn't catch on as the value of the Naira has been on a steady decline.
These coins below could be called the 'big boys' of the Nigerian coins, as they were introduced much later in 2007. The 50 Kobo coin was made from the Nickel, the N1 coin was made from Brass plated steel, the N2 coins were made with Copper plated Steel.
How much about these currencies can you remember?
SOURCE: Central Bank of Nigeria website
