History Of Nigerian Naira, Symbol And Sign You Need To Know About

Many people today make use of the Nigerian naira but don’t know its history as well as the various signs, symbols and it worth. The official currency, currently used in Nigeria is called the Nigerian naira, which was subdivided into 100 kobos.

In this article, I will discuss with you about the history, symbol, sign, and worth of the Nigerian currency- the naira and kobo.

Nigeria as a country which you already know is a middle income, mixed economy and emerging market. It is considered as one of the largest economies in Africa today and the largest in West Africa, blessed with many useful natural resources and has been exporting to several countries around the world.

Before the introduction of the Nigerian Naira and Kobo, which was in the year 1973, the Pound was the currency of Nigeria and was used between 1907 and 1973. However, prior to this time, the country had used various forms of money including Cowries and Manilas.

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It was not until the year 1958 that Nigeria used the British West African pounds that it issued its own currency. The pounds were subdivided into 20 shillings, each of which was 12 pence. Back then, the Nigerian pounds was at parity with British pounds with easy convertibility. It was replaced with the introduction in 1973 of the Decimal Naira at a rate of 1 pound = 2 Naira. This new change made Nigeria the last country to abandon the British West Africa pound currency system.

In 1959, coins were issued in denominations of ½, 1, 3 and 6 pence respectively and in 1 and 2 shillings. The ½ and 1 penny coins were bronze and holed. The 3 pence coin which was minted in nickel-brass was a smaller version of the distinctive twelve-sided three penny bits that were used in the UK, jersey, and Fiji.
Bank Notes

The issue of banknotes in Nigeria has a long history. There was an emergency issue made by the government in the year 1918 presenting denominations of 1, 10 and 20 shillings. By 1959, the Central Bank of Nigeria introduced notes in denominations of 5 and 10 shillings, including 1 and 5 pounds. Three series of notes were issued, in 1958, 1967 and 1968 respectively.

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Following the introduction of new currency – the Naira and Kobo as the legal tender in 1973, the Kobo was the first to be widely used in the country. There were certain unique symbols and signs that distinguished the currency.
• The Naira has the sign ‘₦’
• The Kobo was signed “K’

There was five denominations of the Kobo which were 1/2k, 1k, 5k, 10k and 25k in 1973 and by the year 1989, the 50k and N1 notes were changed to coins

Today in the country, the Kobo coins have been phased out because its value can no longer purchase items in the country’s marketplace.

The Central Bank of Nigeria (CBN) was the only financial institution authorized to be the issuer of the Naira banknotes in the country, while the printer was the Nigerian security printing and Minting Company.

The Nigerian Naira, code “NGN” and signed with the symbol “₦” was released in notes in the year 1973 which include the four different denominations: ₦1, ₦5, ₦10 and ₦20.

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Introduction of Major Naira Notes:
• In the year 1991, the ₦50 naira note was introduced in the country
• After this was followed by the introduction of the ₦100 naira in 1999.
• The ₦200 naira note was introduced in the year 2000
• By 2001, the ₦500 notes were introduced.
• And finally, the ₦1000 note was released on October 12, 2005.
Along the line, some notes were phased out, while others were redesigned.

The worth of the Nigerian naira has long depreciated in both the local and international market which had made it lack it purchasing power.

Updated: August 2, 2019 — 11:09 am

76 Comments

  1. Nigeria money has no value imagine 1$ to 358 to poor even chana money still his value with our money here

  2. this is how everything was started kudos to cbn even though our money don’t have value

  3. The value of naira had really depreciate and I blame the government for that

  4. But why did we suddenly change to national that pound could have been better.

  5. And this is why our naira has NP value because so much abused it like a market people

  6. The value of the Naira has fallen drastically.It’s not even among the top 10 strong currencies in Africa

  7. Yea what keeps coming acroas my mind is our currency value depreciating

  8. It is good to no history o Infact this has helped me in many ways now, I really love this

  9. Good thing. I just needed this information and here it is. I hope others find it useful to

  10. History play a vital role in the world, and it give us information about past events

  11. Wow, this is a great history lesson,I never knew this at all.
    Thanks.

  12. Nigeria money has no value imagine 1$ to 358 to poor even Ghana money still his value with our money here

  13. Well I do not really know much about the history of Nigeria currency because its has no value to be sincere

  14. I never knew the history if naira till my year one in the university because I never did history as I was a science student

  15. thanks to 10more news for him his history, I don’t really know much of it before but now I know.

  16. Well… the leader has made de currency go down and disvalue how can 1$ be 352🙆🏼‍♂️🙆🏼‍♂️🙆🏼‍♂️🙆🏼‍♂️

  17. Thanks for the info. How I wish we can still go back to those days when you can use 1kobo to buy anything you want.

  18. all of this legal tender is not neccessary the issue, why is it that naira has no definite value in the world currency market

  19. Until when we give values to our currency, that is by phasing out the higer denomination from #200, the Naira will never regain its strength again.

  20. The history of our country value is very important and we must strive to know them. But Naira has lost its value

  21. we currency no longer have value again both international and local it has depreciated drastically

  22. History is very good oo just got to know a lot of things happening around wow but our money is just like doesn’t have value again

  23. Nigeria money has no value imagine 1$ to 358 to poor even chana money still his value with our money here

  24. Wow so this how our currency came out ,thanks for bringing this history

  25. History play a vital role in the world, and it give us information about past events

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