Brief history of nigerian currency(Naira)

The naira was introduced in 1973 replacing the pound at a rate of 2 Naira =1 pound.This made Nigeria the last state to abandon the €SD currency system.In January 1st 1973,the Central Bank of Nigeria(CBN) introduced notes for 50 kobo,1,5,10 and 25 kobo.On 2nd of July 1977 a new bank note denomination of value of 20 Naira was issued.Then 20 Naira note was made the highest denomination to be introduced.

Also the N20 is the first currency note to bear the portrait of a Nigerian citizen- that is late head of State,General murtala Muhammed.On 2nd July 1979,new currency notes of three denominations,namely N1,N5,and N10 were introduced.In 1981 both the 50 kobo and N1 notes were coined in December 1999,November 2000,April 2001 and October 2005.N100,N200,N500 and N1000 were introduced respectively.

On February 28th 2007,N50,N20,N10,N5,N1 and 50 kobo were reissued with a new design,while a new denomination N2 was introduced.On October 3rd 2009 new polymer note was introduced N5,N10, and N50.