NewStats: 3,259,339 , 8,169,848 topics. Date: Saturday, 24 May 2025 at 06:03 PM b6q3r

Did we ever spend this money in Nigeria?

nairavsdollars:
Did we ever spend this money in Nigeria?

Until 1973 , yes. We used what we call the Nigerian pound ( not similar to the Pound sterling) , shillings and pence.

The 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

nairavsdollars:
Did we ever spend this money in Nigeria?

Yes, we did and it was very valuable...

Dem never born me when dem dey spend am

The government decided to change to a decimal system (decimalisation), of which Nigeria was the last former British colony to do so. The name of the Nigerian currency was changed on 1st January 1973. The major units of currency which used to be one pound, ceased to exist. 1 Naira, equal to 10 shillings or half a pound, became the major currency unit. While the Kobo became the minor units with a hundred Kobo making one Naira. As stated earlier, the name Naira was coined from the name Nigeria by the then Federal Commissioner of Finance, Chief Obafemi Awolowo. In contrast, Kobo was born from the English word copper because Nigerian coins were made of copper. At the introduction of the Naira, the coins were ½ Kobo, one Kobo, five Kobo, ten Kobo and 20 Kobo, while the notes were 50 Kobo, 1 naira, 5 naira and ten Naira.

On 11th February 1977, the new 20 naira banknote was issued. This was the highest denomination then. It was introduced according to the CBN due to the economic growth and the need for cash transactions. The 20 Naira was also the first banknote to have the portraits of a prominent Nigerian citizen on it — the murdered head of state, General Murtala Ramat Muhammad who led the 1966 Nigerian counter-coup in overthrowing the Johnson Aguiyi- Ironsi military regime. The 20 Naira notes were issued on the first anniversary of his assassination as a tribute to him and he was declared a national hero on 1st October, 1978. Interestingly, the 20 Naira notes remain the only Naira notes to have the portraits of a military man. The rest of the Naira notes bear the portrait of civilians.

Thereafter, new currency banknotes of three denominations, one Naira, five Naira, and ten Naira were introduced on 2nd July 1979. They were of the same size as the 20 Naira notes. To differentiate the denominations, different colours were used to identify them. These new notes also bore the portraits of prominent men. The one Naira notes featured the prominent politician Herbert Macaulay. The five Naira notes had Nigeria’s first and only prime minister, Sir Abubakar Tafawa Balewa portraits on them, and the ten Naira notes have the portraits of Nigerian statesman Alvan Ikoku. They were all declared national heroes on 1st October 1978. For easy identification, different colors were used for the various denominations. Also, distinct cultural aspects of the country were engraved at the back of the notes.

However, in April 1984, during the regime of Major General Muhammadu Buhari, all but the 50 kobo banknotes were changed in order to curb currency trafficking, which was rampant at the time. The same military leader now Nigeria’s president from 2015 to 2023 has decided again to change the bank notes for basically the same reasons. In 1991, the 50 Kobo and one Naira were changed to coins and the 50 naira note was introduced.

Due to expansion in the money supply, the 100 Naira note was released in December 1999 with a portrait of Chief Obafemi Awolowo, the 200 Naira in November 2000 with a portrait of Alhaji Sir Ahmadu Bello, the 500 Naira in April 2001 with a portrait of Dr Nnamdi Azikiwe, and the 1000 Naira in October 2005 with the portrait of the first two Nigerian head of the CBN (Alhaji Aliyu Mai Bornu and Dr Clement Isong) were introduced as banknotes.

As part of economic reforms on 28th February 2007, the 20 naira banknotes were issued for the first time in a polymer substrate. This note is more durable than paper by not becoming soaked in liquids and is harder to counterfeit. Also, the 50 Naira, 10 Naira and 5 Naira banknotes, along with the 1 Naira, 50 Kobo coins, were re-issued in new designs along with the introduction of the 2 Naira coin. Following the successful performance of the 20 naira banknotes, 50 Naira, 10 Naira and 5 Naira banknotes were converted to polymer substrate on 30th September 2009. As part of its contribution towards Nigeria’s 50th-anniversary independence celebration and the country’s 100 years of existence, the CBN issued a 50-Naira commemorative polymer substrate banknotes on 29th September 2010, and the 100-Naira commemorative banknotes on 19th December 2014, respectively.

On 26th October 2022, the Central Bank Governor called for a special briefing to inform the nation that in largest three denominations- 200 naira, 500 naira and 1000 naira notes will be redesigned in December of the same year with the plan to demonetise the old notes by the end of January 2023. Within days of the announcement, the naira fell sharply against the dollar.

Source: Arinze Anyaeche History of Money in Nigeria

We did.
We all was good but we did not realise. Until we got ourselves into this mess.

Governors of central bank must have been white people back than. 1 pounds = 20 shilling, why 20, why not 100 or 10? British people make things difficult for nothing

nairalandadeux:


Until 1973 , yes. We used what we call the Nigerian pound ( not similar to the Pound sterling) , shillings and pence.

So even you do with alternate?

DatIgalaDude:
We did.
We all was good but we did not realise. Until we got ourselves into this mess.

Actually times were hard. People did not eat rice as regularly as we do,(infact rice in the 1960's was considered a sunday only food..and maybe on special occasions like christmas,) and a lot of things were considered expensive.

Even with the rise in oil prices in 1973....it was good for the middle class and upper class...most NIgerians, definetly not.

Most parts of Nigeria had no access to good roads, or electricity back then. Railways was very slow, and very few people flew by air within or outside nigeria.

There were no good days for Nigeria. . That's because when oil revenue is the basis of your currency, and you do not control the price, wahala go start.

In 2015, APC promised us an economy that would not be based on oil. Today...it is even more based on oil, and thus we have more economic issues.

Images of the Nigerian pound, shilling and pence

Source: BBC

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nairavsdollars:
Did we ever spend this money in Nigeria?

yes my papa show it to me years ago with the kobo too

Pat081:
yes my papa show it to me years ago with the kobo too

It would have been pounds in notes and shillings in notes and coins and pence in coins

iconfolaks:
Governors of central bank must have been white people back than. 1 pounds = 20 shilling, why 20, why not 100 or 10? British people make things difficult for nothing

Here is a list of the Central Bank of Nigeria (CBN) Governors from 1958 till date, along with brief biographies:

Roy Pentelow Fenton (‪1958-1963‬):

Roy Fenton was the first Governor of the Central Bank of Nigeria.
He played a significant role in establishing the central bank during Nigeria’s transition to independence.

Aliyu Mai-Bornu (‪1963-1967‬):

Aliyu Mai-Bornu served as the second Governor of the Central Bank of Nigeria.
He was a distinguished economist and focused on maintaining price stability and promoting economic growth.

Clement Nyong Isong (‪1967-1975‬):

Clement Isong became the third Governor, but his tenure was interrupted by the Nigerian Civil War. He contributed to stabilizing the economy after the war, implementing monetary policies and exchange rate reforms.

Adamu Ciroma (‪1975-1977‬):

Adamu Ciroma served as the fourth CBN Governor.
He focused on implementing measures to curb inflation and stimulate economic growth.

Ola Vincent (1977 to 1982)

Ola Vincent became the fifth Governor and contributed significantly to the development of the Nigerian banking sector. He played a key role in the establishment of the Nigerian Deposit Insurance Corporation (NDIC).

Abdulkadir Ahmed (‪1982-1993‬):

Abdulkadir Ahmed served as the sixth Governor during a challenging economic period. He implemented measures to stabilize the financial sector, managed debt, and promoted economic diversification.

Paul Agbai Ogwuma (‪1993-1999‬):

Paul Ogwuma became the seventh Governor. His tenure saw the introduction of several reforms, including the deregulation of interest rates and the foreign exchange market.


Joseph Oladele Sanusi (‪1999-2004‬):

Joseph Sanusi served as the eighth Governor and focused on strengthening the regulatory framework of the financial sector. He implemented reforms to enhance transparency and ability.

Charles Soludo (‪2004-2009‬):

Charles Soludo became the ninth Governor and implemented significant reforms in the banking sector. He introduced the banking sector consolidation and recapitalization policy.


Lamido Sanusi (‪2009-2014‬):

Lamido Sanusi served as the tenth Governor and initiated major reforms in the banking sector. He focused on ensuring financial stability, strengthening the regulatory framework, and promoting transparency.

Godwin Emefiele (‪2014- 2023‬):

Emefiele served as the Central Bank of Nigeria’s governor from June 4, 2014, until June 9, 2023, when President Bola Tinubu suspended him.

At the direction of the president, he oversaw an interventionist currency policy during his first tenure that involved flooding the foreign exchange market with billions of dollars to the Nigerian Naira. In an effort to hide the pressure on the Naira and prevent a string of devaluations, he also instituted a multiple exchange rate regime.

Emefiele was granted a second five-year term by the Nigerian Senate in 2019. Since Nigeria’s restoration to democracy in 1999, no one had previously held office for a second term.

The Central Bank Governor was suspended by President Bola Tinubu on June 9, 2023, according to a statement from Mr. Willie Bassey’s office, the Secretary to the Government of the Federation.

The suspension follows an ongoing inquiry into his office and the banking sector reforms.

Emefiele was instructed to transfer control of his office to Folashodun Adebisi Shonubi, Deputy Governor (Operations Directorate), who will serve as the Central Bank Governor while the inquiry and reforms are ongoing.

Yemi Cardoso: September 22nd 2023

Yemi Cardoso is the current Governor of the CBN, having assumed office on September 22, 2023.

© BUSINESSDAY MEDIA LTD 2025.
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My Grandma was an expert at calculating/convert Naira/kobo to Kpoun(Pound), Shile(shillings), Ekpini(Penny).
I will just be looking at her mouth like someone speaking in tongues!
5shillings = 50k that was as far as my little brain could pickup then.

RealityKings1:
Dem never born me when dem dey spend am

No wonder

It was changed to 50kobo

Good old days

People lamented then too. In fact, it was learnt that lamentation was worse then.

When Nigeria was Nigeria...
Now Nigeria is 9ja

Yes! It was the legal tender in the early 1970s. Good old days.

I used it...I don't want to comment before i get banned