10 Changes Made To Nigeria’s Currency Since 1960
Daily Trust looks at 10 changes made to the country’s currency since it gained independence in 1960.
1962: The currency form of Nigeria was changed, showing its status as an independent country, unlike before when it was under the British rule. The inscription ‘Federation of Nigeria’ was replaced with ‘Federal Republic of Nigeria’ on the notes.
1977: A new ₦20 banknote was introduced. At that time, it was the big banknote in the country introduced by the CBN because of the development of the country’s economy. It gave people the freedom to hold a lot of money in few notes instead of holding a lot of banknotes. For the first time, the image of a prominent citizen was put on the banknote.
1979: Three new banknotes were introduced, one naira, five naira and ten naira (₦1, ₦5, ₦10). In order for people to be able to recognize and differentiate them, they were made of different colours. Then on the back of each of them, there was a picture that showed the culture of the country.
1999: To expand the country’s economy and facilitate trade, banknotes ₦100, ₦200, ₦500 and ₦1000 notes were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
2007: As part of the economic reforms, a polymer N20 banknote was introduced for the first time. The features of N50, N10, N5 as well as N1 and 50 kobo coins were also changed while N2 coin was introduced.