It all started in 1912 once our former colonial masters through the West African currency notes in African nation. The board issued pounds sterling, shillings and pence.
13 years when independence, on one Gregorian calendar month 1973 below the overall yakuba Gowon military regime, African nations own autochthonic currency was issued by the financial organization of Nigeria whereas the pounds sterling issued by the West African currency board were withdrawn.
The new currency with # and K as a signal for Nigerian monetary unit and NGN as code, # stands for naira and K stands for kobo.
At the time African nation withdrew the West African currency board notes, most of the colonial countries had already ditched the board’s notes in their countries as a signal of independence and autonomy. Then the charge per unit of Nigerian monetary unit to pounds was 2 Nigerian monetary unit (#2) to at least one pound (1pound) .
The recently free medium of exchange came in notes and coins, while 1/2k, 1k, 5k, 10k, and 25k wherever coins, though of these have since phased out.
The desire for associate autochthonic currency was born out of the necessity for full scales independence from the management of former colonial masters.
The government didn’t act alone, many request were created for contributions from the autochthonic currency.
Out of many suggestions as well as Nira to be the Nigerian monetary unit and Naira were eventually designated.
Pictures of nationalist renowned to own spearheaded revolutions for the country’s independence were placed on the coins and notes. Since then, the very best presently being #1000.
African nation had used different varieties of cash like cowries and manilas before the introduction of the Nigerian monetary unit. Between 1912 to 1959, the West African Currency Board was the body wrongfully liable for issue currency notes in African nation.
The financial organization of African nation withdrew the West African Currency Board notes and coins, and issued the Nigerian currency notes and coins on first of Gregorian calendar month, 1959.
Legal Tender standing 1962-1968
By first Gregorian calendar month, 1962, the medium of exchange standing was modified to showcase Nigeria’s new freelance standing. The currency notes were once more modified in 1968 throughout the warfare.
Introduction of Nigerian monetary unit denomination 1971–2005
The government proclaimed on March 1971 that it’d amendment to decimal currency system as from first Gregorian calendar month, 1973.
It conjointly proclaimed that the most important currency unit would be known as Naira pictured with the image “₦” and minor unit as kobo with image “k”
The CBN thereon same date introduced notes for 50 kobo, 1, 5, 10 and 20 Naira note respectively.
In the year 1991, fifty Nair notes were issued and were conjointly followed by one hundred Nigerian notes 1999, two hundred Naira note within the year 2000, five hundred Naira note within the year 2001 and eventually the one thousand Naira note was proclaimed within the year 2005 that is presently the very best denomination of the Nigerian monetary unit.
Polymer notes was introduced 2007 to 2009
As at February twenty eight, 2007, the Nigerian monetary unit was changed and adjusted into chemical compound notes. though not all Nigerian monetary notes were modified to the new versions.
The idea of the financial organization was to create the notes smaller and sturdy. The notes laid low with the CBN chemical compound policy in 2009 were the five, ten, twenty and fifty Nigerian notes by the then governor of the central Bank of Nigeria in the person of Sanusi Lamido Sanusi currently the Emir of Kano state.
Today’s Nigerian Currency charge per unit
The value of the Nigerian monetary unit nowadays per the financial organization of African nation isn’t that stable thanks to economic process. Thus its charge per unit is allowed to float.
A trade’s speculation has it that the charge per unit of the Nigerian monetary unit can float between two hundred and eighty naira (280) and four hundred (400) against the yank greenback.