Sign in
Download Opera News App



Six (6) Powerful brief history of Naira you probably do not know until now!

Naira as a currency was introduced in 1973, replacing the pound(£) at a rate of 2 naira= 1 pound. This made Nigeria the last state to abandon the £ currency system. Nara was coined from the word 'Nigeria'.

Naira picture :

Pound picture :

Here are the powerful things about naira:

1. On Jan. 1st 1973: The CBN ( Central Bank of Nigeria) introduced notes for 50 kobo, 1,5,10,20 naira and Coins of 1/2, 1,5,10, and 25 kobo.

2. On 11th Feb, 1977 : A new bank note denomination of the value of 20 naira was issued. Then N20 note was made the highest denomination to be introduced. Also the N20 is the first currency note to bear the portrait of a Nigeria citizen, that is late Head of State, General Muritala Muhammed.

3. On 2nd July, 1979: New currency notes oof three denominations namely,

N1,N5 and N10 were introduced.

4. In 1991: Both the 50kobo and N1 notes we're replaced as a coin or were coined.

5. On Dec 1999,Nov 2000,April 2001 and Oct 2005: N100,N200,N500 and N1000 we're introduced respectively.

6. On February 28th 2007: The CBN issued a new design for N50,N20,N10,N5,N1,50k while a new denomination of N2 was introduced.

Check the picture of currency Nigeria government ignore after naira called POUNDS

God bless Nigeria! God bless the citizens and God bless Africa.

: kindly like and drop a comments if you find this article educative.

Content created and supplied by: BishopNathblog (via Opera News )

CBN Central Bank of Nigeria Naira Nara Nigeria


Load app to read more comments