Sunday, July 19, 2020
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Nigeria being a former British colony made use of the colonial currency after independence in 1960. The naira was later introduced on 1 January 1973. This was in a bid to replace the pound at a rate of 2 naira to 1 pound. As a matter fact, this made Nigeria the last former British colony to abandon the former currency system in favour of the decimal currency system.
According to information from Wikipedia, "the name naira is simply a contraction of "Nigeria", while the subdivision, kobo, is named by a derivation of the English "copper"
I've observed that this days, coins are hardly seen or used by Nigerians. They have almost become extinct but am sure you may have found one coin or the other randomly.
The Central Bank of Nigeria tried to bring it back into circulation with the introduction of the 2 Naira coin, it didn't really work out because the Naira was on steady decline
Against this background, it may interest you to know that the Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. It controls the volume of money supplied in the economy in order to ensure monetary and price stability.
What is quite annoying and abnormal is the fact that the lower denomination of Nigeria's currency has no purchasing power and as such, Nigerians neglect the use of coins without thinking of it cumulative power if traded in a large volume.
If you have noticed that big Shopping malls and other businesses who understand the power of coins are making use of it on a daily basis. We overlook the coins most times because of its purchasing power which is very low.
In Nigeria, I don't think there's anything one can buy with fifty Kobo if not for the fact that you have to pay for some services with it indirectly.
Meanwhile, in other countries like in the UK and US, they make use of coins (Pound and Cent) which one can use it to buy stuffs. I've been wondering how much the afore mentioned businesses make on a daily basis with what most people don't pay attention to.
In my research, I gathered from Wikipedia the exchange rate of Nigeria's currency from 1972 till date. See below;
So, if you think that coins are of no value, then you are probably mistaken about it continuous cumulative power over time and how other businesses are taking it from you via some services they rendered.
Also, let me share with you some of the British coins (pound) used to buy stuffs and it's valued more than the Nigerian coins.
Have you ever used the Nigerian coins to buy anything before? Share your thoughts and don't forget to follow my timeline for more interesting articles
Sources of information: Wikipedia
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