Sign in
Download Opera News App





Foreign exchange

Check Out the Names of Nigeria Currency and Legal Means of Exchange from Past to Present.

Nigeria as come a long way as a Nation with many development day by day from the pre colonial to Post colonial period.

As no one as it all, so definitely there's is a need for exchange to have what you lack by giving out what you have because nothing comes for free hence the need for means of exchange through a legal tender which is Naira in Nigeria as at today.

But before the introduction of Naira in Nigeria, other currencies have also serve as a legal tender in Nigeria. Read along as I will be talking about them below.

1. Trade by Barter: The first means of exchange before the introduction of Currencies note and coins is trade by barter. It is a situation whereby people exchanged goods with another goods without the use of money. For example someone with gaari that is in need of a yam can tender his/her gaari to exchange with yam from another person.

2. Cowries: Cowries were used as Currency exchange before the introduction of notes and coins. It's payment is usually measured in bags or in cups for buying and selling. 

In Nigeria, Cowrie is known for different name by diffrent ethnic group. Cowrie among the Fulani is called sedere, the Yoruba called it Owoeyo, the Bini called it Iguo while the Igbos called the smaller one Ayolo and the large one Okpokpo or Nwefe.

3. The Nigerian Shillings: Shillings as a currency for exchange was introduced in 1958/1959. Shillings till present day is still a legal exchange in Kenya and Uganda as Kenya shillings and Uganda Shillings.

One (1) Kenyan Shilling is between 3.46-3.57 Naira and One (1) Uganda Shilling is about 0.104 Naira.

4. Nigeria Pound: Pounds which its possessor nowadays could be regarded as a rich person in the society because of its present value of exchange rate to Naira was once a legal tender in Nigeria.

Pounds was issued in Nigeria in 1967. 

Pounds is still a very recognized currency in the world today and One (1) pounds to Naira today is between 512 to 611 Naira.

5. Naira and Kobo: This is the present day currrency in Nigeria. They were both introduced in 1973. The name Naira was coined from the name "Nigeria" while kobo is named by a derivation of the English word "Copper".

100 Kobo makes One Naira. The highest available denomination of Kobo was 50 Kobo which was eventually withdrawn from the Market in 2007.

Sources: Wikipedia and

Don't forget to like, share this Article. Also follow us for more interesting Article.

Content created and supplied by: O'tobi (via Opera News )

Cowries Fulani Naira Nigeria Yoruba


Load app to read more comments