History of niara.
The Naira was introduced in 1973,replacing the pound at a rate of 2 Naira = 1 pound.This made Nigeria the last state to abandon the £sd currency system.
In Jan 1st 1973,the CBN introduced notes for 50 kobo, 1,5,10 and 20 Naira and coins 5,10 and 25 kobo
On 11th February, 1977,a new bank banknote 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 Nigerian citizen,that is late head of state, General Mutala Muhammed.
On 2nd July,1979,new currency notes of three denominations,namely,(N1),(N5)and (N10) were introduced.
In 1991,both the 50k and N1 Notes were coined.
In December 1999,November 2000,April 2001 and October, 2005 N100,N200,N500 and N1000 were introduced respectively.
On February 28th 2007,N50,N20,N10,N5,N1, 50k were reissued with a new design,while a new denomination N2 coin was introduced.
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