Frequently Asked Questions

Currency Museum Permanent Exhibition: The Evolution of Money

Q1.  When was Currency Museum of the Central Bank of Nigeria established?
Ans: Wednesday, 6th May 2009.

Q2.  How many galleries are in the Currency Museum?
Ans: The galleries are two (2) a permanent and temporary sections

Q3.   What is the name of the first coin minted in Nigeria and when was it 
minted?
Ans:  Shillings and it was minted in 1912 by the West African 
Currency Board.

Q4.   What is the name of the currency units by the West African Currency  
Board?
Ans:  Pound

Q5.   When did we begin to use the Naira currency unit?
Ans:  1st January, 1973

Q6.   What was the reason behind changing the colour of the Naira in   
1984?
Ans:  To arrest the currency trafficking prevalent at that time.

Q7.  What does MICR stand for?
Ans: Magnetic Ink Character Recognition.

Q8.   Can an individual bring a different currency other than the Naira to the Currency
Museum for exchange?
Ans: No. However, Currency Museum receives donations of artifacts and currencies
from other countries to be displayed.

Q9.  Who is the first indigenous Governor of Central Bank?
Ans: Alhaji Aliyu Mai Borno.

Currency Museum Temporary Exhibitions: The Naira Our Pride & Non Interest Banking in Nigeria

Q1.  Which two banknotes have the lift twin?
Ans: N500 & N200.

Q2.  Which banknote has the kinegram as one of its security features?
Ans: N1000.

Q3.  Why do we have circle, triangle, square & octagon shapes on the polymer
banknotes?
Ans: To enable the visually impaired identify the banknotes.

Q4.    Does spraying, selling, squeezing, staining, writing constitute abuse
of the Naira?
Ans:   Yes it does.

Q5.    What is the penalty for the abuse of the Naira?
Ans:   The penalty for the abuse of the Naira is penalty of N50,000.00 0r jail term of six (6)
month or both.

Q6.    What is counterfeited banknote?
Ans:   They are notes produced without a legal of sanction of Government or Regulatory
Authority ( Central Bank)

Q7.     What is the penalty for counterfeiting of the Naira?
Ans:    Five year imprisonment, with no option of bail

 Q8.     What are the stages involved in currency life cycle?
Ans:    We have six (6) stages: Research/Design, Production, storage, Distribution,
Processing and Disposal.

Q9.    What is Non-Interest Banking (NIB) anchored on?
Ans:     Principle of profit and loss sharing.

Q10.  Which items are prohibited to finance under NIB?
Ans:   Tobacco, Alcohol, Gambling etc.

Q11.  What is Sukuk?
Ans:   Islamic Bond structured in such a way that it generates returns to investor