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Currency in Circulation:

Notes: N1000 | N500 | N200| N100 C | N100 | N50 | N20 | N10 | N5
Coins: N2 | N 1 | 50 Kobo

Currency Withdrawn:

 Earlier | 1959 | 1965 | 1968 | 1973 | 1977 | 1979 | 1984 | 1991 | 2007

1973 Currency Issue

On 1st January, 1973, Nigeria made a great leap in changing to decimal currency. The decision to change to decimal currency followed the recommendations of the Decimal Currency Committee set up in 1962 which submitted its report in 1964. The change involved both the notes and coins. The major unit of currency which used to be One (�1) Pound no longer existed and the One (N1) Naira which was equivalent to Ten (10/-) Shillings became the major unit. The notes were in the denominations of Ten  Naira (N10), Five Naira (N5), One Naira (N1) and Fifty Kobo (50k) while coins were Twenty Kobo (20k), Ten Kobo (10k), Five Kobo (5k), One Kobo (1K) and Half (k) Kobo. The coins have the same dimension of 12 x 123 inches.

Name
Ten Naira
Dimension:
151 x 78 mm
Material: Paper
Withdrawn: 1977
Five Naira
Dimension:
151 x 78 mm
Material: Paper
Withdrawn: 1977
One Naira
Dimension:
137 x 78 mm
Material: Paper
Withdrawn: 1977
Fifty Kobo
Dimension:
127 x 78 mm
Material: Paper
Withdrawn: 1979
Twenty Five Kobo
Material: Silver
Withdrawn: 1991
Ten Kobo
Material: Silver
Withdrawn: 1979
Reissued in Bronze in 1991
Five Kobo
Material: Silver
Withdrawn: 1979
Reissued in bronze in 1991
One Kobo
Material: Bronze
Withdrawn:
Half Kobo
Material: Copper
Withdrawn: 1991

See frequently asked questions on Currency Management

Facts : 1/7/1959
Evolution of Departments:At inception, the organisational structure of the CBN was understandably simple consisting of two departments, namely, the General Manager's and the Secretary's Departments, with the appropriate division of labour as then percieved. The General Manager's Department was responsible for all the Department banking, currency issues, debt management and other operational functions of the bank while the Secretary's Department handled the administrative and staff matters, carried out some research into the economic and financial conditions, and collected and analysed relevant statistics for policy formulation.
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Central Bank of Nigeria:: Did You Find