Currency Gallery
The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959. Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas.
On July 1st, 1959, the Central Bank of Nigeria issued the Nigerian currency notes and coins, and the West African Currency Board notes and coins were withdrawn. It was not until 1st July 1962, however, that legal tender status was withdrawn from West African Currency Board. In 1963, Nigeria became a republic, and this eventually led to the changing of the banknotes in 1965 to reflect the country's new status. The notes were again changed in 1968 following the misuse of the country's currency notes, during the civil war
In 1973, Nigeria adopted a truly national currency in decimal form instead of the pounds, to replace the imperial system, which she inherited from the British colonial administration. The pounds and shillings were changed to Naira (₦) and kobo (k), and four denominations of notes were issued as follows: 50 kobo; ₦1; ₦5 and ₦10. In response to the rapid economic growth made possible by the oil boom, ₦20, and N50 note denominations were added in 1977 and 1991 respectively. Considering cost effectiveness and the expansion of economic activities, higher denomination notes were issued. These are 100 Naira in (1999), 200 Naira note in (2000). 500 Naira note was released in April 2001, while the 1000 Naira note was released in October 2005.
On February 28th 2007, as part of the economic reforms,
₦50,
₦20,
₦10 &
₦5 banknotes; and
₦1 &
50K coins, were reissued in new designs. While a
new denomination ₦2 coin
was introduced.