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