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
Ans: Shillings and it was minted in 1912 by the West African
Q4. What is the name of the currency units by the West African Currency
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
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?
Q3. Why do we have circle, triangle, square & octagon shapes on the polymer
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