Ten Naira note old. Alvan Ikoku. Ten Naira note new. Twenty Naira note old. Murtala Mohammed. Twenty Naira note new. Fifty Naira note old. Fifty Naira note new. Introduced — December Centenary naira note. Introduced — November One thousand Naira note. The Federal Republic of Nigeria is governed in accordance with the provisions of a Constitution. These were a better quality print. Due to increased currency demands, the board kept restyling the currencies and issuing new notes, including the five pound note in , which was the highest note in circulation at the time.
However, they still used the pound. In , the Legal tender was changed to reflect the country's republican status. The denominations of Five pounds, One pound, Ten Shillings and Five shillings were reissued in different colours from those of The coins in use were still the ones issued in The notes all had the same pictures in the front but differed in the illustrations at the back.
The coins issued in remained the same. Nigeria made a great leap in changing to its own decimal currency on January 1, Both notes and coins experienced this change.
In , following the assassination of General Murtala Ramat Muhammed , the Twenty 20 Naira note was issued as the highest denomination and the first currency to bear the portrait of a Nigerian citizen, the late Head of State. The note was issued on the 1st anniversary of Gen.
Muhammad's assassination as a tribute. All the other currencies remained the same. In order to facilitate identification, distinctive colours which were similar to those of the existing banknotes of the various denominations were used. The engravings on the back of the notes reflected cultural aspects of the country. In April , all the notes were withdrawn and reissued in interchanged colours, except the 50 kobo note. This was done by the military administration which took over power in December, , to arrest the alarming rate of currency trafficking going on at the time.
However, the coins remained the same. In October , Fifty Naira 50 note was introduced as the highest denomination and the One Naira 1 and Fifty kobo 50k were withdrawn and coined. A completely new coin range was issued as part of a major reform of the nation's currency structure. Center for Global Development.
Trading Economics. Advanced Forex Trading Concepts. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. The Central Bank of Nigeria manages and distributes the Nigerian naira and attempts to maintain price stability with it.
Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear.
Investopedia does not include all offers available in the marketplace. The country is moving towards a cashless system and digital e-krona. Learn about the history of the EGP and how to convert the U. The BGN is pegged to the euro which will eventually replace the lev.
Partner Links.
0コメント