Nigerian naira

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Nigerian naira
ISO 4217 Code NGN
User(s)  Nigeria
Inflation 8.2%[1]
Source 2014
Subunit
1/100 Kobo
Symbol
Plural Naira
Kobo Kobo
Coins 50 Kobo, 1 & 2 Naira
Banknotes 5, 10, 20, 50, 100, 200, 500 & 1000 Naira
Central bank Central Bank of Nigeria
Website [http://www.cenbank.org www.cenbank.org]
Printer Nigerian Security Printing and Minting Company Limited
Website [http://www.mintnigeria.com www.mintnigeria.com]
Mint Nigerian Security Printing and Minting Company Limited
Website [http://www.mintnigeria.com www.mintnigeria.com]

The naira (sign: ) is the official currency of Nigeria. 100 Kobo makes one naira.

The Central Bank of Nigeria (CBN) issues money throughout the Nigerian Federation. It controls the amount of money supply in the economy in order to ensure the economy and prices are stable. The Currency & Branch Operations Department of the CBN is in charge of currency management. They get the naira notes and coins from its special printers. Then they distribute/supply, process, and reissue it. They also receive and destroy old and unusable bank notes and coins.

History[change | change source]

Nigeria started using the naira on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound.[2]. The currency sign is .

Coins[change | change source]

Nigeria's coin from colonial era till date, popularly known as "kobo"

In 1973, coins were introduced in denominations of ½, 1, 5, 10 and 25 kobo, with the ½ and 1 kobo in bronze and the higher denominations in cupro-nickel. The ½ kobo coins were minted only that year. In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and 1 naira. On 28 February 2007, new coins were issued in denominations of 50 kobo, 1 and 2 naira, with the 1 and 2 naira bimetallic. Some Nigerians complained that the weight of the ₦2 coin especially how heavy it is when there is a lot of it .[3] The CBN announced that the old coins are to be replaced with the new ones on or before 31 May 2007.[4] The central bank also stated that the ½ to 25 kobo coins withdrew withdrawn from circulation with from 28 February 2007.

Banknotes[change | change source]

On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005.

On February 28, 2007, new designs of the 5 to 50 naira banknotes were introduced. Originally the 10, 20 and 50 naira were to be polymer banknotes,[12] but the 5,10 and 50 were delayed to late 2009 and only the 20 was released in polymer. The notes are slightly smaller (130 x 23 mm) and redesigned from the preceding issues. In mid-2009 when Sanusi Lamido Sanusi took over as CBN Governor he eventually changed the 5, 10 and 50 naira to polymer notes.

On the 1000 naira notes, there is a subtle shiny strip running down the back of the note. It is a shimmery gold colour showing 1000 naira. The triangular shape in the middle of the front of the note changes its colour from green to blue when tilted. The main feature on the front is the engraved portraits of Alhaji Aliyu Mai-Bornu and Dr Clement Isong, former governors of the Central Bank of Nigeria.

On the first prints of the 100 naira notes issued starting December 1, 1999, Zuma Rock was captioned as located in Federal Capital Territory, while actually it is situated in Niger State. Later prints removed the reference to FCT, ABUJA.[13]

In 2012 the Central Bank of Nigeria may be contemplating the introduction of new currency denominations of N5,000. The bank has also made plans to convert ₦5, ₦10, ₦20 and ₦50 into coins which are all presently notes.[14]

The Central Bank of Nigeria has announced that it will no longer issue banknotes on polymer due to higher costs and environmental issues.[15][16][17]

On November 12, 2014, the Central Bank of Nigeria issued a special 100 naira note to celebrate the 100 years of Nigeria's existence. The notes are similar to its regular ones with the portrait of Chief Obafemi Awolowo on front, but is redesigned to include a new color style. It has the text "One Nigeria, Great Promise" in microprinting and a quickresponse code (QRC) which when scanned leads users to a website about Nigeria's history on the back.[18][19]

Currently Circulating Banknotes [1]
1999–2005 Series
Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark first printing issue
[2] ₦100 151 × 78 mm Red and multicolour Chief Obafemi Awolowo Zuma Rock As portrait(s), "CBN", value 1999 1 December 1999
[3] ₦200 Blue and multicolour Sir Ahmadu Bello Pyramid of agricultural commodity and livestock farming 2000 1 November 2000
[4] ₦500 Purple and multicolour Dr. Nnamdi Azikiwe Off-shore oil-rig 2001 4 April 2001
[5] ₦1000 Purple Alhaji Aliyu Mai-Bornu, Dr. Clement Isong CBN's corporate headquarters in Abuja 2005 12 October 2005
2006 Series (Paper and Polymer banknotes)
[6] ₦5 130 × 72 mm Mauve Alhaji Abubakar Tafawa Balewa Nkpokiti dancers Central Bank of Nigeria logo, "CBN" 2006 28 February 2007
[7] ₦10 Red Mr. Alvan Ikoku Fulani milk maids
[8] ₦20 Green General Murtala Mohammed Ladi Kwali
[9] ₦50 Blue Hausa, Igbo and Yoruba men and a woman Local fishermen

References[change | change source]

  1. "Central Bank of Nigeria - Home". Central Bank of Nigeria. Central Bank of Nigeria. Retrieved 6 August 2014.
  2. "Central Bank of Nigeria:: History of The Currency".
  3. "Nigeria: Nigeria's New Notes And Coins". This Day. 2007-02-21. Retrieved 2007-02-26.
  4. "Nigeria: New Currency - Two Per Cent of Withdrawals to Be in Coins - CBN". Vanguard. 2007-02-21. Retrieved 2007-02-26.
  5. Central Bank of Nigeria. "Old Coins - 1973 Coins". Archived from the original on 2006-01-17. Retrieved 2007-02-26.
  6. "Welcome to the New Central Bank of Nigeria Website".
  7. "Welcome to the New Central Bank of Nigeria Website". cenbank.org.
  8. "Central Bank of Nigeria Website - Currency - 25 Kobo". cenbank.org.
  9. "Welcome to the New Central Bank of Nigeria Website". cenbank.org.
  10. "Welcome to the New Central Bank of Nigeria Website". cenbank.org.
  11. "Central Bank of Nigeria - Did You Find". cenbank.org.
  12. "CBN warns against fixing prices in foreign currency *To launch new notes Feb 2007". Vanguard Nigeria. 2006-11-06. Retrieved 2007-02-26.[dead link]
  13. "Big banknote too much for Nigeria". 29 December 1999 – via bbc.co.uk.
  14. CBN To Introduce N5000, N2000 Notes; N50, N20, N10 Coins Archived May 16, 2012, at the Wayback Machine
  15. Nigeria to abandon polymer banknotes Archived March 4, 2016, at the Wayback Machine BanknoteNews.com. September 13, 2012. Retrieved on 2012-11-09.
  16. CBN Clarifies Decision to Abandon Polymer Banknotes[permanent dead link] AllAfrica (allafrica.com) September 12, 2012. Retrieved on 2012-11-09.
  17. Plan to Phase-out Polymer Banknotes Stirs New Controversy Archived April 27, 2013, at the Wayback Machine This Day Live (www.thisdaylive.com). April 24, 2013. Retrieved on 2013-04-25.
  18. "New ₦100 Commemorative Centenary Celebration".
  19. Nigeria new 100-naira commemorative confirmed Archived October 14, 2016, at the Wayback Machine BanknoteNews.com February 9, 2015. Retrieved on 2015-02-13.

Other websites[change | change source]