Brief History
of the Naira
The naira note was i ntroduced on
the 1st of Jan. 1973, repl acing the Britis h Pound at two Naira to a Pound. This
made Nigeria the last State to abandon the British currency system. The currency denominations released by the CBN were 50kobo, 1, 5, 10 a nd 20 naira and coins of
½, 1,5,10 and 25kobo.
On the 11th February, 1977 a new bank note
denomination of the value of 20 na ira was issued.Then N20 note was t he highest denomination and also the 1s t currency to bear the portrait of a Ni gerian citizen – the late Head of state, General Murtala Muhammed.
On the 2nd of July, 1979, new currency notes of three denominations – N1,N5 and N10 were introduced
In 1991, bot h the 50k and N1 notes were coined.
In December 1999, November 2000,
Apr il 2001 and October
2005,
N100,N200, N500 and N1000 were introduced res pectivel
y.
On the 28th of February 2007, N50,N20,N10,N5,N1,50k were rei ssued with a new design, while a new denomination N2 coin was introduced.
