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.
When did 100 naira note came out?
These are 100 Naira(1999), 200 Naira note (2000). 500 Naira was released in April, 2001 while the 1000 Naira note was released in October 2005.
Who introduced 50 Naira note in Nigeria?
The Central Bank of Nigeria started issuing these 50 Nigerian Naira banknotes in 1991. They were withdrawn from circulation in 2009.
Who Change Nigeria money to naira?
The Central Bank of Nigeria has the sole authority to issue banknotes and coins. Coin denominations range from 1/2 kobo to 1 naira.
When did Nigeria introduced paper currency?
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes, while the WACB-issued banknotes and coins were withdrawn. It was not until 1st July, 1962 that the currency was changed to reflect the country’s republican status.
Which year was naira equal to dollar?
From the day that Abacha took power to the day he died on June 8 1998, a period of some five years, the ‘official’ exchange rate of the naira to the dollar never changed from 22 naira to $1.
Do we have 5000 naira note in Nigeria?
The federal government Tuesday formally endorsed the introduction of the 5,000 naira note introduction despite the criticism that has greeted its introduction.
Who is on the 200 naira note?
The 200 Nigerian naira note front design features Ahmadu Ibrahim Bello, Sardauna of Sokoto (1910 – 1966), was a Nigeran statesman knighted as Sir Ahmadu Bello, who planned northern Nigeria through Nigerian independence in 1960 and was its first and only prime minister between 1954 and 1966, before his assassination.
What currency did Nigeria use before naira?
The Nigerian pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings, each of 12 pence.
Which country Print Nigeria money?
Naira notes and coins are printed / minted by the Nigeria Security Printing and Minting (NSPM) Plc and sometimes, other overseas companies, and issued by the CBN.
Why is the naira falling?
Strong demand for dollars and a lower than expected inward flow of foreign currency caused the Nigeria Central Bank (NCB) to take this action. It has led to the Naira falling to 500 per dollar in the parallel market. … One of the issues faced by Nigeria is the fall in crude oil prices.
Who is on 100 naira note?
Chief Obafemi Jeremiah Oyeniyi Awolowo is pictured on the banknote of 100 Nigerian Naira, wearing a kufi hat. Awolowo was Premier of Western Nigeria. On the back side of the ₦100 bill is an image of the Zuma Rock monolith in Niger province.
Who is on Nigeria 1000 naira note?
The 1000 Naira banknote is the highest value paper money note in Nigeria. On the obverse side of the ₦1000 bill are the portraits of Mallam Alijy Mai-Bornu and Dr Clement Nyong Isong.
What is the highest currency in Nigeria?
Currently the highest currency denomination is 1,000 Naira.
Does Nigeria print their own money?
The Nigerian Security Printing and Minting Company Limited Plc is the Nigerian banknote printer and mint. It is located in both Abuja and Lagos and is majority-owned by the government of Nigeria. In addition to printing the banknotes and the postal orders of Nigeria, it has struck some of the coins of Nigeria.
What kind of money is used in Nigeria?