History of the Nigerian Currency: All You Need to Know

History of the Nigerian Currency: All You Need to Know

This post seeks to enlighten the reader on how the Nigerian currency, which is the Nigerian Naira came to become the legal tender in use in present day Nigeria. Between 1912 and 1959, the West African Currency Board was responsible for issuing currency notes in Nigeria. Before the establishment of the West African Currency Board, Nigeria had used various forms of money, chief of them being the cowries. The Central Bank of Nigeria, on July 1, 1959 issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn. It was not until July 1, 1962 that legal tender status was changed to reflect the country’s new status. The notes were again changed in 1968 as a war strategy following the misuse of the country’s currency notes. On March 31, 1971, the Federal Military Government announced that Nigeria would change to decimal currency as from January 1, 1973. The major currency unit would be called Naira which would be equivalent to ten shillings:…