![]() ![]() Also, distinct cultural aspects of the country were engraved on the back of the notes. They were all declared national heroes on October 1, 1978.įor easy identification, different colors were used for the various denominations. The ₦1 note featured Nigerian politician, Herbert Macaulay (1864-1946), the ₦5 note has Nigeria’s first and only Prime Minister, Sir Abubakar Tafawa Balewa’s (1912-1966) portrait on it, and the ₦10 note bears the portrait of Nigerian Statesman, Alvan Ikoku (1900-1971) on it. Just like the ₦20, these new notes also bore the portrait of prominent men. To differentiate the denominations, different colors were used to identify them. They were of the same size as the ₦20 note which is 151 x 78. Thereafter, new currency banknotes of three denominations, ₦1, ₦5, and ₦10 were introduced on July 2, 1979. The major unit of currency which used to be £1 ceased to exist and the one naira which was equal to 10 shillings, became the major unit while the kobo became the minor unit, a hundred kobo making one naira.Ĭhief Obafemi Awolowo’s portrait is featured on the ₦100 note. The notes were changed again following the misuse of the banknotes during the Nigerian civil war.īefore the government decided to change from metric to decimal, of which Nigeria was the last former British colony to do so, the name of the Nigerian currency was changed on January 1, 1973. This continued until July 1, 1962, when the currency was changed to reflect the country’s republic status and the banknotes had FEDERAL REPUBLIC OF NIGERIA inscribed at the top from the previous inscription of “Federation of Nigeria”. However, on July 1, 1959, the Central Bank of Nigeria (CBN) began issuing Nigerian currency banknotes and the WACB issued banknotes, and coins were phased out. ![]() The West African Currency Board (WACB) issued the first set of banknotes and coins in Nigeria, Ghana, Sierra Leone, and the Gambia from 1912 to 1959 with one pound being the highest banknote denomination and one shilling being the highest coin denomination. Twenty (20) Shillings of the West African Currency Board, 1953. ![]()
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