1190) Banknotes of the Nigerian Naira: A historical perspective:
The Nigerian Naira is the currency of Nigeria, subdivided into 100 Kobo.
During the pre-colonial era, different cultures used a variety of items as a means of exchange. These included cowries, manilas, beads, bottles and salt et al.
In 1880, the first major currency issue in Nigeria was undertaken as a sequel to the colonial ordinance of 1880, which introduced the Shillings and Pence as the legal tender/currency in British West Africa. The units of coins managed by the Bank of England were one shilling, one penny, 1/2 penny and 1/10 penny, which were distributed by a private bank - the Bank for British West Africa, till 1912.
From 1912 to 1959, the West African Currency Board (WACB) issued the first set of Banknotes and coins in Nigeria, Ghana, Sierra Leone and the Gambia. The highest Banknote denomination was 1 Pound, while the 1 shilling coin was the highest coin denomination.
On 01.07.1959, the Central Bank of Nigeria (CBN), headquartered in the capital city of Abuja, Federal Capital Territory (FCT) in Central Nigeria, was established by the CBN Act of 1958, commenced operations. The CBN issued Nigerian Currency Banknotes, while the WACB issued Banknotes and coins were withdrawn from circulation.
On 01.07.1962, the currency was changed to reflect the country's Republican status. Banknotes inscribed "FEDERATION OF NIGERIA" now had "FEDERAL REPUBLIC OF NIGERIA" on top.
In 1968, the Banknotes were again changed, following the misuse of the currency Banknotes during the Civil War.
On 01.01.1973, the Naira was circulated, replacing the Pound at an exchange rate of 2 Naira to 1 Pound. The Naira became the major unit of currency, while the minor unit was called Kobo (100 Kobo were equal to 1 Nigerian Naira).
During the pre-colonial era, different cultures used a variety of items as a means of exchange. These included cowries, manilas, beads, bottles and salt et al.
In 1880, the first major currency issue in Nigeria was undertaken as a sequel to the colonial ordinance of 1880, which introduced the Shillings and Pence as the legal tender/currency in British West Africa. The units of coins managed by the Bank of England were one shilling, one penny, 1/2 penny and 1/10 penny, which were distributed by a private bank - the Bank for British West Africa, till 1912.
From 1912 to 1959, the West African Currency Board (WACB) issued the first set of Banknotes and coins in Nigeria, Ghana, Sierra Leone and the Gambia. The highest Banknote denomination was 1 Pound, while the 1 shilling coin was the highest coin denomination.
On 01.07.1959, the Central Bank of Nigeria (CBN), headquartered in the capital city of Abuja, Federal Capital Territory (FCT) in Central Nigeria, was established by the CBN Act of 1958, commenced operations. The CBN issued Nigerian Currency Banknotes, while the WACB issued Banknotes and coins were withdrawn from circulation.
On 01.07.1962, the currency was changed to reflect the country's Republican status. Banknotes inscribed "FEDERATION OF NIGERIA" now had "FEDERAL REPUBLIC OF NIGERIA" on top.
In 1968, the Banknotes were again changed, following the misuse of the currency Banknotes during the Civil War.
On 01.01.1973, the Naira was circulated, replacing the Pound at an exchange rate of 2 Naira to 1 Pound. The Naira became the major unit of currency, while the minor unit was called Kobo (100 Kobo were equal to 1 Nigerian Naira).
On this day, the CBN introduced Banknotes in the denominations of 50 Kobo, 1, 5, and 10 Naira.
On 11.02.1977, a new denomination with the value of 20 Naira was issued. This was the highest denomination introduced as a result of growth of the economy, the preference for cash transactions and for convenience.
The 20 Naira Banknote bore the portrait of a prominent Nigerian citizen, the late Head of State General Murtala Ramat Muhammed (1938-1976) who was the torch-bearer of the Nigerian Revolution in 07/1975. The Banknote was issued on the first anniversary of his assassination, as a fitting tribute to an illustrious Nigerian citizen. He was declared a National Hero on 01.10.1978.
In 04/1984, the colours of all the Banknotes in circulation were changed with the exception of the 50Kobe Banknote to arrest currency trafficking prevalent at this time.
In 1989, the 50 Kobo Banknotes were last issued.
On 11.02.1977, a new denomination with the value of 20 Naira was issued. This was the highest denomination introduced as a result of growth of the economy, the preference for cash transactions and for convenience.
The 20 Naira Banknote bore the portrait of a prominent Nigerian citizen, the late Head of State General Murtala Ramat Muhammed (1938-1976) who was the torch-bearer of the Nigerian Revolution in 07/1975. The Banknote was issued on the first anniversary of his assassination, as a fitting tribute to an illustrious Nigerian citizen. He was declared a National Hero on 01.10.1978.
In 04/1984, the colours of all the Banknotes in circulation were changed with the exception of the 50Kobe Banknote to arrest currency trafficking prevalent at this time.
In 1989, the 50 Kobo Banknotes were last issued.
In 1991, 50 Naira Banknotes were circulated. The 50 Kobe and 1 Naira Banknotes were replaced with coins of the same denomination.
In response to the expansion in economic activies and to facilitate an efficient payments system - 100, 200, 500 and 1000 Naira Banknotes were introduced in phases.
In response to the expansion in economic activies and to facilitate an efficient payments system - 100, 200, 500 and 1000 Naira Banknotes were introduced in phases.
In 12/1999, 100 Naira Banknotes were released into circulation.
In 11/2000, 200 Naira Banknotes were introduced.
In 04/2001, the CBN circulated 500 Naira Banknotes
On 12.10.2005, 1000 Naira banknotes were circulated.
On 28.02.2007, new versions of 5, 10, and 50 Naira Banknotes were brought out by the CBN. Plans were in place to release the 10, 20 and 50 Naira Banknotes in polymer versions, of which only the 20 Naira Banknote got released in polymer in this year.
In 2009, 5, 10 and 50 Naira polymer Banknotes were released.The polymer Banknotes of all denominations were smaller in dimensions at 130.0 mm x 72.0 mm and also underwent a redesigning.
In 2012, CBN discontinued printing of Banknotes in polymer, due to the prohibitive costs of printing, as well as, environmental issues.
On 12.11.2014, the CBN as part of its contribution towards celebration of Nigeria's "50th Anniversary of Independence", brought out a 50 Naira Commemorative Banknote.
The CBN also issued a 100 Naira commemorative Banknote to celebrate the "Centennial of Nigeria's existence as a Nation". These Banknotes were similar to its regular issues with the portrait of Chief Obafemi Awolowo on the Front, with a redesigned scheme on the Back and revised security features. It displayed the inscription - "One Nigeria, Great Promise", in micro-print. Also, on the Back was a "Quick Response Code (QRC), which when scanned took users to a website displaying Nigeria's history.
The CBN also issued a 100 Naira commemorative Banknote to celebrate the "Centennial of Nigeria's existence as a Nation". These Banknotes were similar to its regular issues with the portrait of Chief Obafemi Awolowo on the Front, with a redesigned scheme on the Back and revised security features. It displayed the inscription - "One Nigeria, Great Promise", in micro-print. Also, on the Back was a "Quick Response Code (QRC), which when scanned took users to a website displaying Nigeria's history.
In 2019, the Naira was issued under the signature of a lady Director of Currency Operations of the CBN for the first time ever - Priscilla Ekwere Eleje.
Presently Circulating Banknotes:
On the Front of the Fifty Naira Banknote are hand engraved portraits of four Nigerians - three men and a woman, superimposed on the Nigerian Map.
On the Back of the 50 Naira Banknote, is a hand engraved vignette that depicts farming aspects of cultivating and harvesting.
The top right corner value of the Banknote is depicted on two cowrie shells, which were once a medium of exchange in the country.
The Dimensions of this Banknote are - 130.0 mm x 78.0 mm
This Banknote originally introduced in 1991 and was withdrawn from circulation on 28.02.2007.
It was replaced with a new design Banknote which has ornamental patterns, geometric motifs adapted from Nigerian intricately combined traditional art form and colours chosen to give a distinct beauty and distinctiveness to the Banknote.
Presently Circulating Banknotes:
The top right corner value of the Banknote is depicted on two cowrie shells, which were once a medium of exchange in the country.
The Dimensions of this Banknote are - 130.0 mm x 78.0 mm
This Banknote originally introduced in 1991 and was withdrawn from circulation on 28.02.2007.
It was replaced with a new design Banknote which has ornamental patterns, geometric motifs adapted from Nigerian intricately combined traditional art form and colours chosen to give a distinct beauty and distinctiveness to the Banknote.
The Front of the 100 Naira Banknote issued on 01.12.1999, is one of the new generation Banknotes of the Nigerian Currency System. It shows the portrait of Chief Obafemi Awolowo, former premier of the Western Region.
This Banknote has the most recent developments in security printing technology on paper and ink available at the time of its printing. Relevant printing techniques were employed to produce the intricate designs of subdued merging colours.
The Dimensions of this Banknote are - 151 mm x 78 mm.
(The above Banknotes are from the collection of Jayant Biswas. Post researched & written by Rajeev Prasad)
Some other interesting posts from the African Continent on this blog:
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16) New Circulation coins Series, Kenya: introduced by the Central Bank of Kenya on 11.12.2018
17) Sudan: A 100 Pounds Banknote being issued by the Central Bank of Sudan by End February 2019
18) Algeria: i) Introduction of two new denominations of 500 and 1,000 Algerian Dinars (AD), which will kick-start the new "Fifth Series of Algerian Dinar Banknotes" ii) A 100 Algerian Dinar tri-metallic coin which wil replace the 100 Dinar circulating Banknote of the same denomination
19) South Africa: "The Big Five Silver Coin Series": 1) First Coin in the Series brought out by the South African Mint features the African Elephant on a Five Rand Coin as the first variant issued in 02/2019: 2) Later Coin issues will feature the Lion, Leopard, Rhinoceros and the Buffalo
20) 25 Years of Constitutional Democracy in South Africa (SA25): Celebrating the milestone with the issue of six circulation coins (R2 five coins & R5 one Coin) and three Commemorative Coins (Gold R500, Sterling Silver R50 & Bronze Alloy R50) issued by the South African Reserve Bank (SARB) in partnership with the South African Mint: Coin release dats: 04/2019 & 05/2019
21) The Big Five - "Water Buffalo", Sierra Leone: 20 Dollars or Double Crown Silver coin: The fifth and last of the Coin Series titled" BIg Five", all coins minted by the Pobjoy Mint, UK on behalf of the Bank of sierra Leone: Coin issue date: 26.06.2019
22) Banknotes of the Nigerian Naira - A historical perspective
16) New Circulation coins Series, Kenya: introduced by the Central Bank of Kenya on 11.12.2018
17) Sudan: A 100 Pounds Banknote being issued by the Central Bank of Sudan by End February 2019
18) Algeria: i) Introduction of two new denominations of 500 and 1,000 Algerian Dinars (AD), which will kick-start the new "Fifth Series of Algerian Dinar Banknotes" ii) A 100 Algerian Dinar tri-metallic coin which wil replace the 100 Dinar circulating Banknote of the same denomination
19) South Africa: "The Big Five Silver Coin Series": 1) First Coin in the Series brought out by the South African Mint features the African Elephant on a Five Rand Coin as the first variant issued in 02/2019: 2) Later Coin issues will feature the Lion, Leopard, Rhinoceros and the Buffalo
20) 25 Years of Constitutional Democracy in South Africa (SA25): Celebrating the milestone with the issue of six circulation coins (R2 five coins & R5 one Coin) and three Commemorative Coins (Gold R500, Sterling Silver R50 & Bronze Alloy R50) issued by the South African Reserve Bank (SARB) in partnership with the South African Mint: Coin release dats: 04/2019 & 05/2019
21) The Big Five - "Water Buffalo", Sierra Leone: 20 Dollars or Double Crown Silver coin: The fifth and last of the Coin Series titled" BIg Five", all coins minted by the Pobjoy Mint, UK on behalf of the Bank of sierra Leone: Coin issue date: 26.06.2019
22) Banknotes of the Nigerian Naira - A historical perspective
Some other interesting links to posts on this blog on Currencies of the Middle-East:
Links to some more interesting posts on our blogs on Ghana:
Ashok Borate has commented:
ReplyDelete"Very nice information."
Thank you, Ashokji.
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