FLASH BACK FRIDAY - MONEY IN HISTORY

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Historic Friday


The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959. On 31st March, 1971, the then Head of State announced that Nigeria would change to decimal currency as from 1st January, 1973.The major currency unit would be called Naira which would be equivalent to ten shillings: the minor unit would be called kobo; 100 of which would make one Naira. The decision to change to decimal currency followed the recommendations of the Decimal Currency Committee set up in 1962 which submitted its report in 1964.

The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. Before that time,  Nigeria had used various forms of money including cowries and manilas. Nigeria became the last country to abandon the £sd currency system.
There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended.
Reference: https://www.cbn.gov.ng/currency/historycur.asp

- Sandra T. Adeyeye



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2 comments:

  1. Hmm That is some history for me. I have a question o. And I've been contemplating this question. How did the name "Naira" and "Kobo" come about?

    ReplyDelete
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