Currency – The Naira and Kobo

ekeretex

10 years ago

Introduced in 1973, the currency currently used in Nigeria is the Naira and Kobo. Prior to this, the country used Pounds as the legal tender. Naira has the sign ” ₦ ” while the kobo is signed ”K” .

The Kobo

In 1973 the kobo had five denominations namely 1/2k, 1k, 5k, 10k and 25k. In 1989 50K and N1 notes were changed to coins. In recent times the kobo coins have been phased out as the value can no longer purchase items.

½ kobo. Front: Cotton plants, Reverse: Coat of arms. Introduced – 1973

1 kobo. Front: Oil derricks, Reverse: Coat of arms. Introduced – 1973

5 kobo. Front: Cocoa beans, Reverse: Coat of arms. Introduced – 1976

10 kobo. Front: Palm trees, Reverse: Coat of arms. Introduced – 1973

25 kobo. Front: Peanuts, Reverse: Coat of arms. Introduced – 1973

50 kobo. Front: Maize, Reverse: Coat of arms. Introduced – 1991

The Naira

In 1973, the Naira note was introduced with the following Denominations – ₦1, ₦5 and ₦10. Some notes were subsequently phased out, others redesigned and some new notes were introduced.

1 Naira note. Herbert Macaulay. Introduced – 1973

Five Naira note (old). Sir Abubakar Tafawa Balewa. Introduced – 1973

Five Naira note (New). Sir Abubakar Tafawa Balewa. Redesigned – 2007

Ten Naira note (old). Alvan Ikoku. Introduced – 1973

Ten Naira note (new). Alvan Ikoku. Redesigned – 2007

Twenty Naira note (old). Murtala Mohammed. Introduced – 1977

Twenty Naira note (new). Murtala Mohammed. Redesigned – 2007

Fifty Naira note (old). Introduced – 1991

Fifty Naira note (new). Redesigned – 2007

100 Naira note. Introduced – December 1999

President Goodluck Jonathan unveiled a new 100 Naira note on the 12th of November, 2014 to commemorate Nigeria’s 100 years of existence. In front, the new note has the same portrait of Chief Obafemi Awolowo as the existing note but has a new color scheme and increased security features, including “One Nigeria, Great Promise” in microprinting. On the back it features traditional dancers as well as a QR code which launches a website about Nigeria’s history when scanned.