Many people today make use of the Nigerian naira but don’t know its history as well as the various signs, symbols and it worth. The official currency, currently used in Nigeria is called the Nigerian naira, which was subdivided into 100 kobo. In this article I will discuss with you about the history, symbol, sign and worth of the Nigerian currency- the naira and kobo. Nigeria as a country which you already know is a middle income, mixed economy and emerging market. It is considered as one of the largest economies in Africa today and the largest in West Africa, blessed with many useful natural resources and has been exporting to several countries around the world.
Before the introduction of the Nigerian Naira and Kobo, which was in the year 1973, the Pound was the currency of Nigeria and was used between 1907 and 1973. However, prior to this time, the country had used various forms of money including Cowries and Manilas.
It was not until the year 1958 that Nigeria used the British West African pounds that it issued its own currency. The pounds were subdivided into 20 shillings, each of which was 12 pences. Back then, the Nigerian pounds was at parity with British pounds with easy convertibility. It was replaced with the introduction in 1973 of the Decimal Naira at a rate of 1 pound = 2 Naira. This new change made Nigeria the last country to abandon the British West Africa pound currency system.
In 1959, coins were issued in denominations of ½, 1, 3 and 6 pence respectively and in 1 and 2 shillings. The ½ and 1 penny coins were bronze and holed. The 3 pence coin which was minted in nickel-brass was a smaller version of the distinctive twelve sided three penny bits that was used in the UK, jersey and Fiji.