The Central Bank of Nigeria (CBN) issues money throughout the Nigerian Federation. It controls the amount of money supply in the economy in order to ensure the economy and prices are stable.

The last time you held the Nigerian currency, did you stop to wonder when did Nigeria start using naira and kobo? It all started in 1912, when Nigeria’s former colonial masters through the West African Currency Board began issuing currency notes in Nigeria. The board issued Pounds sterling (£), Shilling (s) and Pence (d).

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About 13 years after independence, on 1 January, 1973 under the General Yakubu Gowon military regime, Nigeria’s own indigenous currency was issued by the Central Bank of Nigeria while the Pounds sterling issued by the West African Currency Board was withdrawn. The new currency had a Naira and kobo divisions, with ₦ as sign for naira, ‘k’ as sign for kobo and NGN as code. 100 kobo made one naira (₦1).

The naira (sign: ₦) is the official currency of Nigeria. 100 Kobo makes one naira.

N5 – 5 naira – Tafawa Balewa (NE)
N10 – 10 naira – Alvan Ikoku (SE)
N20 – 20 naira – Murtala Mohammed (I guess Auchi SS)
N50 – 50 naira – Wazobia with a middle beltan lady
N100 – 100 naira – Obafemi Awolowo (SW)
N200 – 200 naira – Ahmadu Bello (NW)
N500 – 500 naira – Nnamdi Azikiwe (SE)
N1000 – 1000 naira – Aliyu Mai-Bornu and Clement Isong. (NE&SS)

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