Before 1959

Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas. Commodities were also used as a form of exchange known as barter.

The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959.


Name
Manila
Dimension: Varies in Size
Material: Pig Iron & Slag
Period Used: up until 1700 [1st photo]



Manila
Dimension: Varies in Size
Material: Pig Iron & Slag
Period Used: up until 1700 [2nd photo]


Manila
Dimension: Varies in Size
Material: Pig Iron & Slag
Period Used: up until 1600 [3rd photo]



Cowries
Dimension: @ 0.5 In across
Period Used: before 1700
The Cowry has, for centuries, served our people as an important form of currency. In 1860 the following system was in use: 40 Cowries formed a "String"; 50 Strings made a "head" and 10 heads comprised a "bag". In Lagos in 1865 one bag of 20,000 shells was exchanged for one or two English Pounds. [4th photos]


Source: centralbank.org/currency

On 1st July, 1959 the Central Bank of Nigeria issued the Nigerian currency notes in the denominations of Five (5) pounds, One (1) pound, Ten (10/-) Shillings, Five (5/-) shillings, which were withdrawn in 1965 and coins in the denominations of Two (2/-) shillings, three (3p) Pence One (1p) Penny and One half (1/2p) Penny. The coins were withdrawn in 1973.


Name
Five Pounds
Dimension:
69/16 x 315/16 Inches
Material: Paper
Withdrawn: 1965 [1st photo]


One Pound
Dimension:
45/16 x 35/16 Inches
Material: Paper
Withdrawn: 1965 [2nd photo]



Ten Shilling
Dimension:
5� x 31/16 Inches
Material: Paper
Withdrawn: 1965 [3rd photo]

Five Shilling
Dimension:
4� x 25/8 Inches
Material: Paper
Withdrawn: 1965 [4th pics]


Two Shilling
Dimension:
Material: Silver
Withdrawn: 1973 [5th photo]


One Shilling
Dimension:
Material: Silver
Withdrawn: 1973 [6th photo]


Six Pence
Dimension:
Material: Silver
Withdrawn: 1973 [7th photo]


Three Pence
Dimension:
Material: Gold
Withdrawn: 1973 [8th photo]


1 Pence
Dimension:
Material: Bronze
Withdrawn: 1973 [9th photo]


One and Half Pence
Dimension:
Material: Bronze
Withdrawn: 1973[10th photo]

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On 1st January, 1973, Nigeria made a great leap in changing to decimal currency. 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 change involved both the notes and coins. The major unit of currency which used to be One (1) Pound no longer existed and the One (N1) Naira which was equivalent to Ten (10/-) Shillings became the major unit. The notes were in the denominations of Ten Naira (N10), Five Naira (N5), One Naira (N1) and Fifty Kobo (50k) while coins were Twenty Kobo (20k), Ten Kobo (10k), Five Kobo (5k), One Kobo (1K) and Half (k) Kobo. The coins have the same dimension of 12 x 123 inches.

Name
Ten Naira
Dimension:
151 x 78 mm
Material: Paper
Withdrawn: 1977

Five Naira
Dimension:
151 x 78 mm
Material: Paper
Withdrawn: 1977

One Naira
Dimension:
137 x 78 mm
Material: Paper
Withdrawn: 1977

Fifty Kobo
Dimension:
127 x 78 mm
Material: Paper
Withdrawn: 1979
Twenty Five Kobo
Material: Silver
Withdrawn: 1991


Ten Kobo
Material: Silver
Withdrawn: 1979
Reissued in Bronze in 1991


Five Kobo
Material: Silver
Withdrawn: 1979
Reissued in bronze in 1991


One Kobo
Material: Bronze
Withdrawn:

Half Kobo
Material: Copper
Withdrawn: 1991

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.. .

In October 1991, a new currency Fifty Naira (N50) note, was introduced and the One Naira (N1) and Fifty kobo (50k) were coined. A completely new coin range was issued as part of a major reform of the nation's currency structure. The coins were in the following denominations. One Naira (N1), Fifty kobo (50k) Twenty five kobo (25k), Ten kobo (10k) and One kobo (1k).

1991 issues with the inclusion of N100, N200, N1000 Naira notes form today's legal tender issue.

Name
Fifty Naira
151mm x 78 mm
Material: Paper
Withdrawn and Redesigned: May, 2007

In February 2007, the redesigned currency notes; Fifty Naira (N50), Twenty Naira (N20), Ten Naira (N10) and Five Naira (N5) were introduced. The One Naira (N1) and Fifty kobo (50k) coines were also redesigned, while a new N2 coin was introduced. A completely new coin range was issued as part of a major reform of the nations currency structure.

2007 issues with the inclusion of N100, N200, N500 & N1000 Naira notes form today's legal tender issue.

Name
Fifty Naira
151mm x 78 mm
Material: Paper
Withdrawn and Redesigned: May, 2007
Twenty Naira
151mm x 78 mm
Material: Paper
Withdrawn and Redesigned: May, 2007
Ten Naira
151mm x 78 mm
Material: Paper
Withdrawn and Redesigned: May, 2007
Five Naira
151mm x 78 mm
Material: Paper
Withdrawn and Redesigned: May, 2007
One Naira
Material: Silver
Withdrawn and Redesigned: May, 2007
Fifty Kobo
Material: Silver
Withdrawn and Redesigned: May, 2007

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Nice one