Business
PHOTOS: History of Money in Nigeria
The Naira (₦) is Nigeria’s official currency today, but many people don’t realize that Nigerians didn’t start using the Naira until 13 years after gaining independence in 1960.
Before Colonial Currency:
Long before the colonial era, Nigerians had their own systems of trade. The most common method was trade by barter, where people exchanged goods and services directly. If you wanted yams, for instance, you had to offer something of value in return such as ivory, salt, cotton, tobacco, beads, gin, or fish.
Over time, Nigerians adopted traditional forms of money that were easier to exchange. These included:
Cowries (shells), Beads, Brass rods and manillas (metal money used particularly in the coastal and riverine areas)
These items served as early currencies and are used in trade across different Nigerian kingdoms and empires.
British Colonial Era:
With the arrival of the British in the 19th century and the eventual colonization of Nigeria, traditional systems gradually gave way to Western monetary concepts. The British introduced the use of coins and paper money.
By the early 20th century, Nigeria had adopted the British West African Pound, using pounds (£), shillings (s), and pence (d), the same monetary system used in Britain.
Post-Independence: The Naira is Born:
Even though Nigeria became independent in 1960 and had already established the Central Bank of Nigeria (CBN) in 1958, the country continued to use the British-style Pound Sterling system until the early 1970s.
On April 1971, the Nigerian government announced plans to adopt a decimal currency system, and the change officially took place on January 1, 1973. This was a major shift in Nigeria’s economic identity.
The new currency was named the Naira (₦), a name coined by Chief Obafemi Awolowo, then Federal Commissioner for Finance. The currency was subdivided into 100 kobo.
The First Naira and Kobo:
At the time of the currency changeover in 1973, the following denominations were introduced:
Coins:
½ kobo, 1 kobo, 5 kobo, 10 kobo, 25 kobo and 50 kobo
Banknotes:
₦1, ₦5, ₦10 and (₦20 was later introduced)
The Central Bank of Nigeria is responsible for issuing and regulating the Naira. The official currency code is NGN.
Expansion of Naira Denominations:
Over the years, higher denominations were introduced to keep pace with inflation and economic needs:
₦50 note was introduced in 1991
₦100 note was introduced in 1999
₦200 note was introduced in 2000
₦500 note was introduced in 2001 and lastly
₦1000 note was introduced in 2005
FOLLOW US ON:
Business
Nigerian Kobo and Naira Coins (1991–1993 Series): A Glimpse into Monetary Heritage (PHOTOS)
The Kobo and Naira coin series issued between 1991 and 1993 represent a significant era in Nigeria’s economic history. These coins, now largely out of circulation, once played a vital role in daily commerce and offer a fascinating insight into the country’s rich cultural and economic symbols.
Denominations and Design
The coin set featured the following denominations:
1 Kobo
10 Kobo
25 Kobo
50 Kobo
1 Naira
Each coin was designed to reflect Nigeria’s national identity, featuring notable figures, agricultural symbols, and industrial elements.
1 Kobo
Smallest denomination.
Featured ears of corn, symbolizing Nigeria’s agricultural roots.
10 Kobo
Featured oil palms, a nod to one of the country’s major cash crops.
25 Kobo
Showed groundnuts, once a key export commodity of Northern Nigeria.
50 Kobo
Displayed an oil derrick, representing the petroleum industry which has been central to Nigeria’s economy.
1 Naira
Featured the portrait of Herbert Macaulay, a pioneer Nigerian nationalist and key figure in the country’s path to independence.
Historical Context
The Naira (₦) and Kobo (₦1 = 100 Kobo) were introduced on January 1, 1973, replacing the Nigerian Pound in a major currency decimalization initiative. This made Nigeria the first African country to adopt a decimal currency system, marking a shift from colonial-era monetary practices.
The 1991–1993 coin series was a continuation of efforts to modernize Nigeria’s currency with updated designs and more durable materials.
Circulation and Decline
At their peak, these coins were widely used for everyday transactions, particularly for small purchases in markets, transportation, and shops. However, due to persistent inflation, many of these coins—especially the 1 Kobo and 10 Kobo—lost their purchasing power and gradually disappeared from use.
Today, most of these denominations are no longer accepted in commercial transactions. The 1 Kobo coin is now virtually extinct in circulation and exists primarily as a collector’s item or historical artifact.
Legacy and Collectible Value
While no longer functional in modern commerce, the 1991–1993 coin series remains an important symbol of Nigeria’s economic evolution. For collectors, historians, and educators, these coins offer a tangible way to explore Nigeria’s post-independence financial heritage and the changing face of its economy.
These coins are not just currency—they’re time capsules, preserving stories of Nigeria’s industries, agricultural wealth, and nationalist pride.
FOLLOW US ON:
US President Donald Trump has ordered the firing of the country’s commissioner of labor statistics, Erika McEntarfer, after the Labor Department reported weak hiring last month and revisions showed a quarter-million fewer hirings in the prior two months.
Trump said he ordered the immediate firing of Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, asserting the July report misrepresents what he claims is a “booming” economy powered by his policies.
The US added 73,000 nonfarm jobs in July, the Labor Department reported early Friday, down by about a third from economists’ expectations. More importantly, gains for the prior two months were revised lower by a combined 258,000 jobs.
Revisions to the employment report are routine, but the BLS said the revisions for May and June were “larger than normal.”
McEntarfer, a labor economist, was nominated by former President Joe Biden in July 2023 and confirmed by the Senate as commissioner of labor statistics in January 2024, according to the Bureau of Labor Statistics website. She previously served as a senior economist on the White House Council of Economic Advisors, where she advised on the recovery from Covid-19.
Labor Secretary Lori Chavez-DeRemer, a Trump appointee, said on her social media site that she supported the “President’s decision to replace Biden’s Commissioner.” She said during the search for a replacement, Deputy Commissioner William Wiatrowski will serve as acting commissioner.
“Important numbers like this must be fair and accurate; they can’t be manipulated for political purposes,” Trump said, without providing evidence the data was manipulated. “McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months.”
Trump added: “The Economy is BOOMING under “TRUMP” despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election,” late last year, Trump said, renewing his attacks on Fed chair Jerome Powell, who has repeatedly ignored Trump’s calls for him to lower rates. The Fed this week held its target rate unchanged for a fifth time this year, saying it needed to assess the impacts of tariffs and other Trump policies.
“Too Late” Powell should also be put “out to pasture,” Trump said.
Powell’s term in office expires in May next year and he can only be fired from the independent body for cause.
FOLLOW US ON:
Nigeria’s Dangote Refinery has appointed the former head of Oman’s Duqm refinery, David Bird, as chief executive officer of its petroleum and petrochemicals business.
This was disclosed by S & P Global Commodity Insights on Friday.
Bird’s appointment takes effect from July 2025.
The move is aimed at overcoming production challenges and advancing the $20 billion refinery to its next phase of expansion.
Meanwhile, the refinery’s founder, Aliko Dangote, will remain chairman of the refining business.
The development comes as the 650,000-barrel-per-day refinery finalises plans to roll out premium motor spirit and automotive gas oil distribution nationwide from August 2025, a move opposed by the country’s petroleum products marketers.
The refinery officially commenced fuel rollout in September last year and has since continued to ramp up production capacity.
FOLLOW US ON:
PHOTOS & VIDEO: Man with v!olent history caught on camera abducting 3-Year-old from mall
PHOTOS: Police officer rejects N800,000 bribe to free armed robbery suspect in Akwa Ibom
PHOTOS: Police arrest 24 suspects for thuggery and armed robbery in Niger state, recover firearm
-
Education2 weeks agoHow A Class Of 24 Students Produced 2 Presidents, 4 Governors, 2 Ministers, 4 Emirs, 3 Justices, 4 Ambassadors and Other Influential Leaders
-
News2 weeks ago‘Sleeping Prince’ of Saudi Arabia dies after 20 years in coma
-
News2 weeks agoWhy Do You Continue To Lie Against Your Motherland? Presidency Calls Out Kemi Badenoch
-
News7 days agoLagos belongs to no tribe – Sowore kicks against renaming of Charly Boy Bus Stop, others
-
Lifestyle1 week agoPeople Who Abandon Their Heritage Do So At Their Own Peril – Gani Adams Warns
-
Politics2 weeks ago‘If I don’t give you electricity, don’t vote for me again’ – ADC reminds Tinubu of failed promise
-
News7 days agoYou can’t lie about your country and then we keep quiet – Dabiri-Erewa slams Kemi Badenoch over claim on Nigerian citizenship
-
Lifestyle1 week agoActor Odunlade Adekola has sadly lost his father