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
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Major filling stations across Nigeria have increased the pump price of premium motor spirit, popularly called petrol.
It was reports that this is coming after the upwards adjustment of ex-depot prices by Dangote Refinery and depot owners.
It was gathered that Empire Energy and Ranoil filling stations in Abuja increased their pump price to ₦935 and ₦970 per litre, respectively, as of Saturday morning from ₦905 and ₦900 on Friday night.
Speaking to Daily Post, spokesman of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike said the latest petrol price hike was due to an ex-depot price increase by Dangote Refinery and depot owners in Nigeria.
Ukadike said: “The supplying depots and Dangote Refinery have increased their ex-depot petrol prices.
“As of Friday pricing, Dangote Refinery’s ex-depot price is ₦858 per litre, up from ₦820. Depot owners also increased prices like NIPCO (₦870), Aiteo (₦855) and Ranoil (₦855).”
According to him, the increase in ex-depot price is due to the exchange rate and the price of crude oil in the global oil market.
Meanwhile, Nigerian National Petroleum Company and MRS, Optima, and AP Ardova filling stations still dispense petrol at ₦890 and ₦885 per litre, respectively, in Abuja as of the time of filing this report.
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According to the National Bureau of Statistics (NBS), there was an increase in the average prices of cooking gas and kerosene across Nigeria in June 2025.
It was reports that the NBS revealed this in its “Cooking Gas Price Watch” report for June 2025, released on Thursday in Abuja.
The report disclosed that the average price of 5kg of cooking gas rose by 1.92 per cent to ₦8,323.95, up from ₦8,167.43 in May.
On a year-on-year basis, this marks a 19.49 per cent increase from ₦6,966.03 in June 2024.
Delta State recorded the highest average price at ₦9,243.38, while Oyo had the lowest at ₦7,100.00.
“Regionally, the South-South zone had the highest average price at ₦8,871.63, and the South-West the lowest at ₦7,960.42,” the report revealed.
Similarly, the average price of 12.5 kg of cooking gas increased by 1.46 per cent to ₦21,010.56 in June, compared to ₦20,709.11 in May.
This represents a 33.52 per cent year-on-year rise from ₦15,736.27 in June 2024.
Delta, Cross River, and Rivers recorded the highest prices, while Yobe, Niger, and Jigawa recorded the lowest.
Kerosene Price Watch
In its Kerosene Price Watch for June 2025, the NBS said the average price per litre of kerosene rose to ₦2,192.63, a 0.80 per cent increase from ₦2,175.29 in May.
“Year-on-year, the price increased by 41.00 per cent from ₦1,555.11 in June 2024. Kaduna recorded the highest average at ₦2,681.58, while Abia had the lowest at ₦1,659.35.
“The average price per gallon of kerosene climbed by 2.38 per cent to ₦8,684.15 in June, from ₦8,482.22 in May, and by 52.39 per cent compared to ₦5,698.68 in June 2024,” the NBS stated.
The report said Edo recorded the highest price per gallon at ₦10,321.63, while Abia had the lowest at ₦6,737.40.
“Zone-wide, the South-South consistently reported the highest average prices across all petroleum products, while the South-West recorded the lowest,” the NBS said.
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Nigerians continue to grapple with high food prices as staple items such as rice, beans, spaghetti, onions, oil, and tomatoes remain expensive in local markets.
Recent market checks by Naija News reveal that despite ongoing harvest seasons, prices have yet to experience significant relief for consumers.
Rice Hits ₦64,000 Per Bag
A 50kg bag of rice now sells for ₦64,000, marking one of the highest costs for the staple food in recent months. This surge is attributed to factors including high transportation costs, import levies, and currency depreciation, which continue to affect supply chains.
Beans At ₦4,800 Per Bowl
Protein-rich beans also remain costly, with a bowl now selling for ₦4,800. Traders note that, despite improved harvests in some northern states, insecurity in farming regions and high logistics costs are keeping prices elevated.
Spaghetti And Other Essentials
The price of Golden Penny Spaghetti has risen sharply, with a carton now going for ₦19,000. Similarly, a bowl of onions sells for ₦4,000, while 1 litre of groundnut oil costs ₦3,700, reflecting continued pressure on edible oil markets due to high processing and import costs.
Vegetable Prices: Tomatoes And Pepper
Tomato prices have seen only minimal relief. A small basket currently sells for ₦3,500, while pepper prices remain steep at ₦9,000, creating further challenges for households that rely on these essentials for daily cooking.
Garri, a staple cassava-based food consumed nationwide, is also affected. A paint bucket currently sells for ₦1,600, a price point many traders attribute to increased production and processing costs.
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