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Naira and Kobo Was in Use In Which Year – When Did Nigeria Start Using Naira and Kobo

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When Did Nigeria Start Using Naira and Kobo

The last time you held ₦200, did you stop to ponder when did Nigeria begin utilizing naira and kobo? Everything began in 1912, when our previous frontier aces through the West African Currency Board started giving money notes in Nigeria. The board gave Pounds authentic (£), Shilling (s) and Pence (d).

Around 13 years after freedom, on 1 January, 1973 under the General Yakubu Gowon military system, Nigeria’s own native money was given by the Central Bank of Nigeria while the Pounds real gave by the West African Currency Board was removed. The new money 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).

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As at the time Nigeria pulled out the West African Currency Board notes, the greater part of the their provincial nations had effectively dumped the Board’s notes in their nations as an indication of freedom and independence. Then, at that point the conversion scale of naira (₦) to pounds (£) was two naira (₦2) to one pound (£1).

The then, at that point recently delivered lawful delicate came in notes and coins. There was ₦1 note, while 1/2k, 1k, 5k, 10k and 25k were coins. Albeit every one of these have since eliminated.

The craving for a native cash was conceived out of the requirement for full scale freedom from the control of previous frontier aces. The public authority didn’t act alone, a few solicitations were made for commitments from general society on the name to be given to the native money. Out of a few ideas including ‘Nira’, the ‘Naira’ and ‘kobo’ were ultimately chosen.

The craving for a native cash was conceived out of the requirement for full scale freedom from the control of previous frontier aces. The public authority didn’t act alone, a few solicitations were made for commitments from people in general on the name to be given to the native cash. Out of a few ideas including ‘Nira’, the ‘Naira’ and ‘kobo’ were at last chosen.

Pictures of patriots known to have initiated upheavals for the country’s freedom were put on the coins and notes. From that point forward, the divisions have gone up, the most elevated right now being ₦1000.

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