Want to know some hidden facts about the Nigerian Naira and Kobo? If yes, then this article is for you.
In this article, you will the available Currencies in Nigeria which are Nigeria Kobo and Naira, a picture of the two currencies, and when they came into existence.
It is believed that the “trade by barter” was the first medium of exchange before the British colonial reign in Nigeria, followed by the use of cowries in some if not all parts of the country.
In 1973, the Nigerian currency was introduced: The Naira and the kobo. The British pound had been used before this date, it was respected and served as a legal tender. The Naira is represented with the ‘₦ ‘ sign, the kobo has the ‘K’ letter as its sign.
The Nigerian Kobo
1973 brought about changes to currencies and the kobo was introduced with five denominations which are the 1/2k, 1k, 5k, 10k, and 25k.
The introduction of coins was in that same 1973, in denominations of 1⁄2, 1, 5, 10, and 25 kobo, with the 1⁄2 and 1 kobo in bronze and the higher denominations in cupro-nickel.
In 1991, smaller 1, 10, and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated steel 50 kobo and 1 naira.
On 28 February 2007, new coins were issued for denominations of 50 kobo, 1 and 2 naira, with 1 and 2 naira bimetallic. Some Nigerians expressed concerns over the usability of the ₦2 coin.
The deadline for exchanging the old currency was set on 31 May 2007. The central bank stated that the 1⁄2 to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.
In 1989 50K and N1 notes were changed to coins. In recent times the kobo coin is no longer in use as the value can no longer purchase items.
Nigerian Naira Note
The Nigerian note was introduced in 1973, with the denominations — ₦1, ₦5, and ₦10. The features of currencies have been mired by a series of redesigning and re-introduction of new notes.
1 Naira note: Herbert Macaulay. Introduced – 1973
Exchange Rates
In the table is the historical value of one U.S. dollar in Nigerian naira. PM = parallel market.
| Date | Naira per US$ | Date | Naira per US$ | Date | Naira per US$ |
|---|---|---|---|---|---|
| 1972 | 0.658 | 1993 | 17.30 (21.90 PM) | 2014 | 170–199 |
| 1973 | 0.658 | 1994 | 22.33 (56.80 PM) | 2015 | 199–300 |
| 1974 | 0.63 | 1995 | 21.89 (71.70 PM) | 2016 | 390–489 |
| 1975 | 0.616 | 1996 | 21.89 (84.58 PM) | 2017 | ? |
| 1976 | 0.62 | 1997 | 21.89 (84.58 PM) | 2018 | 360 |
| 1977 | 0.647 | 1998 | 21.89 (84.70 PM) | 2019 | 305 |
| 1978 | 0.606 | 1999 | 21.89 (88–90 PM) | 2020 | 361 |
| 1979 | 0.596 | 2000 | 85.98 (105.00 PM) | ||
| 1980 | 0.550 (0.900 PM) | 2001 | 99–106 (104–122 PM) | ||
| 1981 | 0.61 | 2002 | 109–113 (122–140 PM) | ||
| 1982 | 0.673 | 2003 | 114–127 (135–137 PM) | ||
| 1983 | 0.724 | 2004 | 127–130 (137–144 PM) | ||
| 1984 | 0.765 | 2005 | 132–136 | ||
| 1985 | 0.894 (1.70 PM) | 2006 | 128.50–131.80 | ||
| 1986 | 2.02 (3.90 PM) | 2007 | 120–125 | ||
| 1987 | 4.02 (5.90 PM) | 2008 | 115.50–120 | ||
| 1988 | 4.54 (6.70 PM) | 2009 | 145–171 | ||
| 1989 | 7.39 (10.70 PM) | 2010 | 148.21–154.8 | ||
| 1990 | 7.39 (10.70 PM) | 2011 | 151.05–165.1 | ||
| 1991 | 8.04 (9.30 PM) | 2012 | 155.09–161.5 | ||
| 1992 | 9.91 | 2013 | 153.21–162.9 |
Features of Nigerian Currency
When it comes to coins in terms of value, the 50 kobo coin is the smallest one. It has a diameter of 24.5 mm and is formed like a 12-sided hexagon. Nickel was used to create it.
The Nigerian Coat of Arms, the words ‘Federal Republic of Nigeria,’ and the year it was coined are etched on one side. The reverse side features corn cobs and a value of ’50 kobo.’
The One Naira coin has a diameter of 27.5 mm, is round, and is manufactured from steel coated with brass.
In the inner circle (brass-coloured), the Nigerian Coat of Arms and the year of issue are engraved, with the inscriptions ‘Federal Republic of Nigeria’ and ‘CBN’ in the outer ring (steel-coloured).
On the reverse, there is a portrait of Herbert Macaulay, a Nigerian prominent politician, with his years on earth (1864-1946) and the coin’s worth in letters.
The Two Naira coin has a diameter of 24.5 mm, are spherical in shape, and are manufactured from copper-plated steel.
In the inner circle (brass-coloured), the Nigerian Coat of Arms and the year of issue are engraved, with the inscriptions ‘Federal Republic of Nigeria’ and ‘CBN’ in the outer circle (steel-coloured).
The picture of Abuja’s National Assembly Building on the reverse is surrounded by the words “two naira” and a huge number “2” on top. In 2007, the coins were put into circulation.
Security features of Naira Banknotes
According to the CBN, security features have been put in place to safeguard the Naira banknotes from counterfeits and engender fast and simple identification of genuine notes. The most prominent features can easily be identified through sight and touch. This includes:
- Raised print
- Security thread
- The watermark.
On the CBN website, it is also stated that other features like the portrait, lettering and the denominational numerals on the obverse and reverse of the notes are added.
The raised prints can be felt, while the security thread, which may somewhat appear broken but is not when checked with light, has “CBN” in tiny prints added to the notes.
Naira notes are also safeguarded against counterfeiting. This includes security features like black serial numbers that change to green when viewed under ultraviolet light.
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Does 10, 25 kobo 1991 have silver color