Nigerian Currency: Hidden Things You Need to Know About Naira & Kobo

Nigerian Currency: Hidden Things You Need to Know About Naira & Kobo.

Nigerian Naira & KoboWant to know some hidden facts about the Nigerian Naira and Kobo? If yes, then this article is for you.

Nigerian Currency

In this article, you will the available Currency in Nigeria which is 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 pounds had been used before this date, it was respected and serve as the legal tender. The Naira is represented with the ‘₦ ‘ sign, the kobo has the ‘K’ letter as its sign.

The Nigerian Kobo

Image result for 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 ​12, 1, 5, 10, and 25 kobo, with the ​12 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 in denominations of 50 kobo, 1 and 2 naira, with the 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 at 31 May 2007. The central bank stated that the ​12 to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.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.

The 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.

Image result for 1 naira

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

See Also:

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