| Developer: | Abdulkarim Nasir (135) | ||
| Price: | Free | ||
| Rankings: | 0 | ||
| Reviews: | 0 Write a Review | ||
| Lists: | 0 + 0 | ||
| Points: | 1 + 0 ¡ | ||
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Description
The first major currency issue in Nigeria was undertaken sequel to the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa. The units of coins managed by the Bank of England were one shilling, one penny, 1/2 penny and 1/10 penny and were distributed by a private bank, the Bank for British West Africa till 1912.
From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes and coins in Nigeria, Ghana, Sierra Leone and the Gambia. The highest banknote denomination was one pound, while the one shilling coin was the highest coin denomination.
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes, while the WACB-issued banknotes and coins were withdrawn. It was not until 1st July, 1962 that the currency was changed to reflect the country’s republican status. The banknotes which bore the inscription, ’FEDERATION OF NIGERIA‘, now had, ‘FEDERAL REPUBLIC OF NIGERIA’, inscribed at the top. The notes were again changed in 1968 following the misuse of the currency banknotes during the civil war.
Sequel to the decision by the government to change from the metric to decimal, the name of the Nigerian currency was changed in January, 1973. The major unit of currency which used to be £1 ceased to exist and the one naira which was equivalent to ten shillings became the major unit, while the minor unit was called the kobo; hundred of which made one naira.
On 11th February 1977, a new banknote with the value of twenty naira (₦20) was issued. It was the highest denomination introduced at the time as a result of the growth of the economy; the preference for cash transactions and the need for convenience.
The banknote was the first in Nigeria to bear the portrait of a prominent Nigerian citizen, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was the torch bearer of the Nigerian Revolution in July, 1975. The note was issued on the 1st anniversary of his assassination as a fitting tribute to a most illustrious son of Nigeria. He was declared a national hero on 1st October 1978.
On 2nd July, 1979, new currency banknotes of three denominations, namely ₦1, ₦5 and ₦10 were introduced. In order to facilitate identification, distinctive colours were used for the various denominations. The notes bore the portraits of three eminent Nigerians, who were declared national heroes on 1st October, 1978. The engravings at the back of the notes reflected various cultural aspects of the country.
In April 1984, the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time. In 1991, the 50K and ₦1 were both coined.
In response to the expansion in economic activities and to facilitate an efficient payments system, the ₦100, ₦200, ₦500 and ₦1000 banknotes were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
On 28th February, 2007, as part of the economic reforms, ₦20 was issued for the first time in polymer substrate, while the ₦50, ₦10 and ₦5 banknotes; as well as ₦1 and 50K coins were reissued in new designs, and the ₦2 coin was introduced.
On 30th September, 2009 the redesigned ₦50, ₦10 and ₦5 banknotes were converted to polymer substrate following the successful performance of the ₦20 (polymer) banknote. Thus, all lower denomination banknotes were now printed in the polymer substrate.
Finally, the CBN, as part of its contribution towards the celebration of the nation’s 50th anniversary of Nigeria’s Independence and 100 years of its existence as a nation, issued the ₦50 Commemorative polymer banknote on 29th September, 2010; and the N100 Commemorative banknote on 19th December, 2014 respectively.
Screenshots
What's new
- Version: 1.2
- Updated:
- In this version of the Nigerian Currency Gallery app, we have included the redesigned denominations of 200, 500, and 1,000 Naira notes under the former President of Nigeria Muhammadu Buhari and the past Governor of the Central Bank of Nigeria, Godwin Emefiele.
The Central Bank of Nigeria (CBN) has unveiled modified banknotes in the denominations of 200, 500, and 1,000 Naira. The new banknotes went into circulation on December 15, 2022. While the visual design of the notes remains nearly identical to those in the previous series, they have new colour schemes and a few upgraded security features.
Why the change?
According to the CBN, the reasons for issuing modified banknotes include the following:
1. The notes currently in circulation are in poor condition due to age. (Nigeria’s banknote designs have not been significantly updated in over 20 years.)
2. Due to the increasing “ease and risk of counterfeiting” of banknotes, especially of the higher denominations, additional security features were required.
Price
- Today: Free
- Minimum: Free
- Maximum: $1.99
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Developer
- Abdulkarim Nasir
- Platforms: iOS Apps (134) iOS Games (1)
- Lists: 0 + 1
- Points: 26 + 167 ¡
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Additional Information
Contacts
- Website:
https://kareemtkb.com/
«Nigerian Currency Gallery» is a Reference app for iOS, developed by «Abdulkarim Nasir». It was first released on and last updated on . This app is currently free to download. This app has not yet received any ratings or reviews on AppAgg. AppAgg has tracked 1 confirmed downloads plus 0 indirect launches for this app. Available languages: English. AppAgg continuously tracks the price history, ratings, and user feedback for «Nigerian Currency Gallery». Subscribe to this app or follow its RSS feed to get notified about future discounts or updates.
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