Nigeria Currency – All You Need To Know About It (Till Date)

Basic things that are to know about Nigeria's new currency from 1959 till date.

by Omuiyadun
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Nigeria Currency

WHEN WAS NIGERIA CURRENCY ISSUED?

It is known that on the 1st of July, 1959 the Central bank of Nigeria (CBN) issued Nigerian currency banknotes. 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. Also, the notes were changed in 1968.

WHEN DID THEY CIRCULATE NAIRA BANKNOTES?

In April 1984, the colors of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at that time. In 1991, the 50k and #1 were both coined.

WHEN DID THEY INTRODUCE THE FOUR TOP NAIRA NOTES?

In short, the #100, #200, #500, and #1000 notes were introduced in December 1999, November 2000, April 2001, and October 2005

On the 28th of February 2007 as part of the economic reforms, #20 was issued, while the #5, #10, and #50 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 banknotes.

NIGERIA BANKNOTES

Bank notes were printed in denominations of:

  • 50 Kobo (50k)
  • 5 Naira (#5)
  • 10 Naira (#10)
  • 20 Naira (#20)
  • 50 Naira (#50)
  • 100 Naira (#100)
  • 200 Naira (#200)
  • 500 Naira (#500)
  • 1000 Naira (#1000)

ABOUT NIGERIA CHANGE OF NAIRA NOTE

Till Wednesday 26, October 2022 at a very hurriedly organized press conference, the Governor of the Central bank transmitted the news that new Naira notes will be introduced on December 15, 2022, to replace the existing #200, #500, and #1000 Naira notes.

It is said by CBN Deputy governor ‘Aishat Ahmad’ in charge of Financial System Stability lists reductions in the cost of cash management and incidences of crime as some benefits of the cashless policy.

F.A.Qs

Question:

What is the central bank of Nigeria’s core mandate (CBN) in currency management?

Ans:

The CBN Act of 2007 (as amended) vests in the bank the responsibility to issue and manage the country’s legal tender, the Naira.

Question:

How do I dispose of the #200, #500, and #1000 banknotes currently in my possession?

Ans:

Visit your commercial bank to deposit the old notes. Citizens without bank accounts are encouraged to visit banks of their choice to open accounts. You can also approach the nearest CBN-authorised agent to make your deposit if you reside in a rural area.

Question:

Is there a limit to how much money an individual can deposit during this period?

Ans:

There is no limit to deposits of #200, #500, and #1000 banknotes an individual or corporate body can make during this transition period that expires on January 31, 2023.

Question:

How many denominations are to be redesigned?

Ans:

Only three of the current eight denominations will be redesigned, namely the #200, #500 and #1000 banknotes.

Question:

Do the current bank charges apply for depositing the currency banknotes?

Ans:

The Central Bank of Nigeria (CBN) has suspended charges on bank deposits from now till January 31, to enable customers to make their deposits.

Question:

Are there any plans by the CBN to introduce new #2000 and #5000 banknotes?

Ans:

There are currently no plans by the CBN to introduce #2000 and #5000 banknotes.

Question:

What alternative channels would be made available to make payment?

Ans:

A citizen can make payments through Point-Of-Sale, mobile, or other cashless channels.

Question:

Will the exercise be extended after January 31, 2023, deadline?

Ans:

There will be no timeline extension, so citizens are advised to ensure they deposit all the #200,#500, and #1000 banknotes in their possession before the deadline of January 31, 2023.

 

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