Frequent question: When did Nigeria change currency to naira and kobo?

Naira, monetary unit of Nigeria. The naira is divided into 100 kobo. The naira was introduced in 1973, when the country decimalized its monetary system and substituted the naira for the Nigerian pound (the country used the British pound sterling when it was a British colony), which was divided into shillings.

When was Nigeria currency changed to naira and Kobo?

On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005.

What year did Nigeria stop using kobo coins?

Nigerian 50 kobo coin

50 kobo
Years 1991–2006
Measurements and composition
Mass 5.5 g (1991-1993) 3.5 g (2006)
Diameter 24.72 mm (1991-1993) 19.44 mm (2006)

What was Nigeria currency before naira and kobo?

The Nigerian pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency.

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What is Kobo in money?

kôbô A Nigerian unit of currency equal to1100 of the naira. noun. A monetary unit of Nigeria, equal to1100 of a naira.

Where did Nigeria print their money?

The Nigerian Security Printing and Minting Company Limited Plc is the Nigerian banknote printer and mint. It is located in both Abuja and Lagos and is majority-owned by the government of Nigeria. In addition to printing the banknotes and the postal orders of Nigeria, it has struck some of the coins of Nigeria.

How do I convert kobo to naira?

The naira is the currency of Nigeria. It is subdivided into 100 kobo.

Quick Conversions from Nigerian Naira to Nigerian Naira : 1 NGN = 1 NGN.

₦ 1 ₦ 1.00
₦ 5 ₦ 5.00
₦ 10 ₦ 10.00
₦ 50 ₦ 50.00

Who is on 1 naira coin?

The founder of Nigerian nationalism, Herbert Macaulay, is on the portrait on the ₦1 coin. The one naira piece also features Nigeria’s coat of arms.

Who is on 100 naira note?

The 100 Naira note

The 100 naira note bears the face of the late sage, Obafemi Awolowo, a nationalist and prominent politician. Awolowo is credited to have introduced free education in the Western region of Nigeria.

Who is in 10 Naira note?

Alvan Ikoku is the man on the 10 naira note.

Was there a time naira was higher than dollar?

Up to the year 1985, the Naira was the equivalent of the Pound Sterling and stronger than the Dollar. Yes, the almighty Dollar.

Can Nigeria print money?

Naira notes and coins are printed / minted by the Nigeria Security Printing and Minting (NSPM) Plc and sometimes, other overseas companies, and issued by the CBN. … The fit banknotes are re-issued, while the unfit ones are disposed.

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What is the value of 1 kobo?


Country Nigeria
Value 1 Kobo (0.01 NGN)
Currency Naira (1973-date)
Composition Bronze
Weight 5.90 g

What is the meaning of Kobo?

kobo in British English

(ˈkəʊbəʊ) nounWord forms: plural kobo. a Nigerian monetary unit that is worth one hundredth of a naira.

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