Central Bank of Nigeria

Severing ties with the pounds, the country launched a new currency which would still hold five decades later. The Nigerian naira, like other currencies, has ...

Therefore, all lower denomination banknotes were now printed in the polymer substrate. Speaking in the interview, Tokunbo, one of Awolowo’s children, said: “He just took the name of Nigeria and collapsed it to naira. Awolowo was the federal commissioner for finance (now called minister of finance) from 1967 to 1971. 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. According to the CBN, N20 note was introduced on February 11, 1977, as the highest denomination at the time as a result of the growth of the economy, the preference for cash transactions, and the need for convenience. [Consequently](https://www.cbn.gov.ng/Currency/Oldnotes/1973.asp), the major unit of currency which used to be £1 ceased to exist and the N1 — which was equivalent to ten shillings — became the major unit.