Nigerian NAIRA

2023 - 1 - 1

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Image courtesy of "TheCable"

REWIND: 50 years ago, CBN introduced naira — N10 was highest ... (TheCable)

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.

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Image courtesy of "NNN"

REWIND: 50 years ago CBN introduced the naira – N10 was the ... (NNN)

REWIND: 50 years ago CBN introduced the naira – N10 was the highest denomination On January 1, 1973, Nigeria gave birth to a new legal tender and its name ...

[Central Bank of Nigeria](https://nnn.ng/rewind-50-years-ago-cbn-introduced-the-naira-n10-was-the-highest-denomination/#Central Bank of Nigeria) [](https://nnn.ng/#:~:text=food blogger outreach) [](https://nnn.ng/hausa/#=hausanaija) [](https://nnn.ng/i/#=facebook link shortner) Therefore, all lower denomination banknotes were now printed on the polymer substrate. Awolowo was federal finance commissioner (now called finance minister) from 1967 to 1971. [LATER](https://nnn.ng/tag/later/), [THE](https://nnn.ng/tag/the/) NAIRA [HAS](https://nnn.ng/tag/has/) A [NEW](https://nnn.ng/tag/new/) DESIGN [Godwin Emefiele](https://nnn.ng/rewind-50-years-ago-cbn-introduced-the-naira-n10-was-the-highest-denomination/#Godwin Emefiele) [N500 and N1000](https://nnn.ng/rewind-50-years-ago-cbn-introduced-the-naira-n10-was-the-highest-denomination/#N500 and N1000) Speaking in the interview, Tokunbo, one of Awolowo’s sons, said: “He just took the name Nigeria and turned it into a naira. [N10 and N5](https://nnn.ng/rewind-50-years-ago-cbn-introduced-the-naira-n10-was-the-highest-denomination/#N10 and N5) [COINED](https://nnn.ng/tag/coined/) BY OBAFEMI [AWOLOWO](https://nnn.ng/tag/awolowo/) [N500 and N1](https://nnn.ng/rewind-50-years-ago-cbn-introduced-the-naira-n10-was-the-highest-denomination/#N500 and N1) [CBN](https://nnn.ng/tag/cbn/)).

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