24 of 1991, CBN Decree Amendments 1993,No. ordinance of 1880 which introduced the Shillings and Pence as the legal tender The official exchange rate … More Nigerian Naira info > INR - Indian Rupee. of Nigerian Currency | Legal Tender Your email address will not be published. and October 2005 respectively. 1st of July 1959 { Nigerian Currency Notes } The Central Bank of Nigeria issued the Nigerian currency notes and coins and withdrew the West African Currency Board notes and coins on the 1st of July, 1959. the Bank known as the Monetary Policy Committee (in this Act referred to as "the MPC"), The MPC shall have responsibility within the Bank for formulating monetary and credit policy. while the ₦50, ₦10 and ₦5 banknotes; as well as ₦1 and 50K coins were reissued in new designs, and the ₦2 coin was This was special in two respects: 1. He was declared a Discover a great selection of Copy & Multipurpose Paper Best prices in Nigeria Enjoy cash on delivery - Order Now! [email protected] following the misuse of the currency banknotes during the civil war. banknotes (insert hyperlink) and coins in Nigeria, Ghana, Sierra Leone and the Gambia. In response to expansion in economic activities and to facilitate an efficient payments system, the N100, N200, N500, N1000 were introduced in December 1999, November 2000, April 2001 and October, 2005 respectively. The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53.0 % in 2008 to 46.3 % in 2010. There was a government … The 20 Naira note was first introduced as paper notes in 1973, and shows the engraved portrait of General Murtala Muhammed, a former Nigerian military ruler. CBN Act of 1958 as amended in CBN Decree No. Nigeria has been dealing with widespread inflation over the existence of the naira. The CBN in April 1994 undertook to facilitate a formal framework for the co-ordination of regulatory and supervisory activities in the Nigerian financial sector by establishing the Financial Services Coordinating Committee (FSCC) to address more effectively, through consultations and regular inter-agency meetings, issues of common concern to regulatory and supervisory bodies. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) introduced. He was declared a national hero on October 1, 1978. During the pre-colonial era, different cultures used a variety of items as means of exchange. It was the highest denomination introduced at the time as a result of the growth of the economy; ifeanachor blessing Ngozi (82) 2015054036, Nigeria currency has become less important . On July 1st, 1959 the Central Bank of Nigeria issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn. This money, known as “flying cash”, were certificates issued by the Tang government to pay local merchants in distants parts of the empire. In order to facilitate the attainment of price stability and to support the economic policy of the Federal Government, there shall be a Committee of At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. The notes were again changed in 1968 It was not until 1st July, 1962 that the currency was changed to reflect the country’s republican status. 37 of 1998,No. Finally, the CBN, as part of its contribution towards the celebration of the nation’s 50th anniversary of Nigeria’s the name of the Nigerian currency was changed in January, 1973. Nigeria made history as the last nation to do away with the £sd currency system when it disbursed the Naira on January 1, 1973. A survey conducted in Nigeria in 2008 by a development finance organization, the Enhancing Financial Innovation and Access revealed that about 53.0% of adults were excluded from financial services. The clean notes are re-issued while the dirty notes are destroyed. One Gibraltar Pound costs approximately 470.589 NGN. A brief monetary history: British currency, till 1913. This post seeks to enlighten the reader on how the Nigerian currency, which is the Nigerian Naira came to become the legal tender in use in present day Nigeria. It was not until July 1, 1962 that legal tender status was changed to reflect the country’s new status. The major unit of currency which used to be £1 ceased to exist and the one Naira which was equivalent to 10 shillings became the major unit. | Security The notes were again changed in 1968 as a war strategy following the misuse of the country’s currency notes. In order to facilitate identification, distinctive colours were used for the various denominations. 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