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A major cash crunch occurred in February 2023 when the Nigerian government used a currency note changeover—delivering too few of the new notes into circulation—to attempt to force citizens to use a newly-created government-sponsored central bank digital currency. This led to extensive street protests. [6] [7] [8]
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The ten Naira note, distinguished by its orange tint, bears the likeness of Alvan Ikoku, a figure notable for his contributions to education in Nigeria.His representation on the note commemorates his pioneering efforts in establishing one of the earliest African-owned secondary schools, thus exemplifying the nation's commitment to educational development.
Lagos (/ ˈ l eɪ ɡ ɒ s / LAY-goss; [10] [11] also US: / ˈ l ɑː ɡ oʊ s / LAH-gohss; [11] [12] Yoruba: Èkó), or Lagos City, is a large metropolitan city in southwest Nigeria.With an upper population estimated above 21 million dwellers, it is the largest city in Nigeria, and the most populous urban area on the African continent.
A currency symbol or currency sign is a graphic symbol used to denote a currency unit. Usually it is defined by a monetary authority, such as the national central bank for the currency concerned. A symbol may be positioned in various ways, according to national convention: before, between or after the numeric amounts: €2.50, 2,50€ and 2 50.
The national symbols of Nigeria represent the country's identity, heritage, and values, reflecting its cultural diversity and historical journey. These symbols include the national flag , coat of arms, anthem, and pledge, as well as the national flower, animal, currency, and other national emblems. [ 1 ]
A map of indigenously made pre-colonial African currencies and their respective minting states. In pre-colonial times, many objects were sometimes used as currency in Africa. These included shells, [1] ingots, gold (gold dust and gold coins (the Asante)), arrowheads, iron, salt, cattle, goats, blankets, axes, beads, and many others.
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