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This also made Nigeria the last country in the world to abandon the £sd currency system in favour of a decimal currency system. There was a government plan to redenominate the naira at 100:1 in 2008, but the plan was suspended. The currency sign is U+20A6 ₦ NAIRA SIGN. The name "Naira" was coined from the word "Nigeria" by Obafemi Awolowo.
The Nigerian naira notes are the official banknotes of Nigeria, the currency of which is the Nigerian naira (NGN). The naira is subdivided into 100 kobo. The naira is subdivided into 100 kobo. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender in the country.
The introduction of the Naira was part of Nigeria's decimalisation process, aligning the currency system with international standards. The Naira is subdivided into 100 Kobo. [36] Over the years, various denominations of banknotes and coins have been issued, with notable changes in design and security features to prevent counterfeiting. [37]
In 1918, emergency issues were made by the government in denominations of 1/–, 10/– and 20/–. In 1959, [3] the Central Bank of Nigeria introduced notes in denominations of 5/– and 10/–, £1 and £5. Three series of notes were issued–in 1958, 1967 and in 1968.
Nigeria borders Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Nigeria is a federal republic comprising 36 states and the Federal Capital Territory, where its capital, Abuja, is located. The largest city in Nigeria is Lagos, one of the largest metropolitan areas in the world and the largest in Africa.
The Nigerian fifty-naira note (₦ 50 or NGN 50) is a denomination of the Nigerian currency. When the note was introduced in October of 1991, it was the banknote with the highest denomination in Nigeria at the time. [1] [2]
A military coup deposed the government of the First Republic. Balewa, Premier of Northern Nigeria Ahmadu Bello, and Finance Minister Festus Okotie-Eboh, were assassinated. 16 January: The Federal Military Government was formed, with General Johnson Aguiyi-Ironsi acting as head of state and Supreme Commander of the Federal Republic. 23 February
Gaskiya Ta Fi Kwabo ("The truth is worth more than a kobo"; kobo is a subunit of the Nigerian naira currency) is a Nigerian newspaper, printed three times a week. It is the world's first Hausa-language paper, and was one of northern Nigeria's first periodicals. Gaskiya Ta Fi Kwabo's first editor was Abubakar Imam.