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A distinctive set of sterling coinage for use in British West Africa was authorized by a series of Orders in Council beginning with the Nigeria Coinage Order, 1906, and in 1912, [3] the authorities in London set up the West African Currency Board. The circumstance prompting this move was a tendency for standard sterling coins shipped to the ...
Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings , each of 12 pence . The Nigerian pound, at parity with sterling with free convertibility, [ 1 ] was replaced in 1973 with the decimal naira at a rate of £1 = ₦2, [ 2 ] making Nigeria the last country to ...
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.
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.
Alderney pound – Alderney (commemorative, not an independent currency) Anglo-Saxon pound – Anglo-Saxon England; Australian pound – Australia; Bahamian pound – Bahamas; Bermudian pound – Bermuda; Biafran pound – Biafra; British West African pound – Cameroon, The Gambia, Ghana, Liberia, Nigeria and Sierra Leone; Canadian pound ...
The ISO 4217 currency code for sterling is "GBP", [29] formed from the ISO 3166-1 alpha-2 code for the United Kingdom ("GB") and the first letter of "pound". [30] In historical sources and some specialist banking uses, the abbreviation stg (in various styles) has been used to indicate sterling.
Pound is a name of various units of currency. It is used in some countries today and previously was used in many others. The English word "pound" derives from the Latin expression lībra pondō, in which lībra is a noun meaning 'pound' and pondō is an adverb meaning 'by weight'.
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.