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Naira Redesigning: 10 Notable Changes Made To Nigeria’s Currency Since Independence

The Central Bank of Nigeria (CBN) remaining Wednesday introduced that it might remodel the united states’s N200, N500 and N1,000.

The CBN Governor, Godwin Emefiele, stated the extrade might be carried out to lessen the quantity of cash in circulate and manage inflation.

The apex financial institution additionally stated that the redesigned notes might begin circulating from December 15, 2022 at the same time as the vintage notes might stay used till January 31, 2023.

Daily Trust seems at 10 modifications made to the us of a’s forex because it received independence in 1960.

1962: The foreign money shape of Nigeria turned into modified, displaying its reputation as an impartial usa, in contrast to earlier than whilst it turned into below the British rule. The inscription ‘Federation of Nigeria’ changed into changed with ‘Federal Republic of Nigeria’ at the notes.

1973: The call of the Nigerian foreign money become modified from pound to naira. A naira on the time became same to ten shillings whilst one hundred kobo have become one naira.

1977: A new ₦20 banknote changed into brought. At that time, it changed into the massive banknote withinside the united states of america delivered with the aid of using the CBN due to the improvement of the united states of america’s financial system. It gave humans the liberty to maintain lots of cash in few notes in place of keeping quite a few banknotes. For the primary time, the photograph of a distinguished citizen turned into placed on the banknote.

1979: Three new banknotes had been delivered, one naira, 5 naira and ten naira (₦1, ₦5, ₦10). In order for humans as a way to understand and differentiate them, they had been made of various colours. Then at the again of every of them, there has been a image that confirmed the tradition of the usa.

1984: All the colors of the banknotes have been modified besides for the 50 kobo word which in keeping with the government turned into to govern the withdrawal of the cash to overseas countries.

1999: To amplify the united states’s financial system and facilitate trade, banknotes ₦one hundred, ₦200, ₦500 and ₦one thousand notes had been brought in December 1999, November 2000, April 2001 and October 2005 respectively.

2007: As a part of the financial reforms, a polymer N20 banknote turned into added for the primary time. The capabilities of N50, N10, N5 in addition to N1 and 50 kobo cash have been additionally modified at the same time as N2 coin became delivered.

2009: As a end result of the advantages that the authorities stated it noticed in converting the N20 notice to polymer, it modified the N50, N10 and N5 notes to polymer.

2010: The CBN delivered a brand new N50 naira notice to have a good time Nigeria’s fiftieth anniversary.

2014: The apex financial institution redesigned N100 observe to rejoice the one hundredth anniversary of Nigeria’s amalgamation among northern and southern entities in 1914.