A brief history of Nigeria currency
As a nation, Nigeria has come a long way, from the days of the colonial masters when their currency was the only thing allowed for buying and selling, to this period when our own Naira is the legal tender.
Before the colonization and subsequent creation of the place we now know as Nigeria, inhabitants of the land were known to execute their businesses with the help of 'currencies' like cowries, exchange of salt, animals and farm produce and also textiles, in an act known as trade by barter.
The west African Currency Board was responsible for issuing currencies (which included banknotes and coins) from the year 1912 to 1959. The currencies in circulation then were pounds, pence and shillings.
Following the Nigerian civil war, the currency was again changed in 1968 as a war strategy, and in 1973, the naira and kobo became the official legal tender.
Legit.ng Gossip takes you down memory lane and presents a brief history of Nigeria's currency in pictures:
1. Trade by barter (exchange of farm produce, animals, textile, copper, etc)
This system was adopted by people who lived in the same locality, and it involved giving what you had in exchange for what you needed. This exchange occurred mostly between individuals and their deities, and between friends and neighbours.
Goods were exchanged in return for other goods and services
2. Cowries
Cowries were used for buying and selling before banknotes and coins were introduced into the Nigerian economy. Payment of cowries was mostly made in cups or in bags.
Cowries were used as currency exchange before the introduction of banknotes and coins
3. The Nigerian shillings issued in 1958/1959
Even though this denomination is no longer in use in present day Nigeria, the shilling is the legal tender in Kenya and Uganda. If you happen to have about 5000 Shillings, you'd be N15,000 richer in Kenya and just about N400 richer in Uganda.
A front and back view of the five Shillings note
4. The Nigerian pound issued in 1967:
Just in case you didn't know before or you may have forgotten, this is a reminder that the legal tender in Nigeria used to be the pound.
Right now, anyone who possesses a large amount of this currency might be regarded as a rich person, judging by the current exchange rate of the pound to the naira, which is pegged at N565 to £1.
