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The pound was the currency of
Central Bank of Nigeria
Retrieved 8 May 2017 the
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
between 1907 and 1973. Until 1958, Nigeria used the British West African pound
The pound was the currency of British West Africa, a group of British colonies, protectorates and mandate territories. It was equal to one pound sterling and was similarly subdivided into 20 shillings, each of 12 pence.
History
In the 19th ...
, after which it issued its own currency. The pound was subdivided into 20 shilling
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence ...
s, each of 12 pence
A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is t ...
. The Nigerian pound (which was at parity with the pound sterling with free convertibility) was replaced with the introduction in 1973 of the decimal '' naira'' at a rate of £1 = ₦2. This made Nigeria the last country to abandon the £sd
£sd (occasionally written Lsd, spoken as "pounds, shillings and pence" or pronounced ) is the popular name for the pre-decimal currencies once common throughout Europe, especially in the British Isles and hence in several countries of the ...
currency system.
Coins
Coins were issued in 1959 in denominations of , 1, 3 and 6 pence, 1 and 2shilling
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence ...
s. The d and 1d coins were holed and struck in bronze. The 3d coin, minted in nickel-brass, was a smaller version of the distinctive twelve-sided threepenny bits that were used in the UK, Fiji and Jersey. The higher denominations were struck in cupro-nickel.
Banknotes
In 1918, emergency issues were made by the government in denominations of 1/–, 10/– and 20/–. In 1959,Retrieved 8 May 2017 the
Central Bank of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.
The major regulatory objectives of the bank as stated in the CBN Act are ...
introduced notes in denominations of 5/– and 10/–, £1 and £5. Three series of notes were issued, in 1958, 1967 and 1968.
See also
*Economy of Nigeria
The Economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 27th-largest economy in the world in term ...
Notes
References
* * Currencies of the British Empire Currencies of the Commonwealth of Nations Currencies of Nigeria Modern obsolete currencies Economic history of Nigeria Pound (currency) 1907 establishments in the British Empire 1973 disestablishments in Africa Currencies introduced in 1907 {{money-unit-stub