Nigerian pound
Encyclopedia
The pound was the currency of Nigeria
between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shilling
s, each of 12 pence
. The Nigerian pound (which was at parity with the British pound with easy convertibility) was replaced with the introduction in 1973 of the decimal naira
at a rate of 1 pound = 2 naira. This made Nigeria the last country to abandon the £sd
currency system.
s. The ½ and 1 penny coins were bronze and holed. The 3 pence 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.
introduced notes in denominations of 5 and 10 shillings, 1 and 5 pounds. Three series of notes were issued, in 1958, 1967 and 1968.
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s, each of 12 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
. The Nigerian pound (which was at parity with the British pound with easy convertibility) was replaced with the introduction in 1973 of the decimal naira
Nigerian naira
The naira is the currency of Nigeria. It is subdivided into 100 kobo.The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply in the economy in order to ensure monetary and price stability...
at a rate of 1 pound = 2 naira. This made Nigeria the last country to abandon the £sd
£sd
£sd was the popular name for the pre-decimal currencies used in the Kingdom of England, later the United Kingdom, and ultimately in much of the British Empire...
currency system.
Coins
Coins were issued in 1959 in denominations of ½, 1, 3 and 6 pence, 1 and 2 shillingShilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s. The ½ and 1 penny coins were bronze and holed. The 3 pence 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 shillings. In 1959, the Central Bank of NigeriaCentral Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
introduced notes in denominations of 5 and 10 shillings, 1 and 5 pounds. Three series of notes were issued, in 1958, 1967 and 1968.