Nigerian
coins from the colonial era until now, popularly known as "kobo"
In 1973,
coins were introduced in denominations of ½, 1, 5, 10 and 25 kobo, with the ½
and 1 kobo in bronze and the higher denominations in cupro-nickel. The ½ kobo
coins were minted only that year. In 1991, smaller 1, 10 and 25 kobo coins were
issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and 1
naira. On 28 February 2007, new coins were issued in denominations of 50 kobo,
1 and 2 naira, with the 1 and 2 naira bimetallic. Some Nigerians expressed
concerns over the usability of the ₦2 coin.[5] The deadline for exchanging the
old currency was set at 31 May 2007. The central bank stated that the ½ to
25 kobo coins were withdrawn from circulation with effect from 28 February
2007.
½ kobo
1 kobo
5 kobo
10 kobo
25 kobo
50 kobo
1 naira.
2 naira
Banknotes
On January
1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and
20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes
were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in
2001 and 1000 naira on October 12, 2005.
On February
28, 2007, new versions of the 5 to 50 naira banknotes were introduced.
Originally the 10, 20 and 50 naira were to be polymer banknotes,[14] but the
5,10 and 50 were delayed to late 2009 and only the 20 was released in polymer.
The notes are slightly smaller (130 × 72 mm) and redesigned from the preceding
issues. In mid-2009 when Sanusi Lamido Sanusi took over as CBN Governor he
eventually changed the 5, 10 and 50 naira to polymer notes.
On the 1000
naira notes, there is a subtle shiny strip running down the back of the note.
It is a shimmery gold colour showing 1000 naira. The triangular shape in the
middle of the front of the note changes its colour from green to blue when
tilted. The main feature on the front is the engraved portraits of Alhaji Aliyu
Mai-Bornu and Dr Clement Isong, former governors of the Central Bank of
Nigeria.
On the first
prints of the 100 naira notes issued starting December 1, 1999, Zuma Rock was
captioned as located in Federal Capital Territory, while actually it is
situated in Niger State. Later prints removed the reference to FCT, ABUJA.
In 2012 the
Central Bank of Nigeria was contemplating the introduction of new currency
denominations of N5,000. The bank also made plans to convert ₦5, ₦10, ₦20 and
₦50 into coins which are all presently notes.
The Central
Bank of Nigeria announced that it will no longer issue banknotes on polymer
citing higher costs and environmental issues.
On November
12, 2014, the Central Bank of Nigeria issued a 100 naira commemorative note to
celebrate the centennial of Nigeria's existence. The notes are similar to its
regular issue with the portrait of Chief Obafemi Awolowo on the front, but are
redesigned to include a new color scheme, revised security features, and the
text "One Nigeria, Great Promise" in micro printing. On the back is a
quick response code (QRC) which when scanned leads users to a website about
Nigeria's history.
In 2019, the
naira attained a landmark when for the first time, it featured the signature of
a woman. Priscilla Ekwere Eleje, the Director of Currency operations of the
Central Bank of Nigeria at the time, had the honor.
