Download Pictures Of Nigeria Currency
Maike Eagin
The first major currency issue in Nigeria was undertaken sequel to the colonialordinance of 1880 which introduced the Shillings and Pence as the legal tendercurrency in British West Africa. The units of coins managed by the Bank of Englandwere one shilling, one penny, 1/2 penny and 1/10 penny and were distributed by a private bank,the Bank for British West Africa till 1912.
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes,while the WACB-issued banknotes and coins were withdrawn. It was not until 1st July,1962 that the currency was changed to reflect the country’s republican status.The banknotes which bore the inscription, ’FEDERATION OF NIGERIA‘, now had,‘FEDERAL REPUBLIC OF NIGERIA’, inscribed at the top. The notes were again changed in 1968following the misuse of the currency banknotes during the civil war.
Sequel to the decision by the government to change from the metric to decimal,the name of the Nigerian currency was changed in January, 1973. The major unit of currencywhich used to be £1 ceased to exist and the one naira which was equivalent to ten shillingsbecame the major unit, while the minor unit was called the kobo; hundred of which made one naira.
Nigeria's currency, the naira, has dropped to a record low against the U.S. dollar as Nigerians scramble to buy U.S. currency ahead of a redesign of naira notes. Nigerian authorities say replacing the notes will reduce inflation, combat counterfeiting and bring more money into circulation. But security and economic experts warn the move could damage Nigeria's economy.
Last Friday, the International Monetary Fund (IMF) warned authorities to be cautious and not allow the decision to affect the confidence citizens have in the local currency and financial institutions.
Two-thirds of the population now live in poverty and almost half of young people are unemployed, with millions of job losses since outgoing President Muhammadu Buhari's government took office in 2015. The value of Nigeria's currency, the naira, has tanked while inflation has soared and oil production dropped to a 40-year low.
The currency of Nigeria is the Nigerian Naira (NGN). The term Naira, which originated from Chief Obafemi Awolowo, is a play on the country's name Nigeria. The Nigerian Naira is issued by the Central Bank of Nigeria, which was established in 1958 and began issuing its own currency in 1973. The Nigerian Naira is subdivided into 100 kobo, which is the smallest unit of currency. The currency also comes in physical denominations such as coins and banknotes with various denominations available, ranging from 1 kobo coins to 500 Naira banknotes.
The currency was originally introduced in 1973, replacing the Pound Sterling at a rate of 2 Naira for 1 pound. In 1985, it experienced its first devaluation due to an economic crisis and has since been pegged to the United States Dollar at different rates in order to manage inflation within Nigeria's economy. The Central Bank of Nigeria issues and manages the currency. One Nigerian Naira is equal to 0.0022 US Dollars as of January 2023. The currency can also be purchased, exchanged, and traded in various money markets around Nigeria.
In 2018, the naira underwent a further redenomination exercise in order to combat the continued devaluation of its currency and make it more usable for everyday transactions. This process involved reducing the naira's denominations even further with coins ranging from 50 kobo to 5 nairas being introduced.
As of 2023, the naira remains Nigeria's official currency and is used throughout the country for all transactions. It serves as an important symbol of national identity and pride, allowing Nigerians to maintain their economic autonomy despite volatile international markets and rapid economic changes. As such, its strength and stability remain essential to ensuring the economic prosperity of the country.
The naira, the official currency of Nigeria, is divided into 100 kobo. It is available in denominations of N5, N10, N20, N50, N100, N200 and N500 banknotes and 1 and 2 naira coins. The banknotes feature images related to Nigerian history and political figures on them. For example, N5 banknote has the image of Nigeria's first prime-minister Nnamdi Azikiwe while the new N20 banknote has an image of Dr. Hadiza Ladi Kwali, a famous African potter.
The new naira notes design was decided by the Central Bank of Nigeria in order to promote a new and improved currency for the nation. This new set of notes will be printed by the Nigerian Security Printing and Minting Company (NSPMC) which is owned by the Federal Government of Nigeria.
The new naira series is sure to make commerce within Nigeria easier and safer than ever before. By introducing new designs with enhanced security features, the Central Bank of Nigeria has taken a major step in protecting the nation's currency from counterfeiting and other fraudulent activities. The new notes will also help promote patriotism and national identity among the citizens by featuring important figures and symbols from Nigerian history.
Like many other currencies, the Naira is important to Nigeria and its citizens and it has some unique features that make it distinct. Here are some facts that illustrate the uniqueness and importance of Nigerian currency:
The currency of Nigeria is the Nigerian Naira and it is managed by the Central Bank of Nigeria. It comes in both physical denominations such as coins and banknotes, as well as being available for trading on various money markets. The naira is divided into 100 kobo. It comes in denominations of N5, N10, N20, N50, N100, N200, N500 and N1000 banknotes. One Nigerian Naira is equal to 0.0022 US Dollars as of January 2023.
The naira has been devalued several times since its introduction in 1973 and experienced periods of hyperinflation during the 70s, 80s, and 90s. This made it difficult for the currency to keep up with inflation, making it difficult to hold any value over time. In recent years, however, the naira has seen more stability, and the exchange rate has remained relatively stable. The exchange rate fluctuations over time illustrate that the currency has had to work hard to remain viable in Nigeria's ever-evolving financial landscape.
A monetary union with a single currency for the 15 member states would mean that governments would transfer national political authority to ECOWAS institutions. Are the member states willing to subordinate national interests to regional interests? Are there lessons from the eurozone? Will Nigeria ever give up its national currency, the naira?
In hindsight, it is easy to see the appeal. The illusion was that hard money and industrious economic development would go hand-in-hand right from the start. The Greek debt crisis served as a brutal warning that a currency union was no deterrent, though. It may be tempting to conclude the opposite, but then identifying the currency union as the major culprit is challenging too. The unsustainable build-up of debt at the heart of the crisis mirrored the dynamics experienced under floating currency regimes.
Under the circumstances, one may well ask what benefit a country like Nigeria or Ghana or the other members of ECOWAS derive through control over their own currencies? Or in the context of real-world complexities, maybe one should rather ask what benefit does the state and its proxies in West Africa derive, and what benefits do the people of the region derive? Inflation and currency manipulation have acted as a sovereign tax throughout history mostly for the benefit of the few. Exchange rate manipulation allows officials to serve specific interest groups but at least also in theory to hit specific economic development goals.
The euro lessons show that even with robust institutions and strong political commitment, sustaining a single currency remains a challenge. These challenges are likely to be much more difficult to surmount in West Africa where the pre-conditions for success, including strong political will and robust institutions, are evidently absent. Let us also be clear that the euro was never just about monetary policy and trade. It was shaped by a vision of a united Europe. And this does not appear to be an entirely fruitless effort, especially in the eyes of Europeans coming of age in the new millennium.
Further, consider the proposed Pan-African Payment and Settlement System to be launched by the African Export and Import Bank. This new digital platform will enable settlement of transactions between African countries in local currencies and reduce dependence on hard foreign currencies. The new platform to be designed in support of the African Continental Free Trade Agreement is expected to boost intra-area trade by making cross-border payments easier, cheaper and safer. Under the circumstances, one wonders why ECOWAS would, in parallel, embark on the politically complex pursuit of a single currency.
Bank transfers and payments sent in connection with romance scams accounted for nearly $31 million in 2020, with older adults accounting for about a third of the dollars lost. Romance scammers reportedly took an additional $12 million total in cryptocurrency from older adults.
Even though consumers can help to prevent foodborne disease incidence, the different sources from which microorganisms are able to transfer to food is not new. For instance, microbial contamination takes place during the various stages of food preparation. Another instance, fruits on trees and vegetables grown on the soil are naturally microbiologically contaminated. Some cells of such microbes could still remain even after washing (Okpala & Ezeonu, 2019). Besides foodstuffs as well as drinking water that could get contaminated, there remains a wide spectrum of microbial pathogens that can contaminate animals and food products, all of which are among the fundamental causes of foodborne disease incidence and spread (Okpala et al., in press). During the food handling processes within the agrofood supply chain, the contamination of currency notes can take place, particularly involving diverse flora and fauna, aerosols generated by coughing and sneezing, anal region, wounds, to the skin, water, and soil (Agarwal et al., 2015; Thiruvengadam et al., 2014). Currency notes, even before it would reach the bank and in the process of circulating and passing through hands during daily transactions, can equally transmit the pathogenic microbes (Awodi & Nock, 2001; Yakubu, Ehiowemwenguan & Inetianbor, 2014). Besides the large surface area of any given currency note, a number of pathogenic microorganisms, not only capable of surviving on these notes but also, can serve as useful candidates of foodborne pathogens (Michaels, 2002; Podhajny, 2004) and can increase the probability of foodborne disease incidence/spread. The latter can also serve as a useful indicator of poor environmental hygiene and sanitation levels, all of which remains of great public health importance (Cooper, 1999).
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