The Currency of the Republic

Trade currencies of the pre-colonial period; the manilla used in the Niger Delta well into the 1940s. Their orchestrated collapse between 1845 and 1912 was the monetary conquest of Nigeria — see the [Money record](/money/1880-cowrie-demonetisation-the-monetary-conquest-of-nigeria) and [How the currency fell before the flag](/stories/how-the-currency-fell-before-the-flag).

Administered by the West African Currency Board (Lagos). Sterling parity. Circulated in Nigeria, Ghana (Gold Coast), Sierra Leone, The Gambia.

CBN Act 1958 establishes the Central Bank. Nigerian Pound issued 1 July 1959, replacing WAP at par.

Currency conversion 1 January 1973 under General Gowon. ₤1 = ₦2. Decimal kobo replaces shillings and pence.

Notes redesigned to feature Tafawa Balewa, Azikiwe, Awolowo, Ahmadu Bello. ₦20 introduced — first ₦20 note ever.

Notes recoloured; old notes invalidated to combat illicit cash holdings. Borders closed during the exchange.

Lower denominations re-minted as coins; ₦5, ₦10, ₦20, ₦50 introduced as paper.

Centenary of the colony commemorated. Obafemi Awolowo on the obverse.

Inflation-driven; Sir Ahmadu Bello (₦200), Nnamdi Azikiwe (₦500).

Issued 12 October 2005. Aliyu Mai-Bornu and Clement Isong — the first two Nigerian CBN Governors.

Lower denominations re-issued in polymer for durability.

Announced 26 October 2022 by CBN Governor Emefiele. Old notes initially deadline 31 January 2023; deadline contested at the Supreme Court (Feb 2023).

Supreme Court 3 March 2023: old ₦200, ₦500, ₦1,000 to remain legal tender until 31 December 2023. CBN later extends indefinitely.