Nigeria Law

Chapter I · Money

The Currency of the Republic

From cowries and the manilla, through the West African Pound, to the naira and its redesigns. Approval, withdrawal, and what each note could buy.

Currency timeline

1900Pre-1912

Cowries, manillas, brass rods

Trade currencies of the pre-colonial period; the manilla used in the Niger Delta well into the 1940s.

Indigenous

1912Colonial

West African Pound (£)

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

£1 = 20s = 240d

1959Independence Eve

Nigerian Pound

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

₤1 (Nigerian)

1973Decimal

The Naira (₦) and the Kobo (k)

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

₦2 = ₤1

1979First Redesign

New naira notes featuring nationalist figures

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

5k–₦20

1984Demonetisation

Buhari naira redesign

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

Buhari I

1991Coin Decimal

50k and ₦1 reissued as coins

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

Babangida

1999New Series

₦100 introduced

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

Obasanjo II

2001Higher Denom

₦200, ₦500 introduced

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

Obasanjo II

2005Higher Denom

₦1,000 note introduced

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

Obasanjo II

2007Polymer

Polymer ₦5–₦50

Lower denominations re-issued in polymer for durability.

Yar'Adua

2022Redesign

Naira redesign: ₦200, ₦500, ₦1,000

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

Buhari II

2023Supreme Court

AG Kaduna & Ors. v. AGF

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

SC/CV/162/2023

Methodology

Tier 1 · primary

Courts. Gazettes. National archives.

Tier 2 · corroborating

OCCRP. HRW. BudgIT. TheCable.

Redline

Wikipedia is never a source.