Under the Decimal Currency Act 1971, Nigeria converted to a decimal currency on 1 January 1973. The naira (₦) replaced the Nigerian Pound at ₦2 = ₤1. The name was proposed by Finance Commissioner Chief Obafemi Awolowo (from 'Nigeria'). The kobo (100 = ₦1) replaced shillings and pence.
Decimal1973· ₦2 = ₤1· Chapter I · Money
The Naira (₦) and the Kobo (k)
Currency conversion 1 January 1973 under General Gowon. ₤1 = ₦2. Decimal kobo replaces shillings and pence.
Sources
- · Decimal Currency Act 1971
- · CBN Bullion (Jan 1973)
What it cost — political & economic reality
The political and economic reality
Nigeria in 1973: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
Head of State · Military
Gen. Yakubu Gowon
1966–1975
National reality
Counter-coup of July 1966, Biafran War (1967–70), then the oil-boom expansion. Twelve-state structure (1967) replaced the four regions. Three Rs (Reconciliation, Reconstruction, Rehabilitation) and indigenisation began.
Crises of the period
- Biafran Civil War 1967–70 (1–3 million dead)
- 1973 OPEC oil shock + boom
- FESTAC '77 preparations
GDP (World Bank)
$12.5 bn (1970) → $27.7 bn (1975, oil boom)
Cabinet (selected portfolios)
- Finance (Commissioner)
Chief Obafemi Awolowo (1967–71)
- Education (Commissioner)
A.Y. Eke (c.1967)
Federal Executive Council of commissioners; full roster being compiled.
Source: Federal Military Government records; World Bank WDI
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.