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Currency Of Nigeria

The Naira (₦) is the currency of Nigeria. Each Naira is equal to 100 Kobo. The Kobo is rarely used in Nigeria due to inflation. One US $1.00 is equal to about ₦470. Below are pictures of the ₦10, ₦20 and ₦50 notes.       Read History of Nigeria      Read About Nigerian Personalities

Currency of Nigeria

Most of the notes have pictures of notable Nigerians. General Murtala Muhammed is on the ₦20 and Alvan Ikoku is on the ₦10 note.



History of Nigeria's Currencies

Introduced in 1973, the currency currently used in Nigeria is the Naira (₦) and Kobo. Prior to this, the country used Pounds as the legal tender. Naira has the sign ₦ ” while the kobo is signed ”K” .

The Kobo

In 1973 the kobo had five denominations namely  1/2k, 1k, 5k, 10k and 25k. In 1989  50K and ₦1 notes were changed to coins. In recent times the kobo coins have been phased out as the value can no longer purchase items.

half kobo

½ kobo. Front: Cotton plants, Reverse: Coat of arms. Introduced – 1973

1 kobo

1 kobo. Front: Oil derricks, Reverse: Coat of arms. Introduced – 1973

5 kobo

5 kobo.   Front: Cocoa beans, Reverse: Coat of arms. Introduced – 1976

10 kobo

10 kobo. Front: Palm trees, Reverse: Coat of arms. Introduced – 1973

25 kobo

25 kobo. Front: Peanuts, Reverse: Coat of arms. Introduced – 1973

50 kobo

50 kobo. Front: Maize, Reverse: Coat of arms. Introduced – 1991


The Naira

In 1973, the Naira note was introduced with the following Denominations – ?1, ?5 and ?10. Some notes were subsequently phased out, others redesigned and some new notes were introduced.

1 naira note

1 Naira note. Herbert Macaulay. Introduced – 1973

five naira old

Five Naira note (old). Sir Abubakar Tafawa Balewa. Introduced – 1973

5 naira new

Five Naira note (New). Sir Abubakar Tafawa Balewa. Redesigned – 2007


Ten Naira note (old). Alvan Ikoku. Introduced – 1973

10 naira new

Ten Naira note (new). Alvan Ikoku. Redesigned – 2007

twenty naira note old

Twenty Naira note (old). Murtala Mohammed. Introduced – 1977

twenty naira new

Twenty Naira note (new). Murtala Mohammed. Redesigned – 2007

50 old

Fifty Naira note (old). Introduced – 1991

fifty naira

Fifty Naira note (new). Redesigned – 2007


100 Naira note. Introduced – December 1999

President Goodluck Jonathan unveiled a new 100 Naira note on the 12th of November, 2014 to commemorate Nigeria’s 100 years of existence. In front, the new note has the same portrait of Chief Obafemi Awolowo as the existing note but has a new color scheme and increased security features, including “One Nigeria, Great Promise” in microprinting. On the back it features traditional dancers as well as a QR code which launches a website about Nigeria’s history when scanned.

Centenary 100 naira note. Introduced – November 2014

two hundred

200 Naira note. Introduced – 2000

five 5oo

5oo Naira note. Introduced – 2001

1000 naira

One thousand Naira note. Introduced – 2005

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Comments (1)

Topic: Currency of Nigeria -
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Mabel AKOSA (Georgia, Nigeria)
I like this story. Excellent source for my school work. Please, is there a plan for higher denominations in Nigeria?
23rd October 2016 3:55pm
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Nigerian Government

The Federal Republic of Nigeria is governed in accordance with the provisions of a Constitution.In 1914 the Protectorates of Southern and Northern Nigeria were amalgamated with the Colony (Lagos) by Lord Lugard to form what is now known as Nigeria.

Nigerian Music

The music of Nigeria includes many kinds of Folk and popular music, some of which are known worldwide. Styles of folk music are related to the multitudes of ethnic groups in the country, each with their own techniques, instruments, and songs.
Listen to music of Nigeria.