The term “trade by barter” originated during a time when trade was limited to the exchange of products. As civilization developed, units of value had to be formed in order to allow trade. As a result, cowries and manilas were used as payment.
Did you stop to think about when Nigeria started using the naira and kobo the last time you held N100? In Nigeria, the West African Currency Board started printing banknotes in 1912, which was the start of the practice under our former colonial masters. The board issued Pounds sterling (£), Shilling (s) and Pence (d).
On January 1, 1973, around 13 years after earning its independence and during the military regime of General Yakubu Gowon, the Central Bank of Nigeria introduced its own national currency while withdrawing the pounds sterling of the West African Currency Board. The symbols for the naira, k for the kobo, and NGN for the code stood in for the new currency’s naira and kobo divisions. One kobo was worth one naira (1).
The majority of Nigeria’s former colonial countries did the same when they abolished the West African Currency Board notes as a symbol of their independence and sovereignty. At that time, the exchange rate was two naira (N2) to one pound (P1).
The then-newly minted legal currency was made up of coins and notes. despite the fact that they were all later discontinued. 1, 5, 10, and 25 cents were available, but there was only one note with a value of 1.
The concept of an indigenous currency was born out of a desire for total independence from former colonial rulers. The government did not operate alone; there were numerous occasions when the public was asked for suggestions on what to call the local currency. Ultimately, the ‘Naira’ and ‘kobo’ were selected from a list of suggestions that included the ‘Naira’.
The nationalists who are credited with organizing revolutions for the country’s independence were depicted on the coins and notes. The denominations have grown since then, with 1000 now being the largest……..See More