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Fun Facts about The Naira

The Naira is the currency that we use in Nigeria to buy the things we need and want.

Below are some interesting facts about the naira.

  • In 1973 the kobo had five denominations namely 1/2k, 1k, 5k, 10k and 25k. In 1989, 50K and N1 notes were changed to coins. In recent times the kobo coins have been phased out as the value can no longer purchase items.
  • President Goodluck Jonathan unveiled a new 100 Naira note on the 12th of November, 2014 to commemorate Nigeria’s 100 years of existence.
  • Most of the banknotes contain images of previous political leaders important in Nigeria’s history; for example, Sir Abubakar Tafawa Balewa, Nigeria’s first prime minister, is pictured on the 5-naira note, and Nnamdi Azikiwe, Nigeria’s first president, is on the 500-naira note.
  • The Central Bank of Nigeria has the sole authority to issue banknotes and coins.
  • The denominations of the naira are N5, N10, N20, N50, N100, N200, N500, N1000

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