Nigerian pound

The Nigerian pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings, each of 12 pence. The Nigerian pound (which was at parity with the British pound with easy convertibility[1]) was replaced with the introduction in 1973 of the decimal naira at a rate of 1 pound = 2 naira.[2] This made Nigeria the last country to abandon the £sd currency system.

Nigerian pound
Denominations
Subunit
1/20shilling
1/240penny
Symbol£
shillings
pennyd
Banknotes5/-, 10/-, £1, £5
Coins½, 1, 3, 6 pence 1, 2 shillings
Demographics
User(s)Nigeria
Issuance
Central bankCentral Bank of Nigeria
Websitewww.cenbank.org
This infobox shows the latest status before this currency was rendered obsolete.

Coins

Coins were issued in 1959 in denominations of ½, 1, 3 and 6 pence, 1 and 2 shillings. The ½ and 1 penny coins were bronze and holed. The 3 pence coin, minted in nickel-brass, was a smaller version of the distinctive twelve-sided threepenny bits that were used in the UK, Fiji and Jersey. [3]The higher denominations were struck in cupro-nickel.

Banknotes

In 1918, emergency issues were made by the government in denominations of 1, 10 and 20 shillings. In 1959,[4] the Central Bank of Nigeria introduced notes in denominations of 5 and 10 shillings, 1 and 5 pounds. Three series of notes were issued, in 1958, 1967 and 1968.

See also

Notes

References


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