- Monetary unit:
- Country code:
- Nigeria, Federal Republic
- of 910 770 sq. km
- English (state), local dialects
- NG (NGA) 566
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Monetary unit of Federal Republic of Nigeria is the naira making 100 kobo and manufactured by Central bank of Nigeria.
Till 1959 the West African pound equal to pound sterling was monetary unit in Nigeria. With education of Central bank of Nigeria in 1958 native currency issue - the Nigerian pound equal to pound sterling has begun; the West African notes and coins have ceased to serve as a lawful legal tender on territory of the country since July, 1st, 1962 Since January, 1st, 1973 the new monetary unit - a naira divided into 100 kobo, on a parity of 2 nairas = to 1 Nigerian pound is entered.
Now in a cash turn-over there are denominations of denomination of 5, 10, 20, 50, 100, 200, 500 and 1000 nairas. An official international designation of the this native currency is the combination of letters NGN . Recently in the cash circulation notes of the new sample, different in the smaller sizes and modern design have been manufactured.
The Face side of a denomination in nominal value of 5 nairas (the size - 130 x 72 mm, primary colours - cream and light pink) is decorated by a portrait an Alhaji Abubakar Tafawa Balewa, a back - the plotting of the drummers executing national dance.
For protection of authenticity of notes the watermark which is looking like an emblem of Central bank of Nigeria and corresponding abbreviation CBN, and a protective strip with put on it on all length the microtext, crossing the note to the right of its center are used.
Since February, 28th, 2007 new versions of notes from 5 to 50 nairas have been entered. Originally all of them should be executed on polymer, but issue of plastic 5, 10 and 50 nairas has been postponed till the end of 2009 and only 20 nairas have been manufactured in polymer. Notes became a bit less (130 x 23 mm), their design remained without changes. And only in the middle of 2009 when Senuzi Lemido Senuzi has entered a post of chairman CBN, it in long run has changed design of polymeric notes 5, 10 and 50 nairas.
All token moneys of Nigeria in this or that kind are decorated by the plotting of its State Emblem representing a board divided into three parts by two tapes, symbolising the rivers Nigers and Benue, on a board the eagle with open wings sits. As chargers two horses who have risen on hind legs act.
It is updated 03.2012