When was 500 naira note introduced

Not only does Nigeria have the largest economy in all of Africa, but it has also given birth to Nollywood whose revenue overtook that of Hollywood in , Afrobeats music, and famous authors like Chimamanda Ngozi Adichie. The coins in circulation today include 50k, 1 naira, and 2 nairas, while the banknotes run from 5 to naira. Some of these prominent figures include:. While the banknotes vary in color from yellow and orange to green, and blue between various denominations, the coins are also made of different materials.

The coins in circulation are made of the following metals:. The first major currency used in Nigeria consisted of shillings and pence introduced into British West Africa in the colonial ordinance of In , the first banknotes were introduced. From then on, the naira became the major monetary unit and the kobo the minor unit. Over the following years, additional naira banknotes were issued as needed because of economic growth and inflation, and some smaller kobo coins were withdrawn from circulation.

While the 1 and 2 naira coins are smooth, round circles, keep an eye out for the 50 kobo coin. While it may look round from afar, it is actually a sided polygon. The front of the 50 kobo has maize cobs, on it while the back displays the Nigerian coat of arms. We mentioned above, several naira banknotes feature prominent political and historical figures.

However, the 50 naira banknote differs from what you might expect and is certainly unique among the other naira banknotes. In , the CBN updated the Clean Notes Policy to include a rule against abuse of the naira, including statements saying that it is against the law to spray, write on, staple, tear, soil which includes dancing upon , sell, or otherwise mutilate naira notes.

This is especially interesting, as one popular tradition at Nigerian weddings is to rain money down on the newlywed couple as they dance! A quick online search also reveals many free currency converter tools. Though the naira is the national currency in Nigeria, those who send money to the country from overseas must send in U. Both notes and coins experienced this change.

In , following the assassination of General Murtala Ramat Muhammed , the Twenty 20 Naira note was issued as the highest denomination and the first currency to bear the portrait of a Nigerian citizen, the late Head of State. The note was issued on the 1st anniversary of Gen. Muhammad's assassination as a tribute. All the other currencies remained the same.

In order to facilitate identification, distinctive colours which were similar to those of the existing banknotes of the various denominations were used. The engravings on the back of the notes reflected cultural aspects of the country. In April , all the notes were withdrawn and reissued in interchanged colours, except the 50 kobo note. This was done by the military administration which took over power in December, , to arrest the alarming rate of currency trafficking going on at the time.

However, the coins remained the same. In October , Fifty Naira 50 note was introduced as the highest denomination and the One Naira 1 and Fifty kobo 50k were withdrawn and coined. A completely new coin range was issued as part of a major reform of the nation's currency structure. The coins were in the following denominations. Half kobo and five kobo were withdrawn in this year.

The Hundred Naira note was introduced on December 1, as one of the new generation notes of the Nigerian currency system. It included the most recent developments in security printing technology on paper and ink.

The Two-Hundred Naira note was released on November 1, , with the same security features as the Hundred Naira. The Five-Hundred Naira note was released on April 4, On its front is a portrait of Dr. At the back of the note is the picture of an offshore oil-rig. The One-Thousand Naira note was released October 12, , with even more advanced security features.

It is currently the highest denomination in circulation. In , the one 1k kobo, ten 10k kobo and twenty-five 25k kobo coins were ushered off the market. The One Naira 1 and Fifty kobo 50k coins were also redesigned, while a new Two 2 Naira coin was introduced.

By May of the same year, the old notes had been successfully withdrawn. We would love to hear what you think about the content on Pulse. Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more.

Also join us across all of our other channels - we love to be connected! Authors: Adaobi Onyeakagbu. October 8, AM. Recommended articles. Take a trip down memory lane and check out the timeline of currency in Nigeria.

Colonial era Early s.