The rise and fall of Naira

  Since the amalgamation of the northern and southern protectorates of the country in 1914 and the naming of the country as Nigeria in the same year by Lady Flora shaw, Nigeria adopted temporarily the Nigerian pounds ( British pounds Sterling) as her currency of exchange. From 1914, the pounds Sterling remained her currency till the introduction of Naira and Kobo to replace it on the 1st of January , 1973.   
            The Sojourn of the Naira

On the 1st of January, 1973. The Naira and Kobo were introduced to replace the Nigerian pounds ( British Pounds Sterling). At first, the notes for 50 Kobo, 1 naira, 5 naira, 10 naira and 20 naira were introduced. 
    Later on in 1989, the issuance of 50 Kobo notes was stopped.

.                 The 50 Kobo note.


In 1991, 50 naira notes were issued.

.            The latest 50 naira note.
   
The issuance of 50 naira notes was followed by the issuance of 100 naira notes in 1999, 200 naira notes in 2000 , 500 naira notes in 2001 and 1000 naira notes on the 12th of October , 2005.  
1000 naira note remains the highest denomination of the Naira and 5 naira the least denomination since the Kobo was scraped off.

       
     The unfortunate movement of Naira
 From the early 1970s to 1980s, the Naira exchanged for something like 90 Kobo to 1 dollar. By 1993, this figure moved to 17 naira to 1 dollar on the foreign exchange market.

.   Front view of the Central Bank of Nigeria

From 1993 - 1998, Naira never changed from 22 naira to 1 dollar.
 1999 - 2004, Naira was exchanged at 105 Naira to 1 dollar. 
  2004 - 2009, Naira moved from 127 Naira to 1 dollar at the beginning of 2004 and was later exchanged at the rate of 147 Naira to 1 dollar by 2009. During the period of 2004 - 2009 Naira recorded the minimum of 115 Naira to 1 dollar.
    2009 - 2014, Naira moved to 148 Naira to 1 dollar as at 2009 and 164 Naira to 1 dollar in 2014.
  From 2014 till date, the Naira has been experiencing inflations . As at the time of publishing this article, the Naira is exchanged at 367 Naira to 1 dollar.


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