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.


Comments

Post a Comment

Popular posts from this blog

Bad shape of stadiums in Nigeria

Image
 The bad shape of stadiums in Nigeria has been a major problem affecting the world of sports in Nigeria especially football. These stadiums lack maintenance. The infrastructures are being destroyed by agents of erosion.   One of the reasons behind the current bad shape of stadiums in Nigeria is that government, both state and Federal , embark on more stadia projects instead of maintaining and upgrading the existing ones. This has led to the fact that we have over thirty stadia in Nigeria but less than Ten that meet up with FIFA standards.    Another reason is the attitude of private organizations towards the development of stadiums. Capable private organizations pay little attention to the development of sports not to talk of developing the existing stadiums. Everyone is waiting for the intervention of the government.    Moreover, sport governing bodies in Nigeria aren't efficient in carrying out their duties. They only pay attention to stadiums when  international matches are t
Read more

The VaDoma tribe of Zimbabwe

Image
   Truly, there exist tribes all over the world. Also, these tribes differ from one another in terms of their cultures and tradition but there exists a tribe in Zimbabwe that differs completely from other tribes from all over the world with something much more interesting. The tribe is known as the VaDoma tribe.                The  Doma  or  vaDoma  (singular  muDoma ), also known as  Dema , are a tribe living in the  kayemba region in the north of  Zimbabwe  especially in the Urungwe and Sipolilo districts around the basins of Mwazamutanda River, a tributary of the  Zambezi  River Valley.                What really makes this tribe so special?     The tribe is known to have people with the rare congenital abnormality known as  Ectrodactyly . Which brings about the absence of some toes or fingers. But theirs have to do with toes. Due to the similar appearance of their feet with that of ostrich, they are also called the Ostrich footed tribe. They never see this as an abnormal
Read more

Black is not negative

Image
When asked about the view of the black colour, some say it is cool while some will vote against it. In the society, some terrorist groups and cult groups use the black colour as their means of identification. They make their uniforms and flags using black. However, in the real sense, black colour doesn't necessarily mean negative things. Moreover, any kind of colour can be used by bad people.  Now onto the issues surrounding the black race. The black race is just like any other race of the world. All races have their own negativity. Moreover, life is made up of good and bad, that makes it normal to have the bad ones amongst us. We tend to prioritize the atrocities committed by people of the black race more than their immense positive achievements. There are notable things done by the Black people. So before you think of abusing the rights of black people, you should remember these great achievements: In Politics Nelson Mandela was a great man of integrity and a figure p
Read more

If Corona Virus Was WW3 , Which Country Pioneered it?

Image
   Looking at the above title , a lot of thinking would have started running through one's mind. But at this stage, everything connected to the origin of this virus is still a controversy.    In contrast to other precedent world wars, WW1 used humans as combatants, WW2 was the same too. Also in these two aforementioned wars, the major enemies were known. Using these two features, can we actually call this Corona virus global outbreak a  World War 3 (WW3)?.     It is true that there are bioweapons that can be used in wars. Can we actually call this virus a bio weapon? If it is , who are the Pioneers?                   Currently as it stands , the whole world is looking at China for a tangible answer. The Chinese government isn't claiming responsibility for the virus, instead it is pointing accusing finger at the the US government. Recently, the spokes person for the Chinese Ministry  for Foreign Affairs , Zhao Lijian , accused the military of the United
Read more

Life After Corona Virus

Image
    Though the Corona virus cases are increasing in number everyday, I can see the world overcoming the Pandemic. These are my views about life after the Corona virus:   1.  A RACISM free world : After these global outbreaks of Corona virus, I believe the level of racisms will reduce drastically if not totally removed. This is because the Corona virus has brought about solidarity amongst people all over the world irrespective of the race. Ideas are being shared on how to eradicate the virus. This practice I think will continue after defeating the virus.           2 .  A Better government in Nigeria : With recent cases of Corona virus infections amongst top guns in the Nigerian politics, intense fears have originated amongst top officials of government in Nigeria. I think this will make the government officials more fearful of God's wrath and be more sincere in carrying out their responsibilities.      3.    A bio weapon free world : After this pandemic, I believe all th
Read more

The Ovazimba and Ovahimba tribes of Namibia

Image
     The African Planet could be termed a planet of "awe" as many peculiar things are attached to it. Ranging from ancient structures to histories and so on. This research about the African planet has brought another item of attraction, which is, the Ovahimba and Ovazimba tribes of Namibia.       The Ovazimba and Ovahimba tribes belong to the Omusati regions of Northern Namibia. They have a population of over 50,000. They are renowned Nomads.               .A Himba male.      Strange things about the tribe          1. The wealth of a family is determined by the number of cattle the family possesses.   2. The women take a smoke bath instead of a water bath.     3. At puberty, the girls are given out in marriage to men chosen by their fathers.    4 . The women possess reddish skins. This is caused by the application of the ojitze paste on their skin. This helps to protect them from the sun and mosquito bites. The ojitze paste is a combination of butter fat, omuzumb
Read more

Corona Virus: Things to know.

Image
         The Corona virus also known as Covid - 19 or SARS COV - 2 has struck the world with great fear and sadness. It has lead to the report of thousands of cases and deaths all over the world. With its source still a controversy, it was allegedly said to have originated from Wuhan , an industrial area under the Hebei province of China. China so far has recorded the highest number of cases and deaths due to Corona virus.    Iran, Italy, The UK, France, Germany, The USA and Spain trail behind China in the number of reported cases of the virus.    Though there is no proven cure for the virus yet , lots of precautionary measures are being released by medical bodies all over the world. These measures include washing of hands with soap and water or alcohol based hand sanitizers, social distancing , abstinence from hand shakes and hugs etc. There have been rumours surrounding the virus. Below are the answers by the WHO to rumours of things alleged to the virus.  1. 
Read more