Hello and welcome.
It is been a while, and here we came with and interesting article.
Today we are going to talk about why we called and use Naira in Nigeria.The Naira is the official currency of Nigeria. We utilize the Naira every day to do almost everything but a lot of people don’t know much about it.
Have you even ever wondered how Naira became the registered name for Nigerian currency and when we started using it?
If you’ve ever been curious about the similarity in the sound of Naira and Nigeria, then these interesting facts about the Nigerian currency will satisfy your curiosity.
1. The name Naira was coined by the late Nationalist, Chief Obafemi Awolowo when he was the Federal Commissioner for Finance. He coined Naira from Nigeria by collapsing the country name and arrived at the currency name Naira.
2. The Naira was introduced on Monday, January 1, 1973, to replace the British pound as the official currency of Nigeria
3. As of 1973, one Naira was the major currency unit in the country.
4. On Monday, July 2, new currency notes of three denominations, namely, N1, N5, and N10 were introduced with the portraits of three eminent Nigerians.
5. Until 1991, N20 was the highest note/denomination in Nigeria.
6. In 1991, N50 was introduced and it came with two nicknames. At first, it was known as Better Life and later it became popular as WAZOBIA, a linguistic blending of the word COME in Yoruba, Hausa and Igbo Language.
7. Also in 1991, 50 kobo and N1 note were introduced.
8. In a bid to facilitate an efficient payments system, the N100, N200, N500, N1000 were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
9. Four years after the introduction of Naira, a new banknote denomination of the value of 20 Naira was issued on Friday, February 11, 1977.
10. Twenty Naira, as a result, became the first Nigerian currency bearing the portrait of a Nigerian citizen, General Murtala Ramat Muhammad