The Nigerian naira (₦) didn't come into effect until 1973. Below is a quick outline of Nigerian money time travel.
- The first money system was trade by barter (i.e. exchange of goods and services for other goods and services), and this occurred before the colonial era
- The first currency was introduced by the British, which was shillings, pence and pounds
- Naira was introduced 1st of January, 1973, which replaced the Nigerian pound at 2 Naira to 1 Pound
- The Naira was named by Chief Obafemi Awolowo
- The exchange rate of Naira to a dollar in 1973 was ₦0.658 = $1
- A redesign of the naira was proposed in the year 2022
- The 15th and current president of Nigeria, President Muhammadu Buhari, unveiled the new naira note of ₦200, ₦500 and ₦1,000 on 23 November 2023
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