REWIND: 50 years ago, CBN introduced naira — N10 was highest denomination | TheCable
January 1, 2023 10:19 PMSevering ties with the pounds, the country launched a new currency which would still hold five decades later.The launch of the renamed currency followed the decision by the government to change from the metric to the decimal, according to the Central Bank of Nigeria.The decision was also borne out of a need to adopt a truly national currency and to replace the imperial system which was inherited from the British colonial administration, the apex bank noted.
“The note was issued on the first anniversary of his assassination as a fitting tribute to a most illustrious son of Nigeria,” according to the apex bank.Furthermore, in response to the expansion in economic activities and to facilitate an efficient payment system, the N100, N200, N500 and N1,000 banknotes were introduced in December 1999, November 2000, April 2001, and October 2005, respectively.On July 2, 1979, new currency banknotes of three denominations — N1, N5 and N10 — were introduced.
“In order to facilitate identification, distinctive colours were used for the various denominations.”
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