The issue of bank notes in Nigeria has a long history. There was an emergency issue made by the government in the year 1918 presenting denominations of 1, 10 and 20 shillings. By 1959, the Central Bank of Nigeria introduced notes in denominations of 5 and 10 shillings, including 1 and 5 pounds. Three series of notes were issued, in 1958, 1967 and 1968 respectively.
Following the introduction of new currency – the Naira and Kobo as the legal tender in 1973, the Kobo was the first to be widely used in the country. There were certain unique symbols and signs that distinguished the currency.
• The Naira has the sign ‘₦’
• The Kobo was signed “K’
There was five denominations of the Kobo which were 1/2k, 1k, 5k, 10k and 25k in 1973 and by the year 1989, the 50k and N1 notes were changed to coins
Today in the country, the Kobo coins have been phased out because its value can no longer purchase items in the country’s marketplace.
The Central Bank of Nigeria (CBN) was the only financial institution authorized to be the issuer of the Naira bank notes in the country, while the printer was the Nigerian security printing and Minting Company
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