Nigerian pound
Nigerian pound | |
---|---|
Denominations | |
Subunit | |
1/20 | shilling |
1/240 | penny |
Symbol | £ (or £N for distinction) |
shilling | /- or s |
penny | d |
Banknotes | 5/-, 10/-, £N1, £N5 |
Coins | ½d, 1d, 3d, 6d, 1/-, 2/- |
Demographics | |
Replaced | British West African pound |
Replaced by | Biafran pound, Nigerian naira |
User(s) | Nigeria |
Issuance | |
Central bank | Central Bank of Nigeria |
Website | www |
This infobox shows the latest status before this currency was rendered obsolete. |
The Nigerian pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings, each of 12 pence. The Nigerian pound (which was at parity with the British pound with free convertibility[1]) was replaced with the introduction in 1973 of the decimal naira at a rate of £N1 = ₦2.[2] This made Nigeria the last country to abandon the £sd currency system.
Coins[]
Coins were issued in 1959 in denominations of ½, 1, 3 and 6 pence, 1 and 2 shillings. The ½d and 1d coins were bronze and holed. The 3d coin, minted in nickel-brass, was a smaller version of the distinctive twelve-sided threepenny bits that were used in the UK, Fiji and Jersey. [3]The higher denominations were struck in cupro-nickel.
![](http://upload.wikimedia.org/wikipedia/commons/thumb/b/b1/1_Nigerian_Shilling_%28Reverse%29.png/220px-1_Nigerian_Shilling_%28Reverse%29.png)
Banknotes[]
In 1918, emergency issues were made by the government in denominations of 1/-, 10/- and 20/-. In 1959,[4] the Central Bank of Nigeria introduced notes in denominations of 5/- and 10/-, £N1 and £N5. Three series of notes were issued, in 1958, 1967 and 1968.
See also[]
Notes[]
- ^ Central Bank of Nigeria. "The Foreign Exchange Market in Nigeria". Retrieved 8 May 2017.
- ^ Central Bank of Nigeria. "History of Nigerian Currency". Retrieved 8 May 2017.
- ^ "Google".
- ^ Central Bank of Nigeria Retrieved 8 May 2017
References[]
- Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
- Pound (currency)
- Currencies of the British Empire
- Currencies of the Commonwealth of Nations
- Currencies of Nigeria
- Modern obsolete currencies
- Economic history of Nigeria
- 1907 establishments in the British Empire
- 1973 disestablishments in Africa
- Currencies introduced in 1907
- Nigeria stubs
- Currency stubs