The evolution of the Naira (₦) is a testament to the economic and social growth of Nigeria. The first Nairas were issued in as one (₦) and exchanged at a rate of two for one (₦). The Central Bank of Nigeria which issues, controls and maintains the stability of the Nigerian monetary system, also minted Kobo coins. These coins were divided into one hundred parts for one Naira.
In 1977, a historically significant note was introduced. The 20 ₦ was issued with the image of the first Nigerian of major significance. The bill contained the image of General Murtala Ramat Muhammed, one of the leaders of the Nigerian Revolution. Bills issued in subsequent years contained the portraits of other notable Nigerians as well as showcased beautiful scenes within the country.
The 20 ₦ celebrated the healthy growth of the Nigerian economy. Personal incomes began to increase as well as the demand for transactions in money. This new bill allowed businesses and people to buy and sell, and complete the many new transactions occurring with this economic growth.
Nigeria is a country rich in resources and plans for a strong future for the people. As the economy develops, the government is dedicated to maintain the stability of their currency. Plans were made and revised on issuance of new currency notes because of the world economy facing economic slowdowns and reverses.
The Central Bank of Nigeria issues the Naira in different bill amounts. The most common notes are 5, 10, 50, 100, 500 and 1,000 ₦. Nigeria is the second-largest economy in the sub-Saharan and continues to expand. With this expansion, The Central bank is looking for currency alignment and is considering an alignment with China. As the value of the Yuan continues to expand and stabilize, the Central Bank is considering options for the future of the Naira.
Worldwide, nations have suffered bank failures and bad loans, Nigeria no exception. Nigeria is working to strengthen their banking systems and maintain a stabilized currency. The future of the Naira is strong as Nigeria continues to build a strong society and economy.