The Naira was introduced in 1973, replacing the pounds at a rate of
N2 naira - 1 pound. This made Nigeria the last state to abandon the £sd currency system.
In January, 1st 1973, The CBN introduced Notes for 50 kobo,
N1, N5, N10 and N20 and coins of
½k, 1k, 5k, 10k and 25 kobo.
On 11th February, 1977 a new banknote denomination of the value of
N20 naira was issued; making it the highest denomination to be introduce. Also the N20 is the first currency note to bear the portrait of a Nigerian Citizen, that is late Head of state, General Murtala Muhammed.
On 2nd July, 1979, new currency notes of three denominations
N1, N5 and N10 were introduced.
In 1991 both the 50k and
N1 Notes were coined.
In December 1999
N100 was introduced, in November 2000 it was N200, April 2001 was N500 and in October 2005 N1000 was introduced.
On February 28th 2007,
N50, N20, N10, N5, N1, 50k,were reissued with a new design, while a new denomination of N2 was introduced.