The naira is divided into 100 kobo. The naira was introduced in 1973, when the country decimalized its monetary system and substituted the naira for the Nigerian pound (the country used the British pound sterling when it was a British colony), which was divided into shillings.
When did Nigeria change from Kobo to naira?
On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005.
When did Kobo stop Nigeria?
Nigerian 50 kobo coin
|Measurements and composition|
|Mass||5.5 g (1991-1993) 3.5 g (2006)|
|Diameter||24.72 mm (1991-1993) 19.44 mm (2006)|
When did Nigeria stop spending shillings?
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) was replaced with the introduction in 1973 of the decimal naira at a rate of £N1 = ₦2. This made Nigeria the last country to abandon the £sd currency system.
What is Kobo in money?
kôbô A Nigerian unit of currency equal to1100 of the naira. noun. A monetary unit of Nigeria, equal to1100 of a naira.
Where did Nigeria print their money?
Naira notes and coins are printed / minted by the Nigeria Security Printing and Minting (NSPM) Plc and sometimes, other overseas companies, and issued by the CBN.
How do I convert kobo to naira?
The naira is the currency of Nigeria. It is subdivided into 100 kobo.
Quick Conversions from Nigerian Naira to Nigerian Naira : 1 NGN = 1 NGN.
|₦ 250||₦ 250.00|
|₦ 500||₦ 500.00|
|₦ 1,000||₦ 1,000.00|
|₦ 5,000||₦ 5,000.00|
Who is on 1 naira coin?
The founder of Nigerian nationalism, Herbert Macaulay, is on the portrait on the ₦1 coin. The one naira piece also features Nigeria’s coat of arms.
What is the highest currency in Nigeria?
Currently the highest currency denomination is 1,000 Naira.
How many Kobo makes a Naira?
Naira, monetary unit of Nigeria. The naira is divided into 100 kobo.
Is shillings higher than Naira?
You have just converted one thousand shillings to nigerian naira according to the recent foreign exchange rate 3.81417863. For one thousand shillings you get today 3,814 naira 17 kobo.
KES to NGN Table.
What is money called in Nigeria?
Who is in 100 naira note?
Chief Obafemi Jeremiah Oyeniyi Awolowo is pictured on the banknote of 100 Nigerian Naira, wearing a kufi hat. Awolowo was Premier of Western Nigeria. On the back side of the ₦100 bill is an image of the Zuma Rock monolith in Niger province.
What is the meaning of Kobo?
kobo in British English
(ˈkəʊbəʊ) nounWord forms: plural kobo. a Nigerian monetary unit that is worth one hundredth of a naira.
What does kobo mean in Nigeria?
kobonoun. A subdivision of currency, equal to one hundredth of a Nigerian naira.
What is the history of money in Nigeria?
Nigeria’s monetary system evolved gradually with initial use of Trade by Barter to the use of cowries and Manilla, Manilla was used as a form of money made of bronze or copper. … The naira was introduced on 1 January 1973, replacing the use of Pounds, shillings and pence, monetary system.