Nigerian pound

Nigerian pound
User(s)	Nigeria
Subunit
1/20	shilling
1/240	penny
Symbol	£
shilling	s
penny	d
Coins	½, 1, 3, 6 pence 1, 2 shilling
Banknotes	5/-, 10/-, £1, £5
Central bank	Central Bank of Nigeria
Website	www.cenbank.org
This infobox shows the latest status before this currency was rendered obsolete.

The 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 easy convertibility^[1]) was replaced with the introduction ^[2] in 1973 of the decimal naira at a rate of 1 pound = 2 naira. 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 ½ and 1 penny coins were bronze and holed. The 3 pence 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. The higher denominations were struck in cupro-nickel.

Banknotes

In 1918, emergency issues were made by the government in denominations of 1, 10 and 20 shillings. In 1959^[3], the Central Bank of Nigeria introduced notes in denominations of 5 and 10 shillings, 1 and 5 pounds. Three series of notes were issued, in 1958, 1967 and 1968.

References

1. ^ Central Bank of Nigeria. "The Foreign Exchange Market in Nigeria". http://www.cenbank.org/IntOps/FXMarket.asp. Retrieved 2007-05-21. 
2. ^ Central Bank of Nigeria. "http://www.cenbank.org/HistoryFactsAll.asp?sign=2". http://www.cenbank.org/HistoryFactsAll.asp?sign=2. Retrieved 2007-05-21. 
3. ^ Central Bank of Nigeria Retrieved 2011-03-30.

• Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. 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. 

See also

• Economy of Nigeria