At first, Cowries were used for buying and selling before banknotes and coins were introduced into the Nigerian economy. Payments mostly made in cups or in bags.
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There was also the Trade by Barter System: adopted by people who lived in the same locality, and it involved giving what you had in exchange for what you needed. You could exchange a cow for 5 goats etc.
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The Nigerian shillings were issued in 1958/1959
Even though this denomination is no longer in use in present day Nigeria, the shilling is the legal tender in Kenya and Uganda.
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The Nigerian pound issued in 1967:
This was the legal tender used in Nigeria back then. Currently 1 pound is over 500 Naira.
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Another 5 shilling note issued in 1968:
This was done as a strategy of war, the shillings notes were changed to reflect different colours. While the banknotes were changed, the coins remained unchanged and in circulation.
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1 pound notes were reintroduced in a different colour in 1968
All the pound notes had their colours changed, including the 5 pound notes.
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50 kobo was introduced in 1973 and taken off the market in 1978. The nickel-plated coins for the same denomination were introduced in 1989 and eventually withdrawn finally in 2007.
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The 1 Naira note was introduced in January, 1973 by the Central Bank of Nigeria.
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The 5 Naira note: The five Naira note was first introduced in 1973,
The green colored note bore the engraved portrait of Alhaji Sir Abubakar Tafawa Balewa who was the first prime minister of Nigeria. In 1984, the colours of the note were changed to mauve (a mix of pink and purple), and in 2007, the notes were changed from paper to polymer notes.
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The 10 Naira note was also issued first in 1973, and is engraved with the portrait of Dr Alvan Ikoku, an educator and politician. The back is engraved with a picture of Fulani milk maids from northern Nigeria.
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The 20 Naira note was first introduced as paper notes in 1973, and shows the engraved portrait of General Murtala Muhammed, a former Nigerian military ruler. The notes were eventually changed to polymer notes in 2007.
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The 50 Naira note was the highest denomination in 1991 when it was first introduced into the Nigerian market. The back of the banknote depicted farmers working hard at their farm.
The note was later changed to polymer in 2007, and the back was later changed to depict fishermen holding their big catch.
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The 100 Naira note was first introduced in December 1999. The note shows the engraved portrait of Chief Obafemi Awolowo, a former premier of the western region. The back shows the popular Zuma rock, located in Niger state.
The 100 Naira note was eventually changed on November 12, 2014 in commemoration of Nigeria’s 100 years of existence. The colour of the note was changed and the back was changed from Zuma rock to traditional dancers showing off their skills. The note also features a QR code which launches a website about Nigeria’s history when scanned.
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The 200 Naira note was introduced in 2000, and shows the engraved portrait of Alhaji Sir Ahmadu Bello, the first Premier of Northern Nigeria. The back shows Pyramid of bags of agricultural commodity, fruits, vegetables, cattle and livestock farming. This refers to those early days of trade by barter, or shows that Nigeria is a country that is rich in agriculture.
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The 500 Naira note was introduced in 2001, and shows the engraved portrait of Dr Nnamdi Azikiwe, the first President of the Federal Republic of Nigeria. The back shows a picture of an offshore oil rig.
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The 1000 Naira note was introduced in 2005, becoming the highest denomination of the nation’s currency. It is also the only Nigerian banknote that has the engraved portrait of two prominent Nigerians, Alhaji Aliyu Mai Bornu and Dr. Clement Isong, who were the first and second indigenous Governors of the Central Bank of Nigeria. The back shows a picture of the Central Bank of Nigeria’s corporate Head Office in Abuja.
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