Clement Isong, to 75 who served at a critical time in the history of Nigeria. Some of these security features are sensed by touch, others are visible to the naked eye.
It would be recalled that the first three new higher denominations were issued in , and respectively in line with powers vested on the President in Section 19 of the CBN Act as amended and also in pursuance of Section 17 of the CBN Act as amended which confers on the CBN, the right and powers to issue legal tender notes and currencies in Nigeria.
Obasanjo Launches N Note. Your browser does not support the video tag. CBN withdraws N80 bn unverified public offer funds. Exchange lists GNI shares, boost capitalisation. Altron has R1bn for expansion in Africa. Download the Report. Latest News. November 14, You would be the first to know the latest happenings around the Financial Market on Business.
All News. All One Min News. Budget and Plans. Capital Market. Capital Market Report. CBN Governorship Papers. Chamber of Commerce. Corporate Results. Doing Business in Nigeria. Education Knowledge. Employment Generation Programme. Global Market. Investing in Technology. Make in Nigeria. In , following the assassination of General Murtala Ramat Muhammed , the Twenty 20 Naira note was issued as the highest denomination and the first currency to bear the portrait of a Nigerian citizen, the late Head of State.
The note was issued on the 1st anniversary of Gen. Muhammad's assassination as a tribute. All the other currencies remained the same. In order to facilitate identification, distinctive colours which were similar to those of the existing banknotes of the various denominations were used.
The engravings on the back of the notes reflected cultural aspects of the country. In April , all the notes were withdrawn and reissued in interchanged colours, except the 50 kobo note. This was done by the military administration which took over power in December, , to arrest the alarming rate of currency trafficking going on at the time.
However, the coins remained the same. In October , Fifty Naira 50 note was introduced as the highest denomination and the One Naira 1 and Fifty kobo 50k were withdrawn and coined.
A completely new coin range was issued as part of a major reform of the nation's currency structure. The coins were in the following denominations. Half kobo and five kobo were withdrawn in this year. The Hundred Naira note was introduced on December 1, as one of the new generation notes of the Nigerian currency system. It included the most recent developments in security printing technology on paper and ink.
The Two-Hundred Naira note was released on November 1, , with the same security features as the Hundred Naira. The Five-Hundred Naira note was released on April 4, On its front is a portrait of Dr. At the back of the note is the picture of an offshore oil-rig. The One-Thousand Naira note was released October 12, , with even more advanced security features.
It is currently the highest denomination in circulation. In , the one 1k kobo, ten 10k kobo and twenty-five 25k kobo coins were ushered off the market. The One Naira 1 and Fifty kobo 50k coins were also redesigned, while a new Two 2 Naira coin was introduced. By May of the same year, the old notes had been successfully withdrawn. We would love to hear what you think about the content on Pulse. Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more.
Also join us across all of our other channels - we love to be connected! Authors: Adaobi Onyeakagbu. October 8, AM. Recommended articles.
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