| Unit | |
|---|---|
| Symbol | £ |
| Denominations | |
| Subunit | |
| 1⁄20 | shilling |
| 1⁄240 | penny |
| Symbol | |
| shilling | s or /– |
| penny | d |
| Banknotes | 5/–, 10/–, £1, £5 |
| Coins | 1⁄2d, 1d, 3d, 6d, 1/–, 2/– |
| Demographics | |
| Replaced | British West African pound |
| Replaced by | Biafran pound, Nigerian naira |
| User(s) | Nigeria |
| Issuance | |
| Central bank | Central Bank of Nigeria |
| Website | www |
| 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 - at parity with sterling with free convertibility[1] - was replaced in 1973 with the decimal naira at a rate of £1 = ₦2.[2], rendering Nigeria the last country to abandon the pre-decimal (£sd) currency system.
Coins
Coins were issued in 1959 in denominations of 1⁄2, 1, 3 and 6 pence, 1 and 2 shillings. The 1⁄2d and 1d coins were holed and struck in bronze. The 3d 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.
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Banknotes
In 1918, emergency issues were made by the government in denominations of 1/–, 10/– and 20/–. In 1959,[3] the Central Bank of Nigeria introduced notes in denominations of 5/– and 10/–, £1 and £5. Three series of notes were issued, in 1958, 1967 and 1968.
See also
Notes
- ↑ Central Bank of Nigeria. "The Foreign Exchange Market in Nigeria". Retrieved 8 May 2017.
- ↑ Central Bank of Nigeria. "History of Nigerian Currency". Retrieved 8 May 2017.
- ↑ Central Bank of Nigeria Retrieved 8 May 2017
References
- Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th 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.