If there is one thing the Nigerian government is consistent with, it is ignoring things that actually need serious attention and change and directing this attention to trivial matters like assisting Naira in serving new ‘lewks’. Since Nigeria’s independence in 1960, the monetary units and system have evolved through various stages of transformation.
Alright, we’re gonna take this from the top. Nigeria’s monetary system evolved from the trade by barter system to the use of cowries and manilla.
This monetary system continued until 1907 when the British introduced Pounds (an equivalent of 20 shillings), the new currency set to replace the heavy cowries and Manilla.
As colonialism progressed till 1960 when Nigeria got her independence, Pounds stayed in use until the Nigerian currency, Naira, was later introduced in 1973.
Keep this at the back of your mind; Nigeria was the last of the former British colonies to abandon the British currency.
The advent of Naira saw the introduction of the ½, 1, 5, 10 and 25 kobo, with the ½ and 1 kobo bronze/cupro-nickel coins and bank notes which consisted of 5Kobo, N1, N5 and N10. In 1977, N20 was introduced.
By 1989, the ½, 1, 5, 10 and 25 kobo coins phased out, no body complained. In 1991, N50 note was introduced while 50 kobo and N1 notes were changed to coins. Next, N100 note was introduced in 1999 and a year later, N200 note made its debut. Two higher denominations were later introduced, N500 note in 2001 and N1000 in 2005.
One thing that has remained consistent with the introduction of new Naira notes is the devaluation of Naira. It is apparent that every time our currency’s value drops, the Central Bank of Nigeria assuages us by redesigning the Naira notes. It’s more like “Oh Naira is dropping but at least it’s pretty to look at”.
The redesigning of the Naira notes started with the transition of the N20, N10, N5 and N50 paper notes to Polymer in 2007. By this time, Naira’s equivalent to a Dollar was N128. Since then, Naira’s devaluation was slowly on the rise and what did the Nigerian government do? Redesign the Naira notes like it was the ‘bandage’ to our currency devaluation ‘wound’.
Just incase you didn’t know what the first Naira notes looked like, we’ve got you.
It apparent that every time our currency’s value drops, the Central Bank of Nigeria assuages us by giving transforming the looks of the Naira notes. It’s more like “Naira is dropping but at least it’s pretty to look at”.
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