Naira launched with 5 notes in 1973, evolving through various shifts to 3 high-security designs by 2022

  • Nigeria’s currency has undergone 10 key shifts; from note introductions to redesigns and a digital launch.
  • Between 1999 and 2005, four new notes; ₦100 to ₦1,000, were introduced in response to inflation.
  • The ₦200, ₦500 & ₦1,000 notes, which dominate in circulation by value, were revamped with high-security features.
  • In 2021, Nigeria launched the eNaira, making it the first African country with a Central Bank Digital Currency.

Nigeria’s currency journey began in 1973 with decimalisation, replacing the pound with the naira and kobo at a fixed rate of £1 = ₦2. The Central Bank issued five denominations; 50 kobo, ₦1, ₦5, ₦10, and ₦20, marking the official birth of the naira.

As inflation took hold, the need for higher denominations grew. Between 1999 and 2005, Nigeria introduced ₦100, ₦200, ₦500, and ₦1,000, four new high-value notes that remain the highest today. These changes were not just cosmetic; they reflected real shifts in purchasing power and economic behavior.

Security concerns led to redesigns. In 1984, key notes were revamped to combat counterfeiting. Later, in 2007, the CBN phased out Ajami (Arabic) inscriptions for Roman script, unifying the note language. By 2014, the ₦100 note featured a QR code, signaling a push toward modern tech.

The boldest leap came in 2021 with the eNaira, Africa’s first Central Bank Digital Currency (CBDC). It marked a shift from paper to digital, even before many global counterparts. Then in 2022, the CBN redesigned the ₦200, ₦500, and ₦1,000 notes, Nigeria’s most circulated denominations, embedding enhanced security threads and reasserting control over the cash economy.

Source:

Central Bank of Nigeria

Period:

2025
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  • Within the North Central zone, Abuja (FCT) recorded the most accidents, with a cumulative total of 8,133 cases.
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  • On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
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Nigeria's foreign trade
  • India is Nigeria’s largest export destination Nigeria exported ₦2.84 trillion worth of goods to India in Q1 2025, driven largely by crude oil.
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  • The United States appears on both sides. Nigeria exports ₦1.54 trillion to the US and imports ₦1.42 trillion, showing a relatively balanced trade relationship.
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