History of money begins with the invention of commodity money. Over time, the issue of procurement of loan either for business setup or for other financial purposes continue to advances in a rate that is unimaginable, whereas loan and cooperative society starts as a household idea which later expanded even to a cooperative society that is generally recognized and sometimes financed by the government. whose picture is on 50 naira note. The history of Juju in Nigeria comes from the traditional African religion also known as voodoo. Below is a run down of Nigerian currency history from amalgamation till date. Nigeria's currency is made up of 100 kobo. The coins however are gradually fading away but they still remain valid legal tender in Nigeria, no matter how few and scarce they are. However, the first indigenous bank In Nigeria was established in 1929 and was called Industrial and Commercial Bank. More than 100 million Nigerians live in Poverty, generally accepted as living below $1 dollar a day. nigerian currency notes. The History of the Nigerian Currency: Before the introduction of the Nigerian Naira and Kobo, which was in the year 1973, the Pound was the currency of Nigeria and was used between 1907 and 1973. This type of money was decided to be valued by all members of a community. However, prior to this time, the country had used various forms of money including Cowries and Manilas. The Nigerian naira (NGN) is the official currency of the Federal Republic of Nigeria. Thus, $200 will feed 200 people in a day. 100 naira note. Lets put this into context: 200 US Dollars is 72,000 Naira. The economy of Nigeria is among one of Africa's largest economies, and it has industries such as oil refining, construction materials, pharmaceuticals, and cement. This bank liquidated (that is, it was sold in payment of debts) in 1930 and was replaced by Mercantile Bank in 1931. READ ALSO: Brief history of banking in Nigeria from 1990 till date. This practice involves the sacrifice of blood to make money and carry out spiritual attacks. Searches related to history of the nigerian naira notes. 20 naira note. 5 naira note. Nigeria made history as the last nation to do away with the £sd currency system when it disbursed the Naira on January 1, 1973. Money laundering in Nigeria: meaning, causes, history, laws, notable cases, and effects show that it is bad, could destroy the moral fabric of the nation, frustrate entrepreneurs, and cause the nation its reputation and lead to economic slump. pictures of nigerian naira notes. The West African Currency Board was the body legally responsible for issuing currency notes in Nigeria between 1912 to 1959 . Nigerian Currency History begins in 1912. History. Usually, such products as salt, leather, seashells, pearls, or cloth represented commodity money. 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