Until 1958, Nigeria used the west african pound (equal to the UK pound) as a legal tender. In 1958, this currency was substituted by the nigerian pound.
Units for both West African and Nigerian monetary system then are:
12 pence = 1 Shilling
20 Shillings = 1 pound
In 1973 the naira was introduced at 2 naira = 1 nigerian pound rate. 1 naira = 100 kobo.
September 30th, 2009 at 1:58 am
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References :
September 30th, 2009 at 2:08 am
Until 1958, Nigeria used the west african pound (equal to the UK pound) as a legal tender. In 1958, this currency was substituted by the nigerian pound.
Units for both West African and Nigerian monetary system then are:
12 pence = 1 Shilling
20 Shillings = 1 pound
In 1973 the naira was introduced at 2 naira = 1 nigerian pound rate. 1 naira = 100 kobo.
References :
http://www.dawodu.com/money1.htm