Nigerian Currency notes
The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959. Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas.
On 1st July, 1959 the Central Bank of Nigeria issued the Nigeria currency notes and coins and the West African Currency Board notes and coins were withdrawn. It was not until 1st July, 1962 however, that legal tender status was withdrawn from West African Currency Board. In 1963, Nigeria became a Republic, and this eventually led to the changing of the bank notes in 1965 to reflect the country's new status. The notes were again changed in 1968 following the misuse of the country's currency notes, during the civil war
In 1973, Nigeria adopted a truly national currency in decimal form instead of the pounds, to replace the imperial system which she inherited from the British colonial administration. The pounds and shillings were changed to Naira (
N) and kobo (k), and four denominations of notes were issued as follows: 50 kobo; N1; N5 and N10. In response to rapid economic growth made possible by the oil boom, N20, and N50 note denominations were added in 1977 and 1991 respectively.Considering cost effectiveness and expansion of economic activities, higher denominations notes issued were 100 Naira, 200 Naira note , released on 1st November, 2000, the 500 Naira, released April, 2001, and the 1000 Naira note was released in October 2005.
We have 3 Coins
It is NOT.
Central banks ALL THE WORLD OVER typically use ONLY THREE DEVICES or INSTRUMENTS with respect to their monetary policy (that is, with respect to the control of money supply):
1. interest rate charged to banks and passed on to consumers;
2. open market operations [ie sales or purchases of government debt instruments (treasury bonds, treasury bills, treasury notes) on the open financial markets]
particularly interest rate, all with the aim of achieving some economic and/or political outomes such as the control of INFLATION. Very few people object to the independence of Central Bank in setting those three levels - in fact, they are statutorily given wide latitude and autonomy in setting them - but even then one does find a LOT OF very PUBLIC DISCUSSIONS in government circles, in financial circles, in the media and in the universities before particular levels are set. That a Central Bank is INDEPENDENT or AUTONOMOUS does not mean that it is completely ISOLATED and DISCONNECTED from society. Rather, its governors/directors hear quite a lot of public arguments and bring them to bear in their final decisions.
One does not say that Soludo should STRICTLY confine himself to those three instruments - for example, his money supply device also includes foreign exchange supply via the Wholesale Dutch Auction System (WDAS) which he also intends to scrap as part of the newly-announced reforms - but he had better be prepared to hear from some people if he goes beyond those three, including bank consolidation.
For example, in the many years that Alan Greenspan was Fed. Reserve Chairman in the USA (August 11, 1987 â€“ January 31, 2006) , besides tweaking interest rates and money supply every now and again, we heard that:
- In 2000, a new $1 coin featuring Sacagawea was introduced;
- In 2003/2004, new security watermark features were introduced in so-called NexGen notes $100, $50, and $20 notes (see http://www.moneyfactory.gov/document.cfm/10/63/1666 )
Under the new Chairman (Bernanke):
- In February 2007, the US Mint under the Presidential $1 Coin Act of 2005 introduced a new $1 US Presidential dollar coin
We can read a little more here in this excerpt:
QUOTEWhen currently issued in circulating form, denominations equal to or less than a dollar are emitted as U.S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes (with the exception of gold, silver and platinum coins valued up to $100 as legal tender, but worth far more as bullion). (Both one-dollar coins and notes are produced today, although the note form is significantly more common.) In the past, paper money was occasionally issued in denominations less than a dollar ( fractional currency) and gold coins were issued for circulation up to the value of 20 dollars.
U.S. coins are produced by the United States Mint. U.S. dollar banknotes are printed by the Bureau of Engraving and Printing, and, since 1914, have been issued by the Federal Reserve. The "large-sized notes" issued before 1928 measured 7.42 inches by 3.125 inches; small-sized notes, introduced that year, measure 6.14 inches by 2.61 inches.
Notes above the $100 denomination ceased being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily either in inter-bank transactions or by organized crime; it was the latter usage that prompted President Richard Nixon to issue an executive order in 1969 halting their use. With the advent of electronic banking, they became less necessary. Notes in denominations of $500, $1,000, $5,000, $10,000, and $100,000 were all produced at one time; see large denomination bills in U.S. currency for details.........
Official United States coins have been produced every year from 1792 to the present. In normal circulation today, there are coins of the denominations 1Â˘ ([One] Cent, also referred to as a Penny), 5Â˘ (Nickel), 10Â˘ (Dime), 25Â˘ (Quarter Dollar officially, or simply Quarter in common usage), 50Â˘ (Half Dollar; uncommon), and $1 (Dollar; uncommon). Federal Reserve Notes exist as $1, $2 (uncommon), $5, $10, $20, $50, and $100 denominations. Previously to 1934 there were also $500, $1000, $5000, $10000, and 7 $100,000 bills made. According to http://www.highdenomination
.com/Gold_Details.asp?id=904 there were 42,000 $100,000 notes printed, all of which were gold certificates and are accounted for. They were never intended for general circulation and are illegal to own.
Dollar coins have not been very popular in the United States. Silver dollars were minted intermittently from 1794 through 1935; a copper-nickel dollar of the same large size, featuring President Dwight D. Eisenhower, was minted from 1971 through 1978. Gold dollars were also minted in the 1800s. The Susan B. Anthony dollar coin was introduced in 1979; these proved to be unpopular because they were often mistaken for quarters, due to their nearly-equal size, their milled edge, and their similar color. Minting of these dollars for circulation was suspended in 1980 (collectors' pieces were struck in 1981), but, as with all past U.S. coins, they remain legal tender. As the number of Anthony dollars held by the Federal Reserve and dispensed primarily to make change in postal and transit vending machines had been virtually exhausted, additional Anthony dollars were struck in 1999. In 2000, a new $1 coin featuring Sacagawea was introduced, which corrected some of the mistakes of the Anthony dollar by having a smooth edge and a gold color, without requiring changes to vending machines that accept the Anthony dollar. However, this new coin has failed to achieve the popularity of the still-existing $1 bill and is rarely used in daily transactions. The failure to simultaneously withdraw the dollar bill and weak publicity efforts have been cited by coin proponents as primary reasons for the failure of the dollar coin to gain popular support.
In February 2007, the US Mint, under the Presidential $1 Coin Act of 2005, introduced a new $1 US Presidential dollar coin. Based on the success of the " 50 State Quarters" series, the new coin will feature a rotating portrait of deceased presidents in order of their inaugurations, starting with George Washington, on the obverse side. The reverse side will feature the Statue of Liberty . To allow for larger, more detailed portraits, the traditional inscriptions of "E Pluribus Unum," "In God We Trust," the year of minting or issuance, and the mint mark will be inscribed on the edge of the coin instead of the face. This feature, similar to the edge inscriptions seen on the British ÂŁ1 coin, is not usually associated with US coin designs. The third required inscription, "Liberty", has been eliminated, with the Statue of Liberty serving as a sufficient replacement. In addition, due to the nature of US coins, this will be the first time there will be circulating US coins of different denominations with the same President featured. ( Lincoln/ penny, Jefferson/ nickel, Franklin D. Roosevelt/ dime, Washington/ quarter and Kennedy / half dollar.) Another unusual fact about the new $1 coin is Grover Cleveland will have two coins with his portrait issued due to the fact he was the only US President to be elected to two non-consecutive terms. 
One appreciates the youthful dynamism and vigor - coupled with intellectual antecedents - that the 47-year-old Prof. Soludo brings into the CBN governorship job, but his current re-decimalization, re-denomination and dollarization go FAR BEYOND the normal central bank decision-making, and should have executive, legislative and even popular input before the bank makes its final decision.
That should not be.