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Tuesday, 13 March 2018

Man Gives His Nigerian Old £1 As Offering Amid Church Service

Man Gives His Nigerian Old £1 As Offering Amid Church Service
Nigerian Old £1

A Twitter client @reetah_kay, who was among church workers who counted the cash in her church after the last service, communicated her stun after observing a Nigerian old £1 among the offerings given in the congregation. 

Taking to Twitter to describe the experience, she composed; 

After sunday service,those counting d money did dere work and guess what they found? “Nigeria’s own One Pound” I mean “one pound” used btw d year 1907 and 1973…Now my question is,how did dis person manage to keep dis currency till date?
Man Gives His Nigerian Old £1 As Offering Amid Church Service

The West African Currency Board was in charge of issuing cash notes in Nigeria from 1912 to 1959. Preceding the foundation of the West African Currency Board, Nigeria had utilized different types of cash including cowries and manilas. 

On first July, 1959 the Central Bank of Nigeria issued the Nigerian money notes and coins and the West African Currency Board notes and coins were pulled back. It was not until first July, 1962 that legal tender status was changed to reflect the nation's new status. The notes were again changed in 1968 as a war methodology following the abuse of the nation's money notes. 

On 31st March, 1971, the then Head of State declared that Nigeria would change to decimal currency as from first January, 1973.The noteworthy cash unit would be called Naira which would be proportional to ten shillings: the minor unit would be called kobo; 100 of which would make one Naira. The choice to change to decimal cash took after the proposals of the Decimal Currency Committee set up in 1962 which presented its report in 1964. 

The change that occurred in January, 1973 was a noteworthy one and this included both money notes and coins. The real unit of money which used to be £1 stopped to exist and the one Naira which was comparable to 10/ - turn into the significant unit: 

On eleventh February, 1977 another banknote group of the estimation of 20 Naira was issued. This was uncommon in two regards: 

The N20(Twenty Naira) banknote was the highest denomination to be introduced then, and its issue became necessary as a result of the growth of incomes in the country; the preference for cash transactions and the need for convenience.

The N20 (Twenty Naira) banknote turned into the principal money note in Nigeria bearing the Portrait of a Nigerian subject, for this situation, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was the light carrier of the Nigerian Revolution July, 1975.

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