when did nigeria change its currency from pounds to naira
1 January 1973
title: Nigerian pound text: Nigerian pound The Nigerian pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings, each of 12 pence. The Nigerian pound (which was at parity with the British pound with easy convertibility) was replaced with the introduction in 1973 of the decimal "naira" at a rate of 1 pound = 2 naira. This made Nigeria the last country to abandon the £sd currency system. Coins were issued in 1959 in denominations of ½, 1, 3 and 6 title: Nigerian naira text: Nigerian naira The naira (sign: ₦; code: NGN) is the currency of Nigeria. It is subdivided into 100 "kobo". The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins. The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira title: Nigerian naira text: = 1 pound. This made Nigeria the last former British colony to abandon the £sd currency system in favour of the decimal currency system. There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended. The currency sign is . The name "naira" is simply a contraction of "Nigeria", while the subdivision, "kobo", is a local pronunciation of English "copper." Rampant inflation has occurred in Nigeria. The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased title: Nigerian naira text: The naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar'Adua), with 100 old naira to become 1 new naira. The Nigerian Central Bank stated that it will make the naira fully convertible against foreign currencies by 2009. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. The naira appreciated against the dollar through 2007 due to high oil revenues. Also, the then-Bank Governor, Professor Chukwuma Soludo noted the weekly central bank auctions of foreign currency will gradually be phased out, and that title: Nigerian naira text: circulation with effect from 28 February 2007. On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005. On February 28, 2007, new versions of the 5 to 50 naira banknotes were introduced. Originally the 10, 20 and 50 naira were to be polymer banknotes, but the 5,10 and 50 were delayed to late