| Unit | |
|---|---|
| Symbol | £ |
| Denominations | |
| Subunit | |
| 1⁄20 | shilling |
| 1⁄240 | penny |
| Symbol | |
| shilling | s or /– |
| penny | d |
| Banknotes | 5/–, 10/–, £1, £5 |
| Coins | 1⁄2d, 1d, 3d, 6d, 1/–, 2/– |
| Demographics | |
| Replaced | British West African pound |
| Replaced by | Nigerian naira |
| User(s) | Nigeria |
| Issuance | |
| Central bank | Central Bank of Nigeria |
| Website | www |
| This infobox shows the latest status before this currency was rendered obsolete. | |
Thepound was the currency ofNigeria between 1907 and 1973. Until 1958, Nigeria used theBritish West African pound, after which it issued its own currency. The pound was subdivided into 20shillings, each of 12pence. The Nigerian pound, at parity withsterling with free convertibility,[1] was replaced in 1973 with the decimalnaira at a rate of £1 = ₦2,[2] making Nigeria the last country to abandon thepre-decimal £sd currency system.
Coins were issued in 1959 in denominations of1⁄2, 1, 3 and 6 pence, 1 and 2shillings. The1⁄2d and 1d coins were holed and struck in bronze. The 3d coin, minted in nickel-brass, was a smaller version of the distinctive twelve-sided threepenny bits that were used in the UK, Fiji and Jersey. The higher denominations were struck in cupro-nickel.
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In 1918, emergency issues were made by the government in denominations of 1/–, 10/– and 20/–. In 1959,[3] theCentral Bank of Nigeria introduced notes in denominations of 5/– and 10/–, £1 and £5. Three series of notes were issued–in 1958, 1967 and in 1968.
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