Naira Redesign Policy: What You Need To Know

Over the years, the Nigerian legal tender has been redesigned four (4) times; the first time was in 1965 when Nigeria became a republic, and the main reason why it was redesigned was so that it could reflect that it was now being issued by the Federal Republic of Nigeria. The Nigerian currency was redesigned yet again in 1968, following a civil war. Nigeria chose to modify the currency notes it printed in 1965 as a war tactic to counteract the misuse of the country's currency notes during the period. Nigeria implemented a genuine monetary system in decimal form in 1973, replacing the imperial system inherited from the British colonial administration, which resulted in a currency redesign then, as part of the economic reforms implemented in 2007, new banknotes with new designs were reissued.