Nigerian pound

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The pound was the currency of Nigeria between 1907 and 1973. Until 1959, Nigeria used the 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[1]) was replaced with the introduction [2] in 1973 of the decimal naira at a rate of 1 pound = 2 naira.

[edit] Coins

Coins were issued in 1959 in denominations of ½, 1, 3 and 6 pence, 1 and 2 shillings. The ½ and 1 penny coins were bronze and holed. The 3 pence was dodecagonal and minted in nickel-brass, whist the higher denominations were minted in cupro-nickel.

[edit] Banknotes

In 1918, emergency issues were made by the government in denominations of 1, 10 and 20 shillings.

In 1958, the Central bank of Nigeria introduced notes in denominations of 5 and 10 shillings, 1 and 5 pounds. Three series of notes were issued, in 1958, 1967 and 1968.