Global Financial Data
Odin Mayland
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Nigeria is a combination of four different colonies. Lagos was established as a colony by the British in 1861, subordinated to Sierra Leone from 1866 until 1874, and to the Gold Coast (Ghana) from 1874 until 1886. Lagos became part of Southern Nigeria in 1906. Southern Nigeria was established as the Oil Rivers Protectorate in 1891, and went through several name changes before uniting with Northern Nigeria (which had belonged to the Royal Niger Company and had been established as the Protectorate of Northern Nigeria on January 1, 1900) on January 1, 1914. Nigeria remained a British colony until it gained its independence on October 1, 1960 and it became a republic in 1963. British Cameroon was joined to Nigeria on October 1, 1961. Biafra was established as a separate state on May 30, 1967 out of three eastern provinces of Biafra, leading to civil war. Biafra surrendered on January 15, 1970, and Biafra was reincorporated into Nigeria.

The British Pound Sterling (GBP) was used in Nigeria while it was a colony. Spanish Dollars were used in Nigeria with 4 Spanish Dollars equal to 1 British Pound Sterling to September 30, 1843 and 4.80 Spanish Dollars equal to 1 Pound Sterling until it was demonetized on May 11, 1880. MacGregor Laird issued token coins in Nigeria in 1858. These were denominated in British pence and in Dollars. French Francs also circulated. From May 11, 1880, gold nuggets and dust were demonetized and British coins, along with a few foreign gold and silver coins, were made legal tender.

The first coins were struck for Nigeria in 1907. On July 1, 1913, the West African Currency Board was established originally to issue coins, but the Constitution was revised in November 1915 to allow for the issue of Pound (XWAP) banknotes at par with the British Pound Sterling. The West African Currency Board became a model for other currency boards in Africa and elsewhere. The Pound was divisible into 20 Shillings or 240 Pence. Manillas (metal pieces used as currency) continued in use in parts of Nigeria until autumn 1948, when they were withdrawn from circulation and exchanged for notes and coins.

Nigeria issued the Nigerian Pound (NGP) at par with the British West African Pound after the Nigerian Central Bank was established on July 1, 1959. On January 1, 1973, Nigeria introduced the Naira (NGN) to replace the Pound with 1 Naira equal to 10 Shillings and divisible into 100 Kobo. Biafra issued its own Pound (BIAP) currency and coins at par with the Nigerian Pound, but it became worthless after Biafra was reincorporated into Nigeria.

Banknotes were issued in Lagos prior to its incorporation into Nigeria. The Central Bank of Nigeria was established on July 1, 1959 and became the sole issuing authority for Nigeria, succeeding the West African Currency Board. The Bank of Biafra issued banknotes for Biafra.