The economy of Nigeria is among one of Africa's largest economies, and it has industries such as oil refining, construction materials, pharmaceuticals, and cement. This practice involves the sacrifice of blood to make money and carry out spiritual attacks. The history of Juju in Nigeria comes from the traditional African religion also known as voodoo. READ ALSO: Brief history of banking in Nigeria from 1990 till date. Usually, such products as salt, leather, seashells, pearls, or cloth represented commodity money. The coins however are gradually fading away but they still remain valid legal tender in Nigeria, no matter how few and scarce they are. The History of the Nigerian Currency: Before the introduction of the Nigerian Naira and Kobo, which was in the year 1973, the Pound was the currency of Nigeria and was used between 1907 and 1973. More than 100 million Nigerians live in Poverty, generally accepted as living below $1 dollar a day. Developments in Nigeria receive particular attention because in the author's opinion Nigeria affords one of the best examples of the process whereby former colonies established and nurtured their own central and commercial banking systems followed by their own money and capital markets. Below is a run down of Nigerian currency history from amalgamation till date. Searches related to history of the nigerian naira notes. History of money begins with the invention of commodity money. The Nigerian naira (NGN) is the official currency of the Federal Republic of Nigeria. History. History of Banking in Nigeria. Nigeria's currency is made up of 100 kobo. Over time, the issue of procurement of loan either for business setup or for other financial purposes continue to advances in a rate that is unimaginable, whereas loan and cooperative society starts as a household idea which later expanded even to a cooperative society that is generally recognized and sometimes financed by the government. Nigeria had used other forms of money (cowries and manilas) prior to the introduction of the Naira. pictures of nigerian naira notes. However, the first indigenous bank In Nigeria was established in 1929 and was called Industrial and Commercial Bank. This bank liquidated (that is, it was sold in payment of debts) in 1930 and was replaced by Mercantile Bank in 1931. The West African Currency Board was the body legally responsible for issuing currency notes in Nigeria between 1912 to 1959 . Lets put this into context: 200 US Dollars is 72,000 Naira. 100 naira note. Thus, $200 will feed 200 people in a day. 20 naira note. nigerian currency notes. Nigeria made history as the last nation to do away with the £sd currency system when it disbursed the Naira on January 1, 1973. 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