This bank liquidated (that is, it was sold in payment of debts) in 1930 and was replaced by Mercantile Bank in 1931. 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. Searches related to history of the nigerian naira notes. However, prior to this time, the country had used various forms of money including Cowries and Manilas. Below is a run down of Nigerian currency history from amalgamation till date. Usually, such products as salt, leather, seashells, pearls, or cloth represented commodity money. Money laundering in Nigeria: meaning, causes, history, laws, notable cases, and effects show that it is bad, could destroy the moral fabric of the nation, frustrate entrepreneurs, and cause the nation its reputation and lead to economic slump. 20 naira note. nigerian currency notes. pictures of nigerian naira notes. READ ALSO: Brief history of banking in Nigeria from 1990 till date. History Of Cooperative Society In Nigeria. whose picture is on 50 naira note. Nigeria's currency is made up of 100 kobo. 100 naira note. 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. History. Nigeria had used other forms of money (cowries and manilas) prior to the introduction of the Naira. The Nigerian naira (NGN) is the official currency of the Federal Republic of Nigeria. 5 naira note. The coins however are gradually fading away but they still remain valid legal tender in Nigeria, no matter how few and scarce they are. Nigerian Currency History begins in 1912. History of Banking in Nigeria. 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. History of money begins with the invention of commodity money. 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. The history of Juju in Nigeria comes from the traditional African religion also known as voodoo. The West African Currency Board was the body legally responsible for issuing currency notes in Nigeria between 1912 to 1959 . 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