ADVERTISEMENT

What you should know about N20, the oldest paper money in Nigeria

N20 is the oldest currency denomination and Nigerians have been using it for 41 years.

20 Naira (Allnumis)
ADVERTISEMENT

The history of paper money in Nigeria started with the introduction N20 note in 1977. Before then, Nigerians only relied on coins for business transactions.

However, in a bid to start a new beginning after the civil war, a new currency, Naira, was introduced on January 1, 1973, to replace the British pound as the official currency of Nigeria.

At this time, one Naira was the highest currency in the country.

However, on Friday, February 11, 1977, a new paper money of the value of 20 Naira was introduced. The paper money bearing the face of General Murtala Ramat Muhammed thus became the biggest currency denomination.

Murtala Muhammed was the Nigerian Head of State between July 30, 1975, and February 13, 1976. He served the country for just 200 days before he was assassinated.

The N20 banknote also bears the face Ladi Kwali, a famous pottery from Gwari Abuja.

Ladi Kwali was a professional pot maker whose skills got her a recognition from the Queen of England. In 1962, Kwali was awarded Member of the Order of the British Empire (MBE) in 1962 by Queen Elizabeth II for her pot making skills.

Since its introduction in 1977, the N20 note has gone through some transformations. The first N20 note had some touches of red while the dominant colour was green.

The second generation of the note was all green. While the third generation of the note retains the green colour but now in a polymer form.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

This week's best celebrity pictures on Instagram

This week's best celebrity pictures on Instagram

5 reassurances your girlfriend needs to hear regularly

5 reassurances your girlfriend needs to hear regularly

Why do bad boys like good girls?

Why do bad boys like good girls?

8 sperm-killing foods that dads need to avoid!

8 sperm-killing foods that dads need to avoid!

Using saliva as lubricant during sex is ruining your health - medical experts

Using saliva as lubricant during sex is ruining your health - medical experts

How to prep your skin for a flawless  makeup

How to prep your skin for a flawless makeup

5 types of people during this current naira scarcity

5 types of people during this current naira scarcity

5 things men do after sex that women love

5 things men do after sex that women love

TECNO launches #TheXtraOrdinaryMe challenge on social media

TECNO launches #TheXtraOrdinaryMe challenge on social media

ADVERTISEMENT
ADVERTISEMENT