The Naira became Nigeria’s official currency on January 1, 1973, replacing the British Pound Sterling. The name “Naira” was coined by Chief Obafemi Awolowo, the then Federal Commissioner for Finance, by playing on the country’s name, Nigeria. Initially, the currency was issued in denominations of N1, N5, N10, and N20, with kobo as the smaller unit. Over time, higher denominations like N50, N100, N200, N500, and N1,000 were introduced. While the Naira is still denominated in kobo, kobo coins have been phased out and no longer exist in physical form.