Naira is the official name of the currency that Nigeria peoples use to buy goods and service in the market. Central bank of Nigeria (CBN) is the agency that issue and distribute currency in the country. Naira is the official name that represent the British pound sterling in the country.
Every countries have different currency and all this currency have their own value in term of what you want to use that money for.
In Nigeria we have different currency which ranges from 5naira to 1000naira, 1000 naira is the highest money in the country and all this money have been redesigned which make the naira to be scarce in the country.
Below are the table which separate naira and the steem value
| Naira | Steem |
|---|
| 5 naira | 0.5steem |
| 10 naira | 0.10steem |
| 20 naira | 0.20steem |
| 50 naira | 0.50steem |
| 100 naira | 1steem |
| 200 naira | 2steem |
| 500 naira | 5steem |
| 1000 naira | 10steem |
These are the currency we use to do transaction between one and others because it is a legal tender which was backed up by the established law in the country.
Explain to us the 3 images contained in the money of your country and explain what those images are?
Fifty naira note
This is fifty naira note and the pictures inside this currency consist of different tribes which include Igbo, Yoruba, Hausa and Fulani. This symbolise unity and peace among peoples in the country. The reason for this is that Nigeria consist of different ethnic group.
Five hundred naira note
Nnamdi Azikwe was the first Nigeria president between 1963 to 1966, he was one of those peoples who help Nigeria to gained independence from the British government. This man could spoke 3 language which include Yoruba,Hausa and Igbo language, this assist him to became president of the country that is why they refers him as the father of Nigeria Nationalism. That is Nnamdi Azikwe picture on five hundred naira note.
One thousand naira notes
Clement Isong was a Nigeria banker and politician, during the general Yakub Gowon regime he became the governor of central bank of Nigeria(1967–1975) this man contribute to the growth and development of banks in Nigeria and his name cannot be forgotten in the bank industry.
The second man is Alhaji Aliyu Mai-bornu, was a Nigerian and the first indigenous central bank of Nigeria 1919-1923. Alhaji Aliyu Mai-bornu once served as the deputy governor of central bank of Nigeria under the British adminstration before he became governor of central bank. This two men lead to the development of the banking sector in the country and this also help the smooth running of the business in the Country.
Are there any details of signs that distinguish the money from counterfeit money?
This golden seal show in the 1000 naira notes differential fake money from original money, this seal show that this money is original and You cannot easily scratch out the seal. Once you use your hand to scratch out the seal it show that the money is not original.
Conclusion
In olden days we use cowries to do transaction between our self and this assist us in making our business and economic to improve. As the world civilise and with the present of modern technology that make things easy for us which lead to the introduce of paper money. I invite
@tafata,
@tiyum08 and
@tayyab100 to join me in this contest.
Regards
@akareen
Wow I will must take part in this contest.
Thank you for your participation, very good information. I really appreciate your efforts in making this post, good luck.
Thanks for this wonderful review