CURRENT AFFAIRS

Detailed explanation-1: -From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes (insert hyperlink) and coins in Nigeria, Ghana, Sierra Leone and the Gambia. The highest banknote denomination was one pound, while the one shilling coin was the highest coin denomination.

Detailed explanation-2: -The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959. Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas.

Detailed explanation-3: -Nigerian one thousand-naira note ( ₦ 1000 or NGN 1000) is a denomination of the Nigerian currency. The one thousand-naira note was introduced in October 2005. On 12 October 2005, Olusegun Obasanjo launched the ₦ 1000 note.

Detailed explanation-4: -The naira was introduced in 1973, when the country decimalized its monetary system and substituted the naira for the Nigerian pound (the country used the British pound sterling when it was a British colony), which was divided into shillings.