• Short Summary

    At the Nigerian Central Bank in Lagos on Monday (3 July), Finance Commissioner Alhaji Shehu Shagari presided at a ceremony introducing two new decimal coins -- the five and then Kobo units.

  • Description

    At the Nigerian Central Bank in Lagos on Monday (3 July), Finance Commissioner Alhaji Shehu Shagari presided at a ceremony introducing two new decimal coins -- the five and then Kobo units. The two coins went into circulation six months ahead of the scheduled break with the present monetary system.

    The five-Kobo has two cocoa pods and the 10-Kobo two palm trees on the obverse sides and Nigeria's coat of arms on the reverse. They are the first Nigerian coins which do not carry the head of a British monarch. Hundreds of people jammed banks on Monday in a rush to obtain the new coins.

    Nigeria will change to a decimal currency system and metric weights and measures next January 1.

    SYNOPSIS: Nigeria entered the era of decimal currency on Monday with the introduction of two new denominations of the Kobo coins, the five and ten Kobo units. The five-Kobo has two cocoa pods and the ten-Kobo two palm trees on the obverse sides and Nigeria's coat of arms on the reverse.

    Addressing the launching ceremony at the Nigeria Central Bank in Lagos, Finance Commissioner Alhaji Shehu Shagari emphasised the need for continuous publicity for the new decimal currency. Nigeria will change to a decimal currency and metric weights and measures on the first of next January. The Commissioner was joined by hundreds of other citizens who jammed the banks in a rush to obtain the new coins. Prices of goods in shops will be shown in both the present currency and the newly introduced Kobo.

  • Tags

  • Data

    Film ID:
    VLVA1BZ4FDKPV2Q6JJZJ4TD5SBFG7
    Media URN:
    VLVA1BZ4FDKPV2Q6JJZJ4TD5SBFG7
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    05/07/1972
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:00:00
    Time in/Out:
    /
    Canister:
    N/A

Comments (0)

We always welcome comments and more information about our films.
All posts are reactively checked. Libellous and abusive comments are forbidden.

Add your comment