• Short Summary

    The head of Nigeria's military government, General Yakubu Gowon, on Tuesday (January 2) launched his country's new system of decimal currency.

  • Description

    The head of Nigeria's military government, General Yakubu Gowon, on Tuesday (January 2) launched his country's new system of decimal currency.

    Officially, decimalisation and the metric system began in Nigeria on New Year's Day, the day before the launching. The new unit of currency in Nigeria is the Naira which consists of one hundred kobo. (One Naira = 0.39 Pounds Sterling or 0.16 Dollars U.S.). Currency has been issued in denominations of ten, five, and one Naira, and fifty, ten and five kobo.

    The Naira is exactly half the value of the old Nigerian pound which had been the primary unit of currency in a pounds shillings and pence system. operated since Nigeria became a British colony more than a hundred years ago. The new currency will circulate will old until a Decimal Currency Board decides that old money should be withdrawn. Ten and five Kobo pieces had been circulating since July last year.

    The launching of the new currency was held in the banking hall of the Central Bank of Nigeria in Lagos. After the official launching, General Gowon was presented with a set of the new currency in a case and was the first Nigerian citizen to exchange his old money for the new. Thousands of other people were then admitted to change their currency.

    SYNOPSIS: Decimal currency replaced the old system of pounds, shillings and pence in Nigeria on Tuesday. The new currency was first available at the Central Bank of Nigeria in Lagos and the first Nigerian to exchange his old money was the head of the military government. General Yakubu Gowon. Earlier, he had launched the new currency. Officially, Nigeria went decimal and began using the metric system of measurements on New Years Day.

    The new unit of currency, the Naira, is worth exactly half the old Nigerian pound and is divided into one hundred Kobo. The new money is available in Units of ten, five and one Naira, and fifty, ten and five Kobo.

    In his speech launching the decimal system, General Gowon said he believed the changeover would go smoothly. He outlined the exchange facilities available and explained the reason for Nigeria's changeover.

  • Tags

  • Data

    Film ID:
    VLVA6W88BVSB64TY4DQZ20JHTA81N
    Media URN:
    VLVA6W88BVSB64TY4DQZ20JHTA81N
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    04/01/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:02:57:00
    Time in/Out:
    /
    Canister:
    N/A

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