Search results
Results From The WOW.Com Content Network
In some places there is a thriving street trade by unlicensed street traders in US dollars or other stable currencies, which are seen as a hedge against local inflation. The exchange rate is grossly more favourable to the seller of the foreign currency than is the official bank rate, but such trading is usually illegal. [citation needed]
The pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings, each of 12 pence. The Nigerian pound, at parity with sterling with free convertibility, [ 1] was replaced in 1973 with the decimal naira at a ...
The naira was introduced on 1 January 1973, [ 9] replacing the Nigerian pound at a rate of £1 = ₦2. [ 10] The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the colonial government of the Federation of Nigeria in 1959, with the name of Queen ...
The pound hit its highest level against the dollar in a year on Wednesday as investors bet on UK interest rates staying higher for longer. Fresh data on Wednesday showed the rate of inflation was ...
British West African pound. A 1953 20/– (£1) note of the West African Currency Board. The pound was the currency of British West Africa, a group of British colonies, protectorates and mandate territories. It was equal to one pound sterling and was similarly subdivided into 20 shillings, each of 12 pence. [1]
Biafran pound. 1⁄2 shilling coin from 1969; aluminium, reverse. 1⁄2 shilling coin from 1969; aluminium, obverse. This infobox shows the latest status before this currency was rendered obsolete. The pound (symbol £) was the currency of the breakaway Republic of Biafra between 1968 and 1970.
The pound ( sign: £) is the main unit of sterling, [ 4] and the word pound is also used to refer to the British currency generally, [ 5] often qualified in international contexts as the British pound or the pound sterling. [ 4] Sterling is the world's oldest currency in continuous use since its inception. [ 6]
Colonial Nigeria was ruled by the British Empire from the mid-nineteenth century until 1 October 1960 when Nigeria achieved independence. [ 8] Britain annexed Lagos in 1861 and established the Oil River Protectorate in 1884. British influence in the Niger area increased gradually over the 19th century, but Britain did not effectively occupy the ...