Major socio-economic and political developments in Nigeria and their effects on metamorphosis of the Nigerian currency, 1960-1984

Abstract

The paper discusses major socio-economic and political developments in Nigerian history from 1960 to 1984 and how they affected the country's currency in terms of change of policies, reforms, value, as well as change of the currencies themselves. The socio-economic and political developments that affected economy of the country in general and its currency in particular, during the period under review included: attainment of independence on 1^st October, 1960, attainment of republican status in 1963, the country's civil war (1967-1970), decimalization of currency in 1973, oil boom which also began in 1973 as well as worldwide economic crisis that affected developing countries during the late 1970s and early 1980s. These developments were responsible for causing changes on the Nigeria's currency particularly their designs, colours and styles. Similarly, the country's currency units have since independence in 1960 passed through different stages of transformations. It is the concern of this paper therefore, to highlight the effects of these developments on metamorphosis of units of the Nigerian currency.