The Federal Republic of Nigeria is a West African country that is bordered by Niger to the north, Chad and Cameroon to the east, the Gulf of Guinea to the south, and Benin to the south. Nigeria is the most populated country and one of the largest economies in Africa. Its economy is heavily reliant on its petroleum industry but a big part of the population also participates in agriculture. It is a diverse multinational state with more than 250 ethnic groups composing its population. Nigeria was a protectorate of Britain. It became independent in 1960 and adopted a republican constitution in 1963. Despite this, Nigeria is still a member of the Commonwealth.
The naira is the official currency of Nigeria. One Nigerian naira is equivalent to 100 kobos. The naira replaced the Nigerian pound in 1973 at a rate of two naira per pound. Nigeria is the last country in Africa to abandon the pound system.
The Central Bank of Nigeria is the only issuing authority of the naira. It was established in 1958 and started its operations in 1959. The first family of naira notes in 1973 had the same design as the preceding Nigerian pound. These notes had graduating sizes, the Central Bank of Nigeria building in front, and different economic activities at the back. Three years later in 1977, a new family was introduced. These notes had the same size, portraits of Nigerian heroes in front, and cultural motifs at the back. In 1984, the color schemes of notes with smaller denominations (the 1 naira, 5 naira, 10 naira, and 20 naira) were changed to slow down the high rate of currency trafficking. Larger denominations were introduced in 1999. Ten years later, the 5 naira, 10 naira, and 50 naira notes were printed on polymer substrate. The Central Bank issued two commemorative notes in 2014. These are the 50 naira note that commemorated the 50th anniversary of Nigerian Independence, and the 100 naira note that commemorated the 100th anniversary of Nigeria as a single united nation. The commemorative 100 naira note is the first banknote in the world to include a Quick Recognition Code (QR Code) into its design.