| Unit | |
|---|---|
| Symbol | £ |
| Denominations | |
| Subunit | |
| 1⁄20 | shilling |
| 1⁄240 | penny |
| Symbol | |
| shilling | s or /– |
| penny | d |
| Banknotes | 5/–, 10/–, £1, £5 |
| Coins | 1⁄2d, 1d, 3d, 6d, 1/–, 2/– |
| Demographics | |
| Replaced | British West African pound |
| Replaced by | Nigerian naira |
| User(s) | Nigeria |
| Issuance | |
| Central bank | Central Bank of Nigeria |
| Website | www |
| This infobox shows the latest status before this currency was rendered obsolete. | |
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 rate of £1 = ₦2,[2] making Nigeria the last country to abandon the pre-decimal £sd currency system.