Lawyers' Guide
Laws of the Federation Preview 21 min read

Decimal Currency Act

md

Arrangement of Sections

1. Currency of Nigeria

2. Parity of Naira

3. Denomination and form of notes and coins

4. Bank currency to be legal tender

5. Obligation in respect of currency

6. Existing currency

7. Interpretation

8. Short title

An Act to establish a decimal currency for Nigeria. The unit of currency will be the naira which will be divided into one hundred kobo. One naira will be equivalent to ten shillings in the existing currency. A Decimal Currency Board to superintend the change-over is also established.

[1971 No. 21.]

[Sections 7 to 11: 6 th July, 1971,

All other sections: 3 rd July , 1972]

[Commencement.]

1. Currency of Nigeria

(1) The unit of currency in Nigeria shall be the naira which shall be divided into one hundred kobo.
(2) Every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing whatsoever relating to money or involving the payment of or the liability to pay any money which, but for his subsection, would have been deemed to be made, executed, entered into, done and had, in and in relation to Nigerian pounds shall in Nigeria be deemed instead to be made, executed, entered into, done and had, in and in relation to naira on the basis that one Nigerian pound equals two naira.
(3) Accordingly and unless the context otherwise requires, any reference in any existing law to an amount expressed in Nigerian pounds or any fraction thereof shall, upon the coming into force of this Act, be construed as a reference to the corresponding amount of naira or any fraction thereof.

2. Parity of naira

(1) Subject to the provisions of subsection (2) of this section, the parity of the naira shall be equivalent to 1.24414 grams fine gold.
(2) The parity of the naira may, from time to time, be changed by the Bank with the approval of the President; and the notice of the change shall as soon as possible thereafter be published in the Federal Gazette .

3. Denomination and form of notes and coins

(1) Notes and coins issued by the Bank-
(a) shall be in such denominations of the naira or fractions thereof as are approved by the Minister on the recommendation of the Bank;
(b) shall be of such form and designs and bear such devices as are approved by the Minister on the recommendation of the Bank.

Continue reading Decimal Currency Act

You have read the opening. Unlock the full library once and it stays unlocked - one payment, no subscription, the same library as the app.

  • All 725 Laws of the Federation, A to Z
  • 916 full judgments and 269 case collections
  • 8,046 legal principles and 124 rules of court
  • 343 drafts, with the Draft Builder
  • The Law Dictionary - 31,442 terms
  • Law School notes and 2,082 MCQs
Unlock the libraryI have an access code

Every Act, case collection and principle beginning with A, B or C is free to read in full, without unlocking - the same boundary as the Android app.