NIGERIA (2 of 2)

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Nigeria 2006 - Seven Years Waiting

First of all the coins in question.

Nigeria 50 Kobo 2006
Nigeria 50 Kobo 2006 (scaled to approx 250dpi)

Nigeria 1 Naira 2006
Nigeria 1 Naira 2006 (scaled to approx 250dpi)

Nigeria 2 Naira 2006
Nigeria 2 Naira 2006 (scaled to approx 250dpi)

If ever there was a set of coins that took a long time to actually come into being, it was the Nigeria 2006 dated set. First issued to circulation on 28/Feb/2007, this set comprised 50 Kobo, 1 Naira and 2 Naira. Looking back at my e-mails from the time, it would seem that I waited just over seven years for this set to really happen. In January 2000, a question from China received via Worldwide Bi-Metallic Collectors Club contacts...

“Have you heard about new bi-metallic from Nigeria, my friend told me there is new bi-metallic coin issued in Nigeria but I can't confirm this message.”

I have no idea of the source of this “news”, though the most recent date on Nigerian coins at this time was 1993 (50 Kobo and 1 Naira) and so it was quite plausible that new coins could be under consideration. There was very little further information until someone told me in December 2001…

“Nigeria: Coins to replace low value naira notes. The Central Bank of Nigeria will issue 5, 10 and 20 naira coins to replace paper notes next year. This measure seems to be very unpopular.”

Likely this had originated in some official announcement from Nigeria which was likely the source of Richard Geidroyc’s January 2002 “World Coin News” mention of new coins being expected for Nigeria. But over subsequent months – nothing happened. Later on in December 2002 someone must have heard a rumour, they informed me that new Nigeria 50 Kobo, 1 Naira and 5 Naira were issued and asked that if I saw any then could I get them some pieces too. Evidently a year went by and nothing happened – no new coins. In December 2003 - I read a new news report at; the first main line of the report read...

“Lagos - Nigerian President Olusegun Obasanjo has halted the sale of the state mint amid disagreements between the agencies handling the transaction, his office said on Tuesday.”

Around this time, over a period of a few years, I came across a number of reports on the latest happenings regarding the sale or otherwise of the Nigerian Security Printing and Minting Company. It seems possible that this had something to do with the great delay with the coins. Next, in January 2005, I read a very recent report with this quote from the governor of the Central Bank of Nigeria...

“Higher currency denominations will be introduced to ease transactions and appropriate mix of coins and bank notes will be introduced.”

Well I had read the same sort of thing before and nothing had happened – I kept in hope – but, as I had guessed, again nothing happened. More than a year later, in April 2006, something similar, no surprise, I read a new news report at and the first main line of this read...

“CENTRAL Bank of Nigeria (CBN) said on Tuesday in Lagos that it would release a new set of coins in 50 kobo, one naira and two naira denominations in December.”

Well this time maybe they really meant it! Then, after more waiting, though less than a year, along came a real development. On 17/Nov/2006 - via WBCC contacts I received a message with real coin images of the 2006 dated 1 Naira and the 2006 dated 2 Naira. Both of these new coins were bi-metallic. That week the two images were shown in WBCC Newsmail 536. A few weeks later I had heard that the coins would be officially released in February 2007, but elsewhere I read that a release date was still to be set. Soon after this, at the start of January 2007, a collector mentioned to me…

“Did you see the 1 & 2 Naira (bimetal) and 50 Kobo (old type) 2006 from Nigeria?”

This tied in with the three denominations mentioned at December 2002 and April 2006. Also around this time I read a 17/Dec/2006 dated report that cleared up the uncertainty regarding the issue date. The report at included...

“The new notes and coins to be introduced by the Central Bank of Nigeria (CBN), will be launched officially on February 28, 2007, the Nigerian Tribune has learnt.”

That announcement and then a collector telling me on 5/Jan/2007 that he had one of each of the three new types was, of course, enough to convince me. About the coins he had acquired, the collector told me that the 50 Kobo was like the previous type of that denomination, only smaller and that the 1 Naira and 2 Naira were bi-metallic. He also told me that there was a dealer who had got these coins; to me this seemed a little odd, with it being so far ahead of the issue date. But that date got nearer. On 20/Feb/2007 in the Nigerian newspaper "The Guardian" (and likely others) there was a whole page advert, on page 42, it read...

“Our New Naira Notes and Coins Will Look Like This.” / (Notes of 5N, 10N, 20N and 50N depicted) / (reverse sides of coins of 50 Kobo, 1 Naira and 2 Naira depicted) / "WATCH OUT! 28TH FEBRUARY, 2007.” / “Do not squeeze, stain, tear, spray, or write on the Naira.” / “This message is from the Central Bank of Nigeria. All Existing Naira Notes And Coins Remain Legal Tender.”

So yes, all went to plan, the 2006 dated coins of 50 Kobo, 1 Naira and 2 Naira were first issued for circulation on 28/Feb/2007, along with the new series of notes. Then one thing left – on 7/Jun/2007 I got hold of a sample of each of the new Nigerian coins. Those very coins can be seen in the images on this page.

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This page about - "Nigeria "2006" - Seven Years Waiting" added at May-2013.