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On 31st March, 1971, the then Head of State General Yakubu Gowon announced that Nigeria would change to decimal currency as from 1st January, 1973. The currency unit would be called Naira which would be equivalent to ten shillings: the minor unit would be called kobo; 100 of which would make one Naira.

The decision to change to decimal currency followed the recommendations of the Decimal Currency Committee set up in 1962 which submitted its report in 1964.