DECIMAL CURRENCY ACT

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DECIMAL CURRENCY ACT

CHAPTER D2 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004

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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.

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DECIMAL CURRENCY ACT

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.]

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[Commencement.]

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

 All other sections: 3rd July, 1972]

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