- Did you know that the Central Bank of Nigeria has a currency museum where it exhibits currencies and artifacts from across the world?
- The CBN Currency Museum displays banknotes, coins, photographs, gold bars, documents, books, and other objects which tell the story of money and banking in Nigeria and West Africa.
- The CBN Currency Museum was established to educate the public on the evolution of money in Nigeria.
Museums are sites where the heritage of a people is protected and showcased. They promote the culture, history, and values of a people by the display of objects and materials collected over time.
On Wednesday, May 6, 2009, as part of activities to mark the 50th anniversary of the Central Bank of Nigeria, the Currency Museum was commissioned by the then Senate President of the Federal Republic of Nigeria, Senator David Mark.
Located in the headquarters of the CBN in Abuja, the nation’s capital, the Currency Museum is a member of the International Council of Museums (ICOM) which provides a platform for Museum professionals around the world to interact and exchange ideas. The museum has also hosted five (5) International Museum Days in the past.
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The aim of the Currency Museum
The CBN Currency Museum was established to educate the public on the evolution of money in Nigeria. It would also enlighten the public about Currency Related Issues and the apex bank’s initiatives.
Considering the above, under the leadership of the erstwhile Director of Currency and Branch Operations Department, Mr. Ben C. Onyido, a committee comprising professionals from various departments of the CBN was formed.
Consultants were drawn from the National Commission for Museums and Monuments (NCMM) under the Directorship of Mr. Nath Mayo Adediran (rtd), Art Professors from the Ahmadu Bello University, Zaria, Curator of the Bank of England Currency Museum, Mr. John Keyworth and an exhibition specialist, Mr. Nigel Tudman.
Collections found in the Currency Museum
Found in the Currency Museum are currencies and artifacts obtained by donations, loans, and outright purchases. With the evolution of money in the last 50 years, the collections on display include banknotes, coins, photographs, gold bars, documents, books, and other objects which tell the story of money and banking in Nigeria and West Africa.
The CBN has received donations of currencies and artifacts from so many countries as 102 countries have their currencies on display at the museum. 256 collections were recorded at the inception of the museum, and in December 2019, the collection increased to 1,934.
Next level museum
In accordance with progressive change, the CBN is resolving a way to take the museum digital where interested online visitors can take virtual tours of the museum and view the collections digitally.
CBN redesigns banknotes
The CBN has in recent times initiated new monetary policies to save the nation's local currency, the naira, from further value depreciation. It would be recalled that last month, Legit.ng reported that the apex bank introduced the newly redesigned N200, N500 and N1000 banknotes which were unveiled by President Muhammadu Buhari in Abuja.
This followed the request by the CBN for Nigerians to deposit in bank vaults, the old naira notes, with a January 9, 2023 deadline.
The new notes which were locally printed by the Nigerian Security Printing and Minting (NSPM) Plc will enter circulation by December 15, 2022.