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50 KOBO Banknote of NIGERIA 1977 - Bank Building - LOGGING Scene - Pick 14 - UNC
50 Kobo Banknote of Nigeria / Featuring a View of the Central Bank Building in Lagos and a Scene of Loggers at Work / Attractive Crisp Uncirculated Condition Note with Excellent Color / Series of 1977-78
** See Below for a Full Description of this Banknote **
This note will be shipped in a professional protective sleeve. The note pictured here is precisely the one the buyer will receive.
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We are very pleased to offer this authentic 50 Kobo banknote of Nigeria for your consideration. It features a view of the Central Bank of Nigeria in Lagos and a scene of loggers at work. This note survives in crisp uncirculated condition with excellent color. ( See below for more on Nigeria )
Series and Denomination: 50 Kobo - 1967
Serial Number: 396272
Watermark: Heraldic Eagle
Condition: Crisp Uncirculated Reference: Pick 12g
The Federal Republic of Nigeria:
In the northern cities of Kano and Katsina, recorded history dates back to about 1000 AD. In the centuries that followed, these Hausa kingdoms and the Bornu empire near Lake Chad prospered as important terminals of north-south trade between North African Berbers and forest people who exchanged slaves, ivory, and kola nuts for salt, glass beads, coral, cloth, weapons, brass rods, and cowrie shells used as currency.
In the southwest, the Yoruba kingdom of Oyo was founded about 1400, and at its height from the 17th to 19th centuries attained a high level of political organization and extended as far as modern Togo. In the south central part of present-day Nigeria, as early as the 15th and 16th centuries, the kingdom of Benin had developed an efficient army; an elaborate ceremonial court; and artisans whose works in ivory, wood, bronze, and brass are prized throughout the world today. In the 17th through 19th centuries, European traders established coastal ports for the increasing traffic in slaves destined for the Americas. Commodity trade, especially in palm oil and timber, replaced slave trade in the 19th century, particularly under anti-slavery actions by the British Navy. In the early 19th century the Fulani leader, Usman dan Fodio, promulgated Islam and that brought most areas in the north under the loose control of an empire centered in Sokoto.
Following the Napoleonic wars, the British expanded trade with the Nigerian interior. In 1885, British claims to a sphere of influence in that area received international recognition and, in the following year, the Royal Niger Company was chartered. In 1900, the company's territory came under the control of the British Government, which moved to consolidate its hold over the area of modern Nigeria. In 1914, the area was formally united as the "Colony and Protectorate of Nigeria."
Administratively, Nigeria remained divided into the northern and southern provinces and Lagos colony. Western education and the development of a modern economy proceeded more rapidly in the south than in the north, with consequences felt in Nigeria's political life ever since. Following World War II, in response to the growth of Nigerian nationalism and demands for independence, successive constitutions legislated by the British Government moved Nigeria toward self-government on a representative, increasingly federal, basis.
Nigeria was granted full independence in October 1960, as a federation of three regions (northern, western, and eastern) under a constitution that provided for a parliamentary form of government. Under the constitution, each of the three regions retained a substantial measure of self-government. The federal government was given exclusive powers in defense and security, foreign relations, and commercial and fiscal policies. In October 1963, Nigeria altered its relationship with the United Kingdom by proclaiming itself a federal republic and promulgating a new constitution. A fourth region (the midwest) was established that year. From the outset, Nigeria's ethnic, regional, and religious tensions were magnified by the significant disparities in economic and educational development between the south and the north.
On January 15, 1966, a small group of army officers, mostly southeastern Igbos, overthrew the government and assassinated the federal prime minister and the premiers of the northern and western regions. The federal military government that assumed power was unable to quiet ethnic tensions or produce a constitution acceptable to all sections of the country. Its efforts to abolish the federal structure greatly raised tensions and led to another coup in July. The coup-related massacre of thousands of Igbo in the north prompted hundreds of thousands of them to return to the southeast, where increasingly strong Igbo secessionist sentiment emerged.
In a move that gave greater autonomy to minority ethnic groups, the military divided the four regions into 12 states. The Igbo rejected attempts at constitutional revisions and insisted on full autonomy for the east. Finally, in May 1967, Lt. Col. Emeka Ojukwu, the military governor of the eastern region, who emerged as the leader of increasing Igbo secessionist sentiment, declared the independence of the eastern region as the "Republic of Biafra." The ensuing civil war was bitter and bloody, ending in the defeat of Biafra in 1970.
Following the civil war, reconciliation was rapid and effective, and the country turned to the task of economic development. Foreign exchange earnings and government revenues increased spectacularly with the oil price rises of 1973-74. On July 29, 1975, Gen. Murtala Muhammed and a group of fellow officers staged a bloodless coup, accusing Gen. Yakubu Gowon's military government of delaying the promised return to civilian rule and becoming corrupt and ineffective. General Muhammed replaced thousands of civil servants and announced a timetable for the resumption of civilian rule by October 1, 1979. Muhammed also announced the government's intention to create new states and to construct a new federal capital in the center of the country.
General Muhammed was assassinated on February 13, 1976, in an abortive coup. His chief of staff, Lt. Gen. Olusegun Obasanjo, became head of state. Obasanjo adhered meticulously to the schedule for return to civilian rule, moving to modernize and streamline the armed forces and seeking to use oil revenues to diversify and develop the country's economy. Seven new states were created in 1976, bringing the total to 19. The process of creating additional states continued until, in 1996, there were 36.
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