Nigeria History and Current Affairs
Finance
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TSA - Treasury Single Account
A Treasury Single Account is a unified structure of government bank accounts enabling consolidation and optimal utilisation of government cash resources. It is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time.
A TSA therefore is considered a prerequisite for modern cash management and is an effective tool for the ministry of finance/treasury to establish oversight and centralised control over government’s cash resources.
CBN - Mobile Money Licensed Companies
1.Corporetti Support Services
2.UBA
3.GTBank
4.Ecobank
5.Monitise
6.Eartholeum
7.First Bank
8.ETB
9.Fortis Microfinance Bank
10.eTrazact11.Chams
12.Paycom
13.M-kudi
14.IBTC Stanbic Bank
15.Hendomark16. Pagatech
Brief History of the Naira
The naira note was introduced on the 1st of Jan. 1973, replacing the British Pound at two Naira to a Pound.This made Nigeria the last State to abandon the British currency system. The currency denominations released by the CBN were 50kobo, 1, 5, 10 and 20 naira and coins of ½, 1,5,10 and 25kobo.
On the 11th February, 1977 a new bank note denomination of the value of 20 naira was issued.Then N20 note was the highest denomination and also the 1st currency to bear the portrait of a Nigerian citizen - the late Head of state, General Murtala Muhammed.
On the 2nd of July, 1979, new currency notes of three denominations - N1,N5 and N10 were introduced
In 1991, both the 50k and N1 notes were coined.
In December 1999, November 2000, April 2001 and October 2005, N100, N200, N500 and N1000 were introduced respectively.
On the 28th of February 2007, N50,N20,N10,N5,N1,50k were reissued with a new design, while a new denomination N2 coin was introduced.