The state of the Nigerian economy is a common discussion among Nigerians. It is one of the primary factors for the migration to the Americas and Europe. There are numerous stories about the state of the economy prior to the conversion to the Nigerian currency - Naira. When I ask about the economy of Nigeria prior to the conversion, the general theme is one of opulence, dignity and joy. Here is what one individual had to say about the Pound.
A song by Ebenezer Obey comes to mind when I think back to the time Nigeria used Pounds instead of Naira. In the song he says "100 Kobo equals to 1 Naira" when the conversion happened. You know, before the Pound was replaced it was on par with the British Pound. As a secondary school student I would get an allowance from my parents and go to the store and buy a dozen milk and middle class workers now cannot do the same. The economy was so buoyant that 1 Nigerian Pound was approximately 6 dollars. The cost of living was so minimal...it was a great period of time.
As remembered by a Nigerian living in Toronto, Canada.