TIL About the 5 Kobo Coin That Could Buy a Whole Childhood (And Why Your Spare Change is Now Worthless)
The Day I Raided Dad’s “Ancient” Tin Box
Let me set the scene: It’s 2025. I’m bored out of my mind, and rummaging through my dad’s dusty closet in Ilorin. Behind a stack of Vanguard magazines from 1982 and a broken radio, I find a tin. Inside? Treasure. Not gold bars or dollar bills, but coins—real ones—from a time when “inflation” was just a fancy word rich people used.
There it was: a 1 Naira coin, of different types, thick and bronze, stamped with a proud palm tree.
A 50 Kobo piece, smaller but weighty, like it actually meant something. And the star of the show— 
a tiny 5 Kobo coin, so small I almost mistook it for a shirt button. My dad walked in, saw me holding them, and sighed. “Ah, those? They’re useless now. But back then… 5 Kobo could buy you wahala.”
Turns out, he wasn’t joking.
When 5 Kobo Was a Flex (Seriously)
Let’s break this down. Nigeria introduced the Kobo in 1973, replacing the British pound. Back then, coins weren’t just pocket fluff—they were power. Here’s what your coins could get you in the ‘70s and ‘80s:
- 5 Kobo: Two chunks of suya (spicy enough to make your eyeballs sweat).
- 10 Kobo: A bottle of Fanta and a loaf of bread.
- 50 Kobo: A full meal at a roadside buka (rice, stew, and a side of sass from Aunty Bose).
- 1 Naira: A week’s worth of akara breakfasts.
Compare that to today, where 5 Kobo can’t even buy you a stare from a street hawker. Inflation hit Nigeria like a Lagos danfo bus—no brakes, pure chaos. By 2007, the Central Bank phased out these coins. Why? A single 50 Kobo coin was worth less than half a U.S. cent. Oof.
Meet the Coins That Built a Nation (Then Got Fired)
Let’s geek out over the designs. These coins weren’t just money; they were art:
1 Naira Coin (1983):
- Front: A palm tree (symbolizing agriculture, aka “our oil before oil”).
- Back: The coat of arms.
- Vibe: “We’re thriving, and we know it.”
- Fun Fact: The 1983 1 Naira coin was the first to feature a nickel-plated steel design. Fancy!
50 Kobo Coin (1991):
- Front: A gearwheel (for industry) and a farmer (for… farming).
- Back: Denomination with tribal motifs.
- Vibe: “We work hard, but we party harder.”
- Fun Fact: These were the last 50 Kobo coins before the 2007 redesign. Now they’re fridge magnets.
5 Kobo Coin (1973):
- Front: A humble cow (because cows = wealth in Naija).
- Back: The value, surrounded by leaves.
- Vibe: “Small but mighty.”
- Fun Fact: The 5 Kobo coin was made of copper—today, the metal’s worth more than the coin.
Why Did Nigeria Ditch Its Coins? A Tragedy in Three Acts
- Act 1: The ‘80s Oil Boom. Coins were cool. Everyone had them. Kids saved 10 Kobo to buy Gala. Life was good.
- Act 2: The ‘90s Economic Wahala. Inflation hit 50% by 1995. Suddenly, 1 Naira couldn’t buy a pure water sachet.
- Act 3: 2007, The Final Cut. The Central Bank said, “These coins are an embarrassment,” and replaced them with smaller, lighter versions… which Nigerians also ignored.
By 2024, coins are practically mythical. Try paying for dodo with a 50 Kobo piece, and the seller will laugh you back to 1987.
“Useless” Coins, Priceless Memories
But here’s the twist: These “dead” coins are time machines. My dad’s 5 Kobo piece isn’t just metal—it’s a ticket to his childhood. He told me how he’d save coins in a kolo (clay pot) to buy Super Story magazines. My mom used 50 Kobo coins to bribe her siblings into doing chores.
And the 1 Naira coin? That was Big Boy Money. “If you had 1 Naira in your pocket,” Dad said, “you walked like a governor.”
Could These Coins Make You Rich?
Short answer: No.
Long answer: Still no, but…
Collectors might pay up to ₦5,000 for a pristine 1973 5 Kobo coin. The 1983 1 Naira? Maybe ₦2,000 if you find a foreign nerd who loves palm trees. But let’s be real—this isn’t Lambo money. It’s sentimental value.
That said, hold onto them. In 20 years, when Nigeria launches its space program (🚀), these coins’ll be museum artifacts.