Section 1: Currency of Nigeria

(1) The unit of currency in Nigeria shall be the naira which shall be divided into one hundred kobo.
(2)
Every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing whatsoever relating to money or involving the payment of or the liability to pay any money which, but for this subsection, would have been deemed to be made, executed, entered into, done and had, in and in relation to Nigerian pounds shall in Nigeria be deemed instead to be made, executed, entered into, done and had, in and in relation to naira on the basis that one Nigerian pound equals two naira.
(3)
Accordingly and unless the context otherwise requires, any reference in any existing law to an amount expressed in Nigerian pounds or any fraction thereof shall, upon the coming into force of this Act, be construed as a reference to the corresponding amount of naira or any fraction thereof.