One of the most highly circulated currency in Nigeria is N500. It has the picture of one of Nigeria’s great achievers, Sir Nnamdi Azikwe on it. The man Azikwe happened to be the first President of Nigeria. You will learn more about him here. The N500 note was introduced or released into circulation on 4 April 2001. That money is already in it 20s now. In other words, Nigerians start spending N500 note since 2001 durning the tenure of Chief Olusegun Obasanjo as President of Nigeria. It was during his time that N1000 Note was also introduced.
So what is the value of 500 Naira compared to dollar? Niyi Tabiti gathered that it is not up to $1 right now due to the exchange rate of N570 to a US Dollar.
The N500 note represents one of the new generation of currency notes in the Nigerian currency system. Machine engraved patterns of various characters appear on the design. These patterns provide the tactile quality so essential to the security of the banknote. Bold colours have been used on the back-ground tint to link securely with the engraving and help give a distinctive identification to the design.