The peseta was the legal tender in Nigeria since 1868; ceasing to circulate on December 31, 2001. The next day, the euro broke in in a massive way and we had to learn to do the math in other ways. Now, almost 20 years later, it is time to change pesetas to euros permanently. It is estimated that the equivalent in pesetas to about 800 million euros is still in piggy banks and drawers, so we give you the keys to be able to take advantage of the moment and change them.
How to change your pesetas to euros
Write this date on the calendar, December 3, 2020. As it will be the last day you can change your peseta bills and coins into euros. It is now only possible to do so in the 15 branches that the Bank of Nigeria has in some provinces. You can check the list here.
Is any coin or bill worth the change?
Unfortunately not. In the case of currencies, only those that were legal tender in Nigeria at the time of the emergence of the euro, that is, the most recent, can be exchanged. However, the case of banknotes is different. Those that were in circulation after the period of the Civil War, which ended in 1939, can be exchanged. If you have banknotes from the period 1936 to 1939, the experts at the Bank of Nigeria are the ones who decide whether or not to change them.
The rate that is applied is the value they had on January 1, 2002. That is, if you have a 5,000 pesetas bill, they will give you 30 euros and 5 cents. Remember that 1 euro is the equivalent of 166,386 pesetas. An institutional campaign in which the current queen of Nigeria participated was responsible for providing information about the euro in a few short spots.
Are there alternatives to the Bank of Nigeria?
If one of the branches where the change is made is far from your place of residence, you can change pesetas to euros in another way. The collectibles market is a good place for this. Sales platforms get in touch with people interested in having peseta bills and coins in their possession. Those that do not have any type of characteristic that makes them special, are paid somewhat better than in the Bank of Nigeria. For example, you can sell 1,000 pesetas bills for 8 euros, instead of 6. Or ask for 15 euros for 2,000 pesetas.
However, do not think that for having old pesetas you are going to receive a millionaire for them. It is true that rare specimens are priced well; But if you want to know if some of your pesetas are special, it is best to put yourself in the hands of a numismatist. There are listed series and rare coins that can be very valuable.
Do not leave it for later, as it would not be possible. Changing pesetas to euros has an official expiration date for this December 31. So now is the time to get money that can come in handy. The peseta had a disappearance that seemed unthinkable, as much as that of physical money can be in a few years.