20 Shillings

Nigeria's earliest paper currency was authorized under the West African Currency Board, but this 1918 issue carries the Government of Nigeria imprint directly — a consequence of wartime disruption to normal WACB supply channels. Local printing in Lagos was an improvised solution; the metropolitan printers simply could not reliably service West African territories during the later years of the First World War.

MacGregor's signature as signatory places this in a very narrow administrative window. Notes locally produced under these conditions are typically rough by metropolitan standards, and the paper stock used in Lagos was not purpose-made currency stock.