The ubiquitous method of counting money by hand is definitely not acceptable when large amount money is to be dealt with, from time and accuracy stand points, which have led to the use of Automated Money Counter to determine the number of fed notes without distinguishing their denominations. Although numerous algorithms and devices have been developed to detect denominations for several currencies but, based on all accessible literatures, this paper seems to be the first attempt to automatically detect Nigeria currency denominations as it provides an algorithm that detects both paper-based and polymer-based Nigeria currencies. Thus, this paper set the pace for future research studies in the area of automatic Nigerian Naira denominations recognition systems. The algorithm used is achievable with relatively cheap hardware requirements, yet with substantial overall accuracy of 98.75% for non-mutilated notes but it is yet to be tested with defaced and mutilated notes. The algorithm developed can be deployed to function as mixed-denominations money counter or as denomination detector.