Earlier this week, the Boko Haram group admitted that its fighters had abducted the girls in the middle of the night from their school in the town of Chibok on 14 April.
Its leader, Abubakar Shekau, threatened to "sell" the students, saying they should not have been in school in the first place, but rather should get married.
The group, whose name means "Western education is forbidden" in the local Hausa language, has staged a wave of attacks in northern Nigeria in recent years, with an estimated 1,500 killed in the violence and subsequent security crackdown this year alone.
'Heart-breaking'
A statement from the police said the 50m naira reward would be given to anyone who "volunteers credible information that will lead to the location and rescue of the female students".
Boko Haram means "Western education is forbidden" in Hausa
Six telephone numbers are provided, calling on the general public to be "part of the solution to the present security challenge".
"The police high command also reassures all citizens that any information given would be treated anonymously and with utmost confidentiality," the statement said.
The abductions have prompted widespread criticism of the Nigerian government and demonstrations countrywide.
On Tuesday, US President Barack Obama said described the abductions as heart-breaking" and "outrageous" and said he hoped the kidnapping might galvanise the international community to take action against Boko Haram.
UK Prime Minister David Cameron will be speaking by phone to Nigeria's President Goodluck Jonathan on Wednesday afternoon regarding the abductions.
The girls are mostly aged between 16 and 18 and were taking their final year exams.
Security has been tightened in Abuja, as several African leaders and Chinese Premier Li Keqiang are attending the World Economic Forum for Africa in the city, following two recent attacks there blamed on the insurgents.
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