Money in some way shape or form has been part of human history for at least the last 3 000 years. However the spike in oil prices from 3 per barrel to 12 per barrel following the yom kippur war in 1973 brought a sudden rush of money to nigeria.
Money is a mechanism that facilitates this process.
Brief history of money in nigeria. At the turn of the 21st century nigeria continued to face an unsteady revenue flow which the government attempted to counter by borrowing from international sources introducing various austerity measures or doing both at the same time. Another sudden rise in the price of oil in 1979 to 19 per barrel occurred as a result of the lead up to the iran iraq war. On 1st july 1959 the central bank of nigeria cbn issued nigerian currency banknotes while the wacb issued banknotes and coins were withdrawn.
As a result an ever increasing share of the national budget was needed for debt repayment which with corruption dominating government operations meant that very little of nigeria s income was being spent on the people and their needs. Nigeria country located on the western coast of africa. Early history of nigeria 500bc 1500 bronze casting of oduduwa 12th century source between 500 bc and 200 ad the nok civilization living in northern nigeria thrived in the territory.
The coins of the new currency were the first coins issued by an independent nigeria as all circulating coins of the nigerian pound were all struck by the colonial government of the federation of nigeria in 1959 with the name of queen elizabeth ii on the obverse. Nigeria had used various forms of money before the naira including cowries and manilas. The land and.
Not directly as with barter. Nigeria has a diverse geography with climates ranging from arid to humid equatorial. The naira was introduced on 1 january 1973 replacing the nigerian pound at a rate of 2 naira 1 pound.
Much of precolonial history in nigeria is the result of stories handed down from generation to generation. The history of money concerns the development of social and economic systems that provide at least one of the functions of money such systems can be understood as means of trading wealth indirectly. It was not until 1st july 1962 that the currency was changed to reflect the country s republican status.
With colonization and the introduction of reading writing and the english language nigerian storytellers soon began sharing their talents with a worldwide audience. Money may take a physical form as in coins and notes or may exist as a written or electronic account. Between 1912 to 1959 the west african currency board was the body responsible for issuing currency notes in nigeria.
Before that time historians generally agree that a system of bartering was likely used. The capital is abuja. Hundreds of languages are spoken in the country including yoruba igbo fula hausa edo ibibio tiv and english.
With the above in mind the country s history will be discussed in brief below. And money among the yoruba 2000.