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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Nigeria's Colonial Government, Commercial Banks, and the Currency Crisis of 1916-1920
Author:Olukoju, AyodejiISNI
Year:1997
Periodical:International Journal of African Historical Studies
Volume:30
Issue:2
Pages:277-298
Language:English
Geographic terms:Nigeria
Great Britain
Subjects:colonialism
money
History and Exploration
Economics and Trade
External link:https://www.jstor.org/stable/221229
Abstract:This article analyses the transition from 'traditional' to European currencies, which has been dubbed a 'currency revolution', in Nigeria, focusing on the currency crisis during the First World War and the immediate postwar years. It first outlines the relations between rival commercial banks, and between them and the colonial government. Then it examines the introduction and circulation of imperial silver and so-called subsidiary coinage and the prelude to the currency crisis (1907-1918), before turning to the crisis itself (1918-1920). It analyses the reactions of indigenous Nigerians to changes in the currency system within the framework of Gresham's Law, which stipulates that 'bad money drives out good money'. It shows that a succession of 'good' moneys became 'bad' in turn: first, British silver coins were preferred to British West Africa ('palm tree') silver coins and were being hoarded until the government withdrew them from circulation; second, West African currency notes were introduced, but considered inferior to palm tree coins, which were then hoarded in turn; thirdly, when nickle coins were introduced they were considered better than currency notes, leading to a tendency to get rid of the latter. A major problem for the colonial currency system was the scarcity of low denomination currencies. App. (bibliogr.), notes, ref.
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