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Periodical article | Leiden University catalogue | WorldCat |
Title: | Currency Problems in Igalaland, Central Nigeria: 1930-1934 |
Author: | Abdulkadir, Mohammed Sanni |
Year: | 1995 |
Periodical: | Transafrican Journal of History |
Volume: | 24 |
Pages: | 178-185 |
Language: | English |
Notes: | biblio. refs. |
Geographic terms: | Nigeria West Africa |
Subjects: | money economic recession 1930-1939 History and Exploration Economics and Trade colonialism History, Archaeology economic history Igalaland (Nigeria) currencies history |
External link: | https://www.jstor.org/stable/24328662 |
Abstract: | This article examines the impact of currency problems in Igalaland, central Nigeria, during the Great Depression (1930-1934). It shows that the currency problems in Igalaland were the result of colonial government measures, including the export of capital from Igalaland for investment in Crown Colonies, a tight monetary policy and reduced government expenditure, and wage reductions for Native Administration personnel. These measures led to unemployment and reduced living standards. At the same time, social services declined and demands on producers increased in real terms. The shortage of currency led to the reemergence of traditional currencies such as cowries and brass rods. The currency problem was compounded by the refusal of the Department of Marine and the Nigerian Railways to accept brass rods because of their 'poor quality'. In the end, the shortage of money forced producers to sell their goods at very low prices or through middlemen. Notes, ref., sum. |