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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Currency Problems in Igalaland, Central Nigeria: 1930-1934
Author:Abdulkadir, M.S.
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
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.
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