Early currencies: These are items used before polished currencies as means of exchange. This includes farm produce and livestock such as cattle, goats, sheep and so on. Beads were also used as currency, they have a history rooted in antiquities in Nigeria from the NOK culture. Kano and Bida then, Vere in Adamawa state were famous respectively for glass and brass beads as means of exchange until they were supplanted by the massive importation of trade beads. Hoe blade currencies[Nhuhar] used widely used by Tiv, Kanua, Benue Nigeria. Bark clothes were used by the Ugandas, Tobacco ropes are exchanged for bride price.
Ibn Battatu a Muslim traveller from Morocco, discovered the use of bars of salt as a method of trade. At Walata a load of salt equals an ounce of gold. Pure salts were mined to slabs and cut into standardized sizes, and the exact measurement enables precise measurements. This trade system works on double principle, you trade what you have for what you desire. This exchange should satisfy both parties involved offering precise and equal value. This means of exchange has limitations as you might not get someone who has what you need at proximity and it is sometimes difficult to measure the true value of goods.This result to conflict among both parties.
Cowries: The most common species of cowries are from the Maldvian island in the indian ocean. These cowries shells are used popularly among the people in Kuda kingdom now know as Democratic Republic of Congo. Benin Kingdom in Africa also used cowries especially as dowries.
Metal money era: these includes hot plates, and mannila made of bronze or copper and it is depicted on the CBN’s [Central Bank of Nigeria] logo, it is commonly used among the west Africans. The use of mannilas evolved into the use of coins.
Coins: The ancient kingdom of Aksum in the modern region of Ethiopia were one of the first to mint their coins using copper. First of January In 1917, the British bank notes in Nigeria changed to coins (Kobo) 50 Kobo, 25 Kobo, 1kobo. Considering these coins made of sliver, gold or copper and the weight. It was not really convienient carrying about.
Paper Money: This is now widely in use though few countries still uses coins. Due to its very light weight and portability, it is most preferred and measure of value was solved as it ranges with numbers. In Nigeria one Naira, five Naira, and ten Naira were first introduced, now we use twenty, fifty, one hundred, two hundred, and so on the highest denomination still remains one thousand Naira.
Somali, Ugandan and Tanzania uses shillings, Ethiopia is birr, Guinea adopts Franc and so on. Only a few countries produces their paper currencies importing little supplement they include Nigeria, Morocco and Kenya.
African is really gifted with creativity, even with little resources available. Their innate tenacity and resilience enables them to improvise and make judicious use of the limited resources, to life a comfortable life.
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