Dr Walter Ofonagoro - Academia.edu (original) (raw)
Papers by Dr Walter Ofonagoro
Journal of Modern African Studies, Mar 1, 1977
... and George Miller, Thomas Harrison, Harry Cottrell, and others such as the Swanzys of the Gol... more ... and George Miller, Thomas Harrison, Harry Cottrell, and others such as the Swanzys of the Gold Coast, were among the principal beneficiaries of British imperial-ism in West Africa, and more specifically in Southern Nigeria. In the absence of Africans like Jaja and Nana, these ...
last few years. The banks pay it out but it does not come back; and where it is I do not know....... more last few years. The banks pay it out but it does not come back; and where it is I do not know...." 6 He further indicated that the problem of transporting large quantities of money had not been solved by the introduction of British currency. "In this country", he said, "currency consists mainly of shillings and it is a very bulky business when dealing with them in millions." 7 These statements should demonstrate the kernel of the currency problem in Nigeria. Traditionally, the local population stored their money in great hoards, transporting them in any quantity only when needed for major purchases. Most wealthy men were invariably polygynists and heads of very large households, and in the precolonial setting, they had at their disposal the labour of their kinsmen and slaves as well. The labour costs involved in transporting large quantities of money, be it manillas, brass rods, cowries, or later, shillings, were therefore low or often non-existent (except in terms of costs to the porters themselves) as far as the men of means were concerned. Further, it is significant that when British currency finally gained local acceptance-and this was a gradual process involving about fifty years of continued local use of the pre-existing currencies-only the smallest denominations, shillings and pennies were readily taken, and these were generally hoarded in the traditional manner, thus perpetuating the transport problems earlier associated with the cowries and other currencies, and forcing the Government to pry them loose from their hoarders through the standard methods of increasing taxation. 8 This paper is the result of a re-examination of available evidence on the currency revolution in Southern Nigeria. To fully comprehend the nature and consequences of that revolution, one may ask the following questions: (1) What are the fundamental differences between the pre-colonial Nigerian currency system and the system the British Government wished to impose on the Nigerian economy? (2) Why did the British Government want to replace the pre-existing Nigerian currencies with British currency? and, (3) What costs did Nigerians pay as a result of the change in currency (or more generally, what were the costs and benefits of the new and old systems to British interests and Nigerians respectively)? To answer the first question, it is useful to reiterate, following Paul Samuelson, the fundamentals of money. 9 It is not a physical thing in essence, but rather, a compendium of functions broadly identified as follows: (a) a standard of value; (b) a medium of exchange; (c) a store of value; (d) a unit of account and a standard of deferred payments. All these functions are logically dependent upon the characteristic of liquidity, which is in turn affected by durability, acceptability over a wide range of transactions, and ease of accounting.
Pan African Journal, 1968
Journal of African Studies, 1976
James S Coleman African Studies Center, Feb 10, 2012
last few years. The banks pay it out but it does not come back; and where it is I do not know....... more last few years. The banks pay it out but it does not come back; and where it is I do not know...." 6 He further indicated that the problem of transporting large quantities of money had not been solved by the introduction of British currency. "In this country", he said, "currency consists mainly of shillings and it is a very bulky business when dealing with them in millions." 7 These statements should demonstrate the kernel of the currency problem in Nigeria. Traditionally, the local population stored their money in great hoards, transporting them in any quantity only when needed for major purchases. Most wealthy men were invariably polygynists and heads of very large households, and in the precolonial setting, they had at their disposal the labour of their kinsmen and slaves as well. The labour costs involved in transporting large quantities of money, be it manillas, brass rods, cowries, or later, shillings, were therefore low or often non-existent (except in terms of costs to the porters themselves) as far as the men of means were concerned. Further, it is significant that when British currency finally gained local acceptance-and this was a gradual process involving about fifty years of continued local use of the pre-existing currencies-only the smallest denominations, shillings and pennies were readily taken, and these were generally hoarded in the traditional manner, thus perpetuating the transport problems earlier associated with the cowries and other currencies, and forcing the Government to pry them loose from their hoarders through the standard methods of increasing taxation. 8 This paper is the result of a re-examination of available evidence on the currency revolution in Southern Nigeria. To fully comprehend the nature and consequences of that revolution, one may ask the following questions: (1) What are the fundamental differences between the pre-colonial Nigerian currency system and the system the British Government wished to impose on the Nigerian economy? (2) Why did the British Government want to replace the pre-existing Nigerian currencies with British currency? and, (3) What costs did Nigerians pay as a result of the change in currency (or more generally, what were the costs and benefits of the new and old systems to British interests and Nigerians respectively)? To answer the first question, it is useful to reiterate, following Paul Samuelson, the fundamentals of money. 9 It is not a physical thing in essence, but rather, a compendium of functions broadly identified as follows: (a) a standard of value; (b) a medium of exchange; (c) a store of value; (d) a unit of account and a standard of deferred payments. All these functions are logically dependent upon the characteristic of liquidity, which is in turn affected by durability, acceptability over a wide range of transactions, and ease of accounting.
ASA Review of Books, 1977
The Journal of Economic History, 1979
Soon after establishing political control, the British colonial administration in southern Nigeri... more Soon after establishing political control, the British colonial administration in southern Nigeria attempted to replace the existing currencies of the country with British currency. The traditional currencies competently discharged the functions of money, however, and it required fifty years before the pre-colonial currencies, attacked by the colonial authorities and unrecognized as legal tender, gradually lost standing and proved worthless to their last holders. Theoretical implications of these developments are discussed.
The Journal of Modern African Studies, 1977
... and George Miller, Thomas Harrison, Harry Cottrell, and others such as the Swanzys of the Gol... more ... and George Miller, Thomas Harrison, Harry Cottrell, and others such as the Swanzys of the Gold Coast, were among the principal beneficiaries of British imperial-ism in West Africa, and more specifically in Southern Nigeria. In the absence of Africans like Jaja and Nana, these ...
Canadian Journal of African Studies / Revue Canadienne des Études Africaines, 1982
last few years. The banks pay it out but it does not come back; and where it is I do not know....... more last few years. The banks pay it out but it does not come back; and where it is I do not know...." 6 He further indicated that the problem of transporting large quantities of money had not been solved by the introduction of British currency. "In this country", he said, "currency consists mainly of shillings and it is a very bulky business when dealing with them in millions." 7 These statements should demonstrate the kernel of the currency problem in Nigeria. Traditionally, the local population stored their money in great hoards, transporting them in any quantity only when needed for major purchases. Most wealthy men were invariably polygynists and heads of very large households, and in the precolonial setting, they had at their disposal the labour of their kinsmen and slaves as well. The labour costs involved in transporting large quantities of money, be it manillas, brass rods, cowries, or later, shillings, were therefore low or often non-existent (except in terms of costs to the porters themselves) as far as the men of means were concerned. Further, it is significant that when British currency finally gained local acceptance-and this was a gradual process involving about fifty years of continued local use of the pre-existing currencies-only the smallest denominations, shillings and pennies were readily taken, and these were generally hoarded in the traditional manner, thus perpetuating the transport problems earlier associated with the cowries and other currencies, and forcing the Government to pry them loose from their hoarders through the standard methods of increasing taxation. 8 This paper is the result of a re-examination of available evidence on the currency revolution in Southern Nigeria. To fully comprehend the nature and consequences of that revolution, one may ask the following questions: (1) What are the fundamental differences between the pre-colonial Nigerian currency system and the system the British Government wished to impose on the Nigerian economy? (2) Why did the British Government want to replace the pre-existing Nigerian currencies with British currency? and, (3) What costs did Nigerians pay as a result of the change in currency (or more generally, what were the costs and benefits of the new and old systems to British interests and Nigerians respectively)? To answer the first question, it is useful to reiterate, following Paul Samuelson, the fundamentals of money. 9 It is not a physical thing in essence, but rather, a compendium of functions broadly identified as follows: (a) a standard of value; (b) a medium of exchange; (c) a store of value; (d) a unit of account and a standard of deferred payments. All these functions are logically dependent upon the characteristic of liquidity, which is in turn affected by durability, acceptability over a wide range of transactions, and ease of accounting.
Journal of the Historical Society of Nigeria, 1978
Journal of Modern African Studies, Mar 1, 1977
... and George Miller, Thomas Harrison, Harry Cottrell, and others such as the Swanzys of the Gol... more ... and George Miller, Thomas Harrison, Harry Cottrell, and others such as the Swanzys of the Gold Coast, were among the principal beneficiaries of British imperial-ism in West Africa, and more specifically in Southern Nigeria. In the absence of Africans like Jaja and Nana, these ...
last few years. The banks pay it out but it does not come back; and where it is I do not know....... more last few years. The banks pay it out but it does not come back; and where it is I do not know...." 6 He further indicated that the problem of transporting large quantities of money had not been solved by the introduction of British currency. "In this country", he said, "currency consists mainly of shillings and it is a very bulky business when dealing with them in millions." 7 These statements should demonstrate the kernel of the currency problem in Nigeria. Traditionally, the local population stored their money in great hoards, transporting them in any quantity only when needed for major purchases. Most wealthy men were invariably polygynists and heads of very large households, and in the precolonial setting, they had at their disposal the labour of their kinsmen and slaves as well. The labour costs involved in transporting large quantities of money, be it manillas, brass rods, cowries, or later, shillings, were therefore low or often non-existent (except in terms of costs to the porters themselves) as far as the men of means were concerned. Further, it is significant that when British currency finally gained local acceptance-and this was a gradual process involving about fifty years of continued local use of the pre-existing currencies-only the smallest denominations, shillings and pennies were readily taken, and these were generally hoarded in the traditional manner, thus perpetuating the transport problems earlier associated with the cowries and other currencies, and forcing the Government to pry them loose from their hoarders through the standard methods of increasing taxation. 8 This paper is the result of a re-examination of available evidence on the currency revolution in Southern Nigeria. To fully comprehend the nature and consequences of that revolution, one may ask the following questions: (1) What are the fundamental differences between the pre-colonial Nigerian currency system and the system the British Government wished to impose on the Nigerian economy? (2) Why did the British Government want to replace the pre-existing Nigerian currencies with British currency? and, (3) What costs did Nigerians pay as a result of the change in currency (or more generally, what were the costs and benefits of the new and old systems to British interests and Nigerians respectively)? To answer the first question, it is useful to reiterate, following Paul Samuelson, the fundamentals of money. 9 It is not a physical thing in essence, but rather, a compendium of functions broadly identified as follows: (a) a standard of value; (b) a medium of exchange; (c) a store of value; (d) a unit of account and a standard of deferred payments. All these functions are logically dependent upon the characteristic of liquidity, which is in turn affected by durability, acceptability over a wide range of transactions, and ease of accounting.
Pan African Journal, 1968
Journal of African Studies, 1976
James S Coleman African Studies Center, Feb 10, 2012
last few years. The banks pay it out but it does not come back; and where it is I do not know....... more last few years. The banks pay it out but it does not come back; and where it is I do not know...." 6 He further indicated that the problem of transporting large quantities of money had not been solved by the introduction of British currency. "In this country", he said, "currency consists mainly of shillings and it is a very bulky business when dealing with them in millions." 7 These statements should demonstrate the kernel of the currency problem in Nigeria. Traditionally, the local population stored their money in great hoards, transporting them in any quantity only when needed for major purchases. Most wealthy men were invariably polygynists and heads of very large households, and in the precolonial setting, they had at their disposal the labour of their kinsmen and slaves as well. The labour costs involved in transporting large quantities of money, be it manillas, brass rods, cowries, or later, shillings, were therefore low or often non-existent (except in terms of costs to the porters themselves) as far as the men of means were concerned. Further, it is significant that when British currency finally gained local acceptance-and this was a gradual process involving about fifty years of continued local use of the pre-existing currencies-only the smallest denominations, shillings and pennies were readily taken, and these were generally hoarded in the traditional manner, thus perpetuating the transport problems earlier associated with the cowries and other currencies, and forcing the Government to pry them loose from their hoarders through the standard methods of increasing taxation. 8 This paper is the result of a re-examination of available evidence on the currency revolution in Southern Nigeria. To fully comprehend the nature and consequences of that revolution, one may ask the following questions: (1) What are the fundamental differences between the pre-colonial Nigerian currency system and the system the British Government wished to impose on the Nigerian economy? (2) Why did the British Government want to replace the pre-existing Nigerian currencies with British currency? and, (3) What costs did Nigerians pay as a result of the change in currency (or more generally, what were the costs and benefits of the new and old systems to British interests and Nigerians respectively)? To answer the first question, it is useful to reiterate, following Paul Samuelson, the fundamentals of money. 9 It is not a physical thing in essence, but rather, a compendium of functions broadly identified as follows: (a) a standard of value; (b) a medium of exchange; (c) a store of value; (d) a unit of account and a standard of deferred payments. All these functions are logically dependent upon the characteristic of liquidity, which is in turn affected by durability, acceptability over a wide range of transactions, and ease of accounting.
ASA Review of Books, 1977
The Journal of Economic History, 1979
Soon after establishing political control, the British colonial administration in southern Nigeri... more Soon after establishing political control, the British colonial administration in southern Nigeria attempted to replace the existing currencies of the country with British currency. The traditional currencies competently discharged the functions of money, however, and it required fifty years before the pre-colonial currencies, attacked by the colonial authorities and unrecognized as legal tender, gradually lost standing and proved worthless to their last holders. Theoretical implications of these developments are discussed.
The Journal of Modern African Studies, 1977
... and George Miller, Thomas Harrison, Harry Cottrell, and others such as the Swanzys of the Gol... more ... and George Miller, Thomas Harrison, Harry Cottrell, and others such as the Swanzys of the Gold Coast, were among the principal beneficiaries of British imperial-ism in West Africa, and more specifically in Southern Nigeria. In the absence of Africans like Jaja and Nana, these ...
Canadian Journal of African Studies / Revue Canadienne des Études Africaines, 1982
last few years. The banks pay it out but it does not come back; and where it is I do not know....... more last few years. The banks pay it out but it does not come back; and where it is I do not know...." 6 He further indicated that the problem of transporting large quantities of money had not been solved by the introduction of British currency. "In this country", he said, "currency consists mainly of shillings and it is a very bulky business when dealing with them in millions." 7 These statements should demonstrate the kernel of the currency problem in Nigeria. Traditionally, the local population stored their money in great hoards, transporting them in any quantity only when needed for major purchases. Most wealthy men were invariably polygynists and heads of very large households, and in the precolonial setting, they had at their disposal the labour of their kinsmen and slaves as well. The labour costs involved in transporting large quantities of money, be it manillas, brass rods, cowries, or later, shillings, were therefore low or often non-existent (except in terms of costs to the porters themselves) as far as the men of means were concerned. Further, it is significant that when British currency finally gained local acceptance-and this was a gradual process involving about fifty years of continued local use of the pre-existing currencies-only the smallest denominations, shillings and pennies were readily taken, and these were generally hoarded in the traditional manner, thus perpetuating the transport problems earlier associated with the cowries and other currencies, and forcing the Government to pry them loose from their hoarders through the standard methods of increasing taxation. 8 This paper is the result of a re-examination of available evidence on the currency revolution in Southern Nigeria. To fully comprehend the nature and consequences of that revolution, one may ask the following questions: (1) What are the fundamental differences between the pre-colonial Nigerian currency system and the system the British Government wished to impose on the Nigerian economy? (2) Why did the British Government want to replace the pre-existing Nigerian currencies with British currency? and, (3) What costs did Nigerians pay as a result of the change in currency (or more generally, what were the costs and benefits of the new and old systems to British interests and Nigerians respectively)? To answer the first question, it is useful to reiterate, following Paul Samuelson, the fundamentals of money. 9 It is not a physical thing in essence, but rather, a compendium of functions broadly identified as follows: (a) a standard of value; (b) a medium of exchange; (c) a store of value; (d) a unit of account and a standard of deferred payments. All these functions are logically dependent upon the characteristic of liquidity, which is in turn affected by durability, acceptability over a wide range of transactions, and ease of accounting.
Journal of the Historical Society of Nigeria, 1978