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From Traditional to British Currency in Southern Nigeria: Analysis of a Currency Revolution, 1880–1948

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  • Ofonagoro, Walter I.

Abstract

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.

Suggested Citation

  • Ofonagoro, Walter I., 1979. "From Traditional to British Currency in Southern Nigeria: Analysis of a Currency Revolution, 1880–1948," The Journal of Economic History, Cambridge University Press, vol. 39(3), pages 623-654, September.
    • Handle: RePEc:cup:jechis:v:39:y:1979:i:03:p:623-654_09
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    Cited by:

    1. Boger, Tal, 2017. "British Imperialism and Portfolio Choice in the Currency Boards of Palestine, East Africa, and West Africa," Studies in Applied Economics 86, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    2. Joshi Harit & Mukherjee, Saral, 2017. "Transitions in currency denomination structure as supply disruption and demand distortion: Efficiency, Effectiveness and Bullwhip," IIMA Working Papers WP 2017-05-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    3. Olusoji James George & Oluwakemi Owoyemi & Owolabi Kuye, 2012. "Impact of Hofstede¡¯s (1980, 2001) ¡®Software of the Mind¡¯ on the Transfer of Management Practices: The Case of the Transfer of the British Voluntarist Employment Relations Practice to Nigeria," Journal of Management and Strategy, Journal of Management and Strategy, Sciedu Press, vol. 3(4), pages 55-64, November.
    4. Ellen Feingold & Johan Fourie & Leigh Gardner, 2021. "A tale of paper and gold: The material history of money in South Africa," Economic History of Developing Regions, Taylor & Francis Journals, vol. 36(2), pages 264-281, May.
    5. Tschoegl, Adrian E., 2010. "The international diffusion of an innovation: The spread of decimal currency," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 100-109, January.
    6. Stephanie Bell, 1998. "The Hierarchy of Money," Economics Working Paper Archive wp_231, Levy Economics Institute.
    7. Lotz, Sebastien, 2004. "Introducing a new currency: Government policy and prices," European Economic Review, Elsevier, vol. 48(5), pages 959-982, October.
    8. Ellen Feingold & Johan Fourie & Leigh Gardner, 2021. "A tale of paper and gold: The material history of money in South Africa," Economic History of Developing Regions, Taylor & Francis Journals, vol. 36(2), pages 264-281, May.
    9. Gardner, Leigh, 2022. "The collapse of the gold standard in Africa: money and colonialism in the interwar period," LSE Research Online Documents on Economics 116665, London School of Economics and Political Science, LSE Library.

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