This piece seeks to trace the history of how Nigeria’s foreign exchange management became what it is to the point where the exchange rate of the naira has become a deeply political matter. The history of Juju in Nigeria comes from the traditional African religion also known as voodoo. Turtoe-Sanders, Patience. On the coast of West African, an area of 356,669 square miles has been covered, which was known officially as the Federal Republic of Nigeria in 1963. The creation of Nollywood started in the 1960s. Uwechue, Ralph. The era between 1842 and 1882 is regarded in history of Nigeria education as period of exclusive missionary enterprise. The tables utilized by the money changing trade were trapezium in shape and usually marked with a series of lines and squares used in calculations. Before the establishment of the West African Currency Board, […] This is the origin of the word “trapezitai” – the name used for Greek bankers. Cardiff: University of Wales Press, 2002. The IMF has played a part in shaping the global economy since the end of World War II. The Biafran civil war broke out in 1967, and Nigeria spent extended periods of the next three decades under military rule with frequent coups. African Tradition in Marriage: An Insider's Perspective, 1998. Hundreds of languages are spoken in the country, including Yoruba, Igbo, Fula, Hausa, Edo, Ibibio, Tiv, and English. Agriculture was mostly practiced among the settlers and later, the production of ceremic stepped in. Nigeria has a diverse geography, with climates ranging from arid to humid equatorial. The word “bank” owes its heritage to … Davies, Glyn. Money laundering in Nigeria: meaning, causes, history, laws, notable cases, and effects show that it is bad, could destroy the moral fabric of the nation, frustrate entrepreneurs, and cause the nation its reputation and lead to economic slump. A History of Nigeria is an impressive book, the more so because its ambitions initially appear straightforward. However, it was when our world moved towards industrialization and globalization that we were witnessing a completely new form of money transfer. ("History,”) They are considered the first generation of Nigerian filmmakers. Nevertheless the story of the origins of money goes back even further still. According to a statement by the CBN’s director of Banking and Payments System Department, Dipo Fatokun, Nigeria’s mobile money transactions hit around N4 billion per month in 2015. Money has, in some form, been part of human history since the last 3000 years. For the most part of history, banks and financial institutions have existed alongside with money. In Nigeria, the Central Bank defines money supply as comprising narrow and broad money. The states of Kanem and Borno, which flourished on the shores of Lake Chad from about AD 10 onwards, were the first imperial states in the region, founded on control of trans-Saharan trade routes. Over time, the issue of procurement of loan either for business setup or for other financial purposes continue to advances in a rate that is unimaginable, whereas loan and cooperative society starts as a household idea which later expanded even to a cooperative society that is generally recognized and sometimes financed by the government. This practice involves the sacrifice of blood to make money and carry out spiritual attacks. History Of Cooperative Society In Nigeria. The first set of political parties to be formed in Nigeria was formed in 1959, shortly before Nigeria gained her independence from Britain. Like I stated earlier, I committed to doing this once a week as a response to Nigeria’s removal of history from its school curriculum. Nigeria, country located on the western coast of Africa. Between 1912 and 1959, the West African Currency Board was responsible for issuing currency notes in Nigeria. 720 pages. The idea behind this is so that those who are interested will pick it up. In 1928 for the first time in their history, Igbo men were made to pay tax – they were a subject people. Nigeria - Nigeria - The arrival of the British: The Sokoto jihad and the Yoruba wars stimulated the slave trade at a time when the British were actively trying to stop it. The origins of money in its various forms, and of banking, are discussed in the book by Glyn Davies, on which this essay is based. History of Government in Nigeria. History. The greatest and the well-known empire that ruled the region before the British arrived was the Benin Empire whose ruler was known as Oba of Benin. Accuracy: A team of editors takes feedback from our visitors to keep trivia as up to date and as accurate as possible.Complete quiz index can be found here: Nigeria Quizzes There are 31 questions on this topic. The long, weird history of the Nigerian e-mail scam 200 years ago, a near-perfect con was already snagging our imaginations—and wallets Entrepreneurship and the Invention of Money. Aside discussing the political parties in Nigeria, this write up will equally discuss about the political history of Nigeria. Nok people The history of Nigeria can be traced back to the Iwo Eleru and Ugwuelle- Uturu people that settled in the South-western part of Nigeria around 9000 BC. One of the key developments in the history of entrepreneurship (and in human history) was the invention of money. The first independent government was formed by a coalition of northern and eastern political parties, with Nnamdi Azikiwe as the president and Abubakar Tafawa Balewa as prime minister. The definition of narrow money (M1) includes currency in circulation with non-bank public and demand deposits or current accounts in the banks. Prior to the invention of money, all entrepreneurship and trade took place through the barter system. The history of Nigeria can be traced back to as early as 11,000 BC when a number of ancient African communities inhabited the area that now makes Nigeria. If John wanted 5 bars of iron, then he might have to sell 1 horse to get those bars. The Central Bank of Nigeria (CBN) is said to have granted licences to 21 Mobile Money Operators in Nigeria; they are made up of 15 non-bank operators and 6 bank operators who have been performing commercial operations since January 2013 to date. Between 1900 and 1914 (when Northern and Southern Nigeria were amalgamated) there had been twenty-one British military expeditions into Igboland. Even the word to pay comes from a Latin word meaning to pacify. Cooperation and reconstruction (1944–71) As the Second World War ends, the job of rebuilding national economies begins. As a nation, Nigeria is betting up to 5bn Naira (or just over 25 million USD) per day, according to Ademola Adebajo, head of one of the largest football betting services providers operating in Nigeria – and this figure has been climbing year on year, at over double the spend of 2014. The capital is Abuja. Toyin Falola and Matthew Heaton describe their project as ‘a general background survey of the broad themes of Nigeria’s history from the beginnings … Since the overcoming of barter in the history of mankind, trade usually involve the exchange of goods ... it thereby expanding the deposit base of the money system. Nigeria’s first Prime Minister, Sir Abubakar Tafawa Balewa, was overthrown in a military coup in 1966. Slaves formerly had been traded for European goods, especially guns and gunpowder, but now the British encouraged trade in palm oil in the Niger delta states, ostensibly to replace the trade in slaves. It was when the first Nollywood movies were being created by historical filmmakers such as Ola Balogun, Hubert Ogunde, Jab Adu, Moses Olayia and Eddie Ugboma. This post seeks to enlighten the reader on how the Nigerian currency, which is the Nigerian Naira came to become the legal tender in use in present day Nigeria. Evolution of Money is probably one of the biggest invention in human history.The money was not invented but it evolved with passage of time according to the changing requirements of economies.It is not a result of brain storming of some economist rather there is a long process of evolution since start of civilization to this modern complicated credit system. A History of Juju Music: A History of an African Popular Music from Nigeria, 1992. Warfare and Financial History From blood money payments in primitive societies to the military-industrial complex of the present day developments in warfare and finance have, unfortunately, been closely connected. Historic regions: 5th century BC - 20th century: Nigeria contains more historic cultures and empires than any other other nation in Africa. Within this period the various missionary organizations in Nigeria run the education according to their respective philosophies, level of manpower available, as well as the availability of material and financial resources. Epidemiological Fact Sheet on HIV/AIDS and Sexually Transmitted Infections: Nigeria, 2000. And before some people chop my head off, it is not possible, in any way, to compress five centuries of history into a few paragraphs. Corruption and organized crime have a long history in the West African country. Perhaps the nearest account of the antecedent of Oduduwa to the Bini oral tradition narrated here is the version written by T. A. Osae and S. N. Nwabara in "A Short History of West Africa A.D. 1000 to 1800" that "the name of the much revered legendary ancestral hero of the Yoruba is Oduduwa.. The origin of the word “Rag” according to the Oxford English Dictionary is “an act of ragging; especially, an extensive display of noisy disorderly conduct carried on in defiance of authority or discipline”. THE HISTORY OF NIGERIA BEFORE INDEPENDENCE FROM 1914 TILL DATE Nigeria stood as the biggest black country on the globe because of its estimated population of 190,000,00. A former British colony, Nigeria became independent on September 30, 1960 and a Republic on October 1, 1963. UNAIDS and World Health Organization. Nigeria Trivia Questions & Answers : Africa This category is for questions and answers related to Nigeria, as asked by users of FunTrivia.com.. 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