Contact Us

For Marketing, Sales and Subscriptions Inquiries
2637 E Atlantic Blvd #43110
Pompano Beach, FL 33062

Conference List

The Colonialists & Indigenous Exchange Currency: Tracing the Genesis of Socioeconomic Woes in Postcolonial Nigeria

Okafor Samuel, O.

Okafor Samuel, O. 1

  1. Department of Sociology & Anthropology University of Nigeria, Nsukka, Nigeria 1

on Google Scholar
on PubMed

Pages: 37-50

DOI: 10.18488/journal.26.2019.81.37.50

Share :

Article History:

Received: 14 January, 2019
Revised: 26 February, 2019
Accepted: 02 April, 2019
Published: 22 May, 2019


The problem of colonialism continues to emerge in all aspects of the lives of the colonized and even raise some unseen complications following, the trajectory of the covertly structured system by the colonial agents. Among the African nations colonized, their economy, political system and the host of other institutions are still in the trajectory of the colonially structured concepts and precepts. In Nigeria in particular, almost every facet of Nigerian life as a nation still suffer the injuries of colonialism covertly buried at the root of all public institutions. Although the problem of colonialism and the impacts are many in different aspects of the Nigerian national life, this study was focused on the undermining of the African traditional exchange system in what later became Nigeria and how such manipulation offset the present currency abuse among Nigerians and the problem of underdevelopment. The study utilized the available Historical, Anthropological and Archaeological information to explain the present economic and general system disorder in Nigeria. Nonetheless, the paper established knowledge-based policy strategies towards downgrading unfavourable bilateral relationship sustaining the vestiges of colonial venoms, which have subverted developmental efforts in Nigeria and other colonized nations.
Contribution/ Originality


Barter trade, Coin currency, Colonialism, African indigenous currency, Sustainable development, Nigerian economy, Neocolonialism, Fiscal policy, Precolonial currencies.




Google Scholor ideas Microsoft Academic Search bing Google Scholor


This study received no specific financial support.

Competing Interests:

The author declares that there are no conflicts of interests regarding the publication of this paper.


Related Article

( 1 ) The Colonialists & Indigenous Exchange Currency: Tracing the Genesis of Socioeconomic Woes in Postcolonial Nigeria
( 2 ) The Lead-Lag Relationships between Construction Investment and GDP: Granger Causality Tests and Impulse Responses Using Japanese Data
( 3 ) Determinants of Banks Profitability & Liquidity and the Role of BASEL III in Islamic & Conventional Banking Sector of Pakistan: A Case Study of NBP
( 5 ) Export- Led Growth Hypothesis for Ghana: A TVAR & TVECM Analysis
( 6 ) A Study on Financial Performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange
( 8 ) Testing the Random Walks in Korea Stock Exchange
( 9 ) The Effects of Exchange Rate Liberalization in Kenya on French Beans Exports
( 10 ) Exchange Rate Movements, Import And Economic Growth in Nigeria (1986-2010)
( 11 ) Impact of Food Beverage Price Index and Exchange Rate Volatility on Economic Growth
( 12 ) Testing the Random Walk: The Case of Hong Kong Stock Exchange
( 13 ) Role of Foreign Investment and External Debt in Determination of Exchange Rate
( 14 ) The Impact of the Global Financial Crisis on the Debt, Liquidity, Growth, and Volume of Companies in Palestine Stock Exchange
( 15 ) Studying the Integration of Damascus Securities Exchange with Selected Stock Markets
( 16 ) The Effect of Exchange Rate Changes on Consumer Prices in Nigeria: Evidence from VECM Model
( 17 ) Dynamics of Inflation, Economic Growth, Money Supply and Exchange Rate in India: Evidence from Multivariate Analysis
( 18 ) Implications of Crude Oil Price Volatility and Parallel Exchange Rate Fluctuation on the Cost of Living in Nigeria
( 19 ) Relevance of Stakeholders Theory, Organizational Identity Theory and Social Exchange Theory to Corporate Social Responsibility and Employees Performance in the Commercial Banks in Nigeria
( 20 ) The Effects of Exchange Rate Variability on Trade Flows in Nigeria: A Cointegration Analysis
( 21 ) The Profitability of Momentum Strategies: Empirical Evidence from Damascus Securities Exchange (DSE)
( 22 ) Exchange Rate and Foreign Reserves Interface: Empirical Evidence from Nigeria
( 23 ) Impact of Exchange Rate Fluctuation on Selected Economic Sectors of the Nigerian Economy
( 25 ) The Transitional Relationship between Economic Growth and Exchange Rate in Ghana: An Empirical Approach
( 26 ) Determinants of Exchange Rate in Nigeria: A Comparison of the Official and Parallel Market Rates
( 27 ) Exchange Rate Pass-through to Prices: VAR Evidence for Albania
( 28 ) Issues of Unemployment in Nigeria: Effect of Real Exchange Rate and Inflation Interaction
( 29 ) Exchange Rate Volatility, Foreign Exchange Market Intervention and Asymmetric Preferences
( 30 ) An Agnostic Analysis of Exchange Rate Movement in Ghana
( 31 ) An Empirical Investigation of Real Exchange Rate Responses to Foreign Currency Inflows: Revisiting the Dutch Disease Phenomenon in South Asia
( 32 ) Factors Affecting the Individual Stock Price Index (IHSI) Industrial Manufacturing Sector in Indonesia, Automotive Sub Sectors, and Components in Indonesia Stock Exchange (IDX)
( 33 ) Management of The CFA Franc: What are the Fundamentals of the Real Exchange Rate in West African Economic and Monetary Union (WAEMU)?
( 34 ) Determinants of Profitability and its Implications on Corporate Values (Studies at Ceramic, Porcelain and Glass Sub Sector Listed in Indonesia Stock Exchange, 2009 - 2018)
( 35 ) Exchange Rate Volatility and Agricultural Commodity Prices i Nigeria (2000-2018)
( 36 ) The Impact of Data Frequency on the Level of Exchange Rate Pass-through to Consumer Prices in Nigeria
( 37 ) Financial Risks in Turkish Banking Industry: A Panel Data Analaysis on Istanbul Stock Exchange
( 38 ) Exchange Rate Fluctuations and the Performance of Nairobi Securities Exchange Market in Kenya During the Coronavirus Pandemic
( 40 ) Nexus among Foreign Exchange Reserve, Remittance and Trade Openness: An Empirical Investigation in the Case of Bangladeshi Economy
( 41 ) Forecasting-Based Carry Trade Using Pegged Currency: A Case of Omani Rial
( 46 ) Socioeconomic Environment and Obesity on the US West and East Coasts
( 47 ) Socioeconomic Determinants of Drug Abuse in the United States
( 50 ) Contemporary Approach to Enhanced Road Transport System in Nigeria Through the Application of It-Based (Online) Bus Ticketing and Payment System
( 51 ) Impact of Labour, Capital and Human Resources in Productivity of Transport Firms in Nigeria
( 52 ) The Impact of Investment Climate Reforms on the Development of Small and Medium Sized Enterprises in Nigeria: A Policy Brief
( 53 ) Gaining Trust After the Financial Crisis in the Nigerian Economy: A Conceptual Framework
( 54 ) An Enquiry into the Contributions of Microfinance Institutions Towards the Development of Small Scale Business in Nigeria
( 56 ) Challenges of Human Rights Abuses in Nigerian Democratic Governance – Which Way Forward ?
( 57 ) Public Infrastructure Spending and Economic Growth in Nigeria: An Error Correction Mechanism (ECM) Approach
( 58 ) Impact of Microfinance Lending On Economic Growth of Third world Nations: Study of Nigeria
( 59 ) Anti-Corruption Crusade in Nigeria: More Words Than Deeds
( 60 ) Social Security; A Public Policy for Good Governance in Nigeria: The Role of Nigerian Legislature
( 61 ) National Urban Development Policy and the Unanswered Development Question of Slum in Nigeria
( 62 ) Government Borrowing Behaviour: Implications for Private Sector Growth in Nigeria
( 63 ) Effective Tax Administration and Institutionalization of Accounting Systems in Small and Medium Scale Enterprises: Evidence from Nigeria
( 64 ) The Impact of Rice Production, Consumption and Importation in Nigeria: The Political Economy Perspectives
( 65 ) Good Governance, Rural Development and Poverty Alleviation in Nigeria: Issues and Challenges
( 66 ) Federalism and Planning in Nigeria
( 67 ) Structural Breaks and the Long-Run Stability of Demand for Real Broad Money Function in Nigeria: A Gregory-Hansen Approach
( 68 ) Stock Market Performance and Economic Growth: Evidence from Nigeria Employing Vector Error Correction Model Framework
( 69 ) Rural Saving Mobilizations and Economic Development in Akamkpa Local Government Area of Cross River State - Nigeria
( 70 ) The Phenomenon of Money Politics and Nigeria’s Democratization: An Exploration of the Fourth Republic
( 71 ) Nigerian Politics, Economic Development, and the Role of Human Rights Organisations on Elections
( 72 ) The Effects of Changes in Accounting Standards on Value Relevance of Financial Statement Information of Malaysia and Nigeria Banks
( 73 ) Insecurity and Foreign Direct Investment in Nigeria
( 74 ) An Assessment of the Relationship between Budget Deficit Syndrome and Consumer Welfare in Nigeria (1985 – 2014)
( 75 ) Determinants of Share Price Movement in Nigeria -The Management Perspective
( 76 ) Market Share and Profitability Relationship: A Study of the Banking Sector in Nigeria
( 78 ) Quality of Accounting Reporting After the IFRS Adoption in Nigeria
( 79 ) Structural Breaks, Electricity Generation and Economic Growth in Nigeria
( 80 ) Comparative Analysis of the Effectiveness of Coub-Douglas, Real Business Cycle, and Keynsian Growth Models in Determining Economic Growth in Nigeria
( 82 ) National Security and Democratization in Nigeria: The Case of Insurgence
( 83 ) The Link Between Agricultural Budgetary Allocation and Economic Growth in Nigeria
( 85 ) Effects of Corporate Social Responsibility on Banks Financial Performance in Nigeria: A Study of United Bank of Africa
( 86 ) Rural Roads Infrastructure and Agricultural Products Distribution: A Focus on Akure South Local Government Area, Ondo State, Nigeria
( 88 ) Military Regimes and Nigeria’s Economic Development, 1966-1999
( 89 ) Social Protection Programmes, Agricultural Production and Youth Employment in Nigeria: Analysis from LSMS-ISA
( 90 ) Entrepreneurial Networking and Women Entrepreneurs’ Contribution to Employment Creation in Rivers State, Nigeria
( 91 ) An Investigation of the Relationship between Manufacturing Output and Economic Growth : Evidence from Nigerias Data Set
( 92 ) Employee Loyalty and Organizational Citizenship Behaviour in the Port Harcourt Area Command of the Nigeria Police Force
( 93 ) Effect of Institutional Factors on Foreign Direct Investment in Nigeria
( 94 ) Measuring and Assessing the State of Technological Innovations and the Level of Interaction between Rice Processors and Stakeholders in Rice Processing Industry in Nigeria
( 95 ) Macroeconomic Indicators and Capital Formation Growth in Nigeria: A New Evidence
( 96 ) Foreign Capital Inflows and Unemployment in Nigeria: A New Evidence from ARDL-Bounds Testing Approach
( 97 ) Electronic Banking Innovations and Selected Banks Performance in Nigeria
( 98 ) Disaggregated Foreign Capital Inflows and Economic Growth in a Developing Economy: Empirical Evidence from Nigeria
( 99 ) Urban Population Growth and Environmental Sustainability in Nigeria
( 100 ) Depositors Confidence and Mergers and Acquisitions: The Nigerian Banking Sector Experience
( 101 ) Assessment of Dual Carriageway for Sustainable Socio-Economic Development in Ado Ekiti, Nigeria
( 102 ) Determinants of Public Sector Corruption in Nigeria
( 104 ) Uncertainties in Global Economic Policy and Nigerias Export Earnings
( 105 ) Public Health Expenditure, Economic Growth and Health Outcomes in Nigeria
( 106 ) Sectoral Credit Allocation of Deposit Money Banks and Poverty Reduction in Nigeria
( 107 ) The Roles of Labour Union in Nigeria Industrial Harmony and Development
( 108 ) Gamification on Sales Force Performance in Nigeria Bottling Company
( 110 ) External Debt and Nigeria's Sovereignty
( 112 ) Analysis of Environmental Factors Affecting Manufacturing Small and Medium-Size Enterprises in Kogi State Nigeria
( 113 ) The Impact of Military Spending on Economic Wellbeing in Nigeria
( 114 ) Exploring the Asymmetric Linkage between Commodity Prices and Fiscal Performance in Nigeria
( 115 ) Organizational Memory and Employee Performance in Federal Parastatals in Enugu State of Nigeria
( 116 ) Incidence of Short Term Private Capital Outflow: Empirical Analysis in Nigeria
( 119 ) Fiscal Reaction Functions and Public Debt Sustainability in Nigeria: An Error Correction Mechanism Approach
( 120 ) Value for Money (VFM) Audit and Public Sector Performance in Afikpo North Local Government Area of Ebonyi State, Nigeria
( 121 ) Does External Borrowing Affect Economic Growth? A Revisit of the Age-Long Debate for Nigeria