During the colonial period in Nigeria, early international commerce was hindered by regional reliance on bulky commodity currencies such as cowries and brass manillas. Which of the following historical milestones in 1894 greatly facilitated commercial expansion by introducing a standardized monetary system and formal credit services?
- The establishment of the Bank of British West AfricaCevap
- BThe complete replacement of commercial trade with personal direct service occupations
- CThe restriction of all business activities to localized home trade while outlawing foreign trade
- DThe institutionalization of pure barter as the sole legal framework for commercial exchange
Cevap
The establishment of the Bank of British West Africa in 1894 provided a centralized banking system and standardized legal tender, facilitating colonial and regional trade.
The establishment of the Bank of British West Africa (BBWA) in 1894 provided the financial infrastructure, standardized currency distribution, and credit capabilities required to expand modern commerce across Nigeria.
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Anahtar Kavram
Historical Background and Development of Commerce in Nigeria
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