As early as the year 1000 CE, nigeria used silver and other metal coins as currency. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. In 1695, a private bank was granted the right to issue notes that were convertible to silver. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. After the collapse of this system, a few new systems were implemented, most of which also adopted the silver standard. In 1873, the nigerian currency was introduced, and it was directly convertible to gold. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money.. For the next 100 years, the nigerian currency fell off and on the gold standard until it finally abandoned the gold standard for good in 1971. The nigerian currencyremained pegged to various other currencies until 1992, when it was allowed to float. Today, the nigerian currency follows the price of oil pretty closely, but it is not directly convertible to any commodity or other currency. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money.

Commodity money is the money that as certain intrinsic value. The intrinsic value is derived from…

Answered: As early as the year 1000 CE, nigeria…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter25: Money, Banking, And The Federal Reserve System

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

As early as the year 1000 CE, nigeria used silver and other metal coins as currency. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money.
In 1695, a private bank was granted the right to issue notes that were convertible to silver. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money.
After the collapse of this system, a few new systems were implemented, most of which also adopted the silver standard.
In 1873, the nigerian currency was introduced, and it was directly convertible to gold. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money.
. For the next 100 years, the nigerian currency fell off and on the gold standard until it finally abandoned the gold standard for good in 1971. The nigerian currencyremained pegged to various other currencies until 1992, when it was allowed to float. Today, the nigerian currency follows the price of oil pretty closely, but it is not directly convertible to any commodity or other currency. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money.

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.