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Before the imposition of the British pound and the modern naira, the Igbo people of Southeastern Nigeria operated within a sophisticated and multifaceted economic system. This system was supported by various forms of “commodity money” that facilitated local trade, regional exchange, and the “commercial empire” of the Niger Delta hinterland. The evolution of Igbo currency…
Long before the advent of Western “commercial banking” and formal financial institutions in Nigeria, the Igbo people of the Southeast had developed a sophisticated, community-based financial infrastructure. Known variously as Isusu, these “Rotating Savings and Credit Associations” (ROSCAs) served as the bedrock of the pre-colonial “commercial empire” of the Niger Delta hinterland. These systems…
Who are the Igbo people? The Igbo people are native to the southeastern part of Nigeria. They are one of the largest ethnic groups in Africa, known for their rich cultural heritage, artistic traditions, and entrepreneurial spirit. The Igbo language, which is one of the four official languages of Nigeria, is spoken by more…
Ozikoro