The History of Money In Igbo Land: A Look At The Currencies Ndi Igbo Used From Ancient Times To Date

The History of Money In Igbo Land: Start Of Igbo Society Till 15th Century

The history of money in Igbo land, just like the history of Ndi Igbo and their language is complex, but also intertwined with the emergence of the Igbo society, through centuries of our heritage as a people.

To understand how money was used in Igbo land, we must first establish why the need for money arose, and what was used before money as a means of exchange of value. 

Just like in many ancient cultures of the world, Ndi Igbo used to trade by barter as the major exchange of valuable goods, livestock, wares, art, agricultural products, and services. Almost every household had economic and basic crops. But still, every household didn’t have these livestock and crops in the same quantity. The diversity in skill, strength, and wealth, made trade by barter the best way for goods and value to exchange hands.

For example, if a Dibia mgborogwu na mkpa akwukwo (herbalist) was invited to heal a child who had Okiri mgbawa isi na iba (migraine and fever), his payment after the child was cured would be with yams, chickens, or any other household item which the client could afford. Another example is a palm wine tapper who takes his palm wine to the market to sell. He will most likely exchange it for smaller crops, household items, snuff, etc. The mode of exchange was dependent on the need of each person. 

Also, at the beginning of the 15th century, before Ndi Igbo had contact with the outside world, goods like cloth, beads, salt, kola nuts, palm oil, yams, and beans also served as currency. These goods were used because of their uncommon features and importance in Igbo land. For example, salt was highly valued for its ability to preserve food. Likewise, kola nuts and palm oil were treasured for their spiritual and traditional potency. 

It was the easiest means of payment for goods. It worked thus: whenever a person needed a particular good like beans because they did not have it, they’d meet another person who had beans, and ask for it, and in return, they would give the person whatever good the person requested in return, as payment. This method of exchange of goods is popularly known as “trade by barter”, and some African countries practice it to date.

The Igbo clans, however, kept growing into villages, and villages grew into towns, our society became more dynamic, and the needs of individuals and families could no longer be met through mere trade by barter. The Igbo society proceeded to invent other valuable items which were then used to exchange goods and services – these are what we refer to as money today.

The History of Money In Igbo Land: 16th Century Till 21st Century

Ndi Igbo use money/currencies such as the Naira, Pounds, Dollars, Shillings, Euro, and Pence among the various currencies of the world today. However, these popular currencies were only introduced to Ndi Igbo in the 19th and 20th centuries, through our interaction with the British invaders/colonizers and missionaries.

The 16th century played a key role in the development of an external market structure in Igbo land. This period saw the introduction of new types of trade and currencies by the Portuguese (and other Europeans) who took part in the transatlantic trade (slaves, and local Igbo goods) through the Biafran coast.

At the time of this meeting of European and Igbo civilizations, Igbo currencies were not issued by a central authority, so for their value to be stable, a system was put in place to restrict the supply of the first known currencies. 

Ndi Igbo had always had blacksmiths who understood the chemistry behind the smelting of various minerals to form iron, bronze, copper, etc. This can be seen in the history of iron, copper, and bronze works among the Oka (Awka) people, and the Igbo Ukwu people, among other areas where iron smelting took place in ancient Igbo land. The Igbo civilization already had metal works at the time of the introduction of ego Igwe (metal money) as a means of exchange.

Metal currencies were produced by our blacksmiths, or were imported into Igbo land by the European traders. The two major currencies that were used at the time were ego Ayori (cowries) and ego Igwe (metal money). European ships which followed the trans-Atlantic trade routes from the Maldives’ Islands brought with them cowry currencies. 

Ships loaded with iron bars, manillas, and brass rods were exchanged on the Biafra coast in the 18th century. The demand for currencies was very high among the African traders, according to James Barbot, a 17th-century merchant, but the traders got paid part in money, and part in goods.

The importation of this foreign money increased considerably during the 19th century. Production of metals became cheaper and its import yielded more profit. However, acceptance of the larger cowries imported in the 1850s in large quantities from Zanzibar was something Ndi Igbo never did. 

The money made from Iron, copper, and brass was transformed into ornaments and tools for everyday use and so were limited in circulation. For example, in Oka (Awka), a high quantity of brass was used in making heavy spirals to beautify the legs of young unmarried girls.

The metal money/currency which Ndi Igbo used at the time was called “Okpogho/Ego Igwe”. It is also known as “Manilla”, and was made from brass and bronze. Manillas were introduced by European traders in the 16th century and quickly became a popular form of currency among West Africans, including the Igbo people. They were also referred to as “iron currency”. Iron, which was a metal of high value and cherished among Ndi Igbo, and when formed into bars was used as a form of exchange. 

When trading various goods and items like beads, salt, palm oil, dry fish, yam, gins, and tobacco, Okpogho was used. Okpogho came in various forms such as bronze bracelets, bars, hoes, axes, rings, and spears. The value attributed to this currency was determined by its weight, design, and shape. Whenever a person was wealthy in Igbo Land, our people would say, “O nwere Okpogho”, or “O nwere Ego Igwe”, which meant that the person was wealthy. 

Another form of currency used in the pre-colonial period in Igbo land, and probably the most popular was the Ego Ayoro, mostly known as “cowry”. A cowry is a small, glossy, olive-sized shell about a half-inch long. Two types of cowrie shells were used as currency in ancient Igbo land. “Monetaria annulus” was used in the west while in the east, “Monetaria moneta” was used. 

The Monetaria annulus, also known as the ring cowrie, was larger and less common than the money cowrie and was often used for larger transactions. It was also used in religious ceremonies and as a symbol of spiritual power. The Moneteria moneta, on the other hand, was the smaller and more common of the two types. It is also known as money cowrie. 

The money cowrie was used as legal tender in Igbo land. It was also used as a form of decoration and as a symbol of wealth and status. In Igbo land, the large cowry shells were known amongst the people as “Mbudambu” or “Nwefe”, or “Okpokpo” which cost a third of the little ones known as “Ayola”. Cowries were used as legal tenders. They were used to pay for the bride price of most brides. Cowries were also used in the settlement of debts and payment of fines. 

The cowries portrayed a symbol of wealth and were used in exchange for commodities. The shells would be thrown into baskets and weighed whenever a large payment was to be made to determine their value. 

In some novels that depict life in precolonial Igboland, such as Chinua Achebe’s “Things Fall Apart“, cowries were used by the Umuofia Clan not only as a means of exchange but also in the payment of bride price. The cowries were believed to have the power of fertility which signified prosperity.

Another age-long currency used by the Igbo people in the past even up till today, is cattle. Cattle were seen as a symbol of wealth and were often given as gifts on occasions like burial funerals, coronation rites, and wedding ceremonies. They were also used as a form of payment for debts or other obligations.

Furthermore, coins served as currency for the Igbo people. They are made usually of alloy. A coin is a small round piece of metal that was used for payment of goods and services.

Lastly, another currency the people of the Igbo land used was the Pound Sterling. It was introduced by the British in 1968. To maintain the sovereignty of the newly independent Biafran state, the Bank of Biafra was created under “Decree No. 3 of 1967”. On January 29, 1968, the first Biafran Pound banknote was introduced to the Igbo. 

Three years after the Nigerian civil war which ended in 1970, the naira was introduced. On the 1st of January, 1973, the Igbos and other Nigerians started using naira. 

Today, some of these currencies used by the Igbo people in the past are no longer accepted as legal tenders; they are now stored as memorabilia and used for research and cultural purposes. 

This Piece Was Written By Chidera Oti and Edited By Chuka Nduneseokwu, Editor-In-Chief, Voice Of The Sun

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