WAEC - Commerce (2011 - No. 31)
Before the advent of legal tender and credit instrument, which of the following was used as a medium of exchanged?
Currency notes
Cowries
Cheques
Bankdrafts
Wyjaśnienie
Cowries where used as a medium of exchange by traders during the barter system. The cowrie currency had enabled the economy to overcome the inherent problems of the barter exchange system.