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

Explanation

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.

WAEC - Commerce (2011 - No. 31)

Explanation

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