The origin of money could be traced back to the early days of human existence in which they (human beings) provided virtually all they needed through exchange of goods. This earlier form of trade is known as Barter System.

Barter therefore, is a system of trade in which money was not used, rather goods were exchanged directly for other goods. For instance, one can exchange a basin of garri

one fowl that he cannot produce with some other person who is willing to exchange his fowl for one basin of garri. This system renders trade cumbersome.

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