EVOLUTION OF MONEY: THE CONCLUDING PART.

The paper money we use today originated during the middle ages. In those days, goldsmiths and merchants trading with gold and silver items, kept the values related to these items. The goldsmith, as a guaranty, delivered a receipt to the merchant. With time, these receipts were used to make payments, circulating from hand to hand.

paper money: dollar bill

paper money: dollar bill

The first bank notes were issued by Banco do Brasil in Brazil in 1810. They had its value written by hand, as we today do with our checks. With time, in the same form it happened with coins, the government came to conduct the issue of notes, controlling counterfeits and securing the power to pay. Currently, all countries have their central bank in charge of issuing coins and notes.

Nigerian Naira: 100 Naira note/bill

Nigerian Naira: 100 Naira note/bill

Paper money experienced an evolution regarding the technique used in their printing. Today, the printing of notes uses a specially prepared paper and several printing processes, which are complementary to each other, assuring to the final product a great margin of security and durability conditions.

The set of coins and bank notes used by a country form its monetary system. The system is regulated by appropriate legislation and organized from a monetary unit, its base value. The countries, through their central banks, control and guarantee the issue of money. The set of notes and coins in circulation, the so called monetary mass, is constantly renewed through the process of sanitation, substitution of worn out and torn notes

As coins and notes ceased to be convertible into precious metal, money became more dematerialized and assumed abstract forms. One of these forms is the check that, for simplicity of use and security offered, is being adopted by an increasing number of people in their day-by-day activities. This document, by which one orders payment of a certain amount to its bearer or to a person mentioned in it, aims mainly at transactions with bank deposits. The important role played today in the economy by this form of payment is due to the innumerable advantages offered by it, speeding transactions with large sums, avoiding hoarding and diminishing the need of change by being a document completed by hand in the necessary amount.

The need now came for people to

Money now has an electronic form

Money now has an electronic form

Electronic money, or e-money, is the money balance recorded electronically on a stored-value card. These cards have microprocessors embedded which can be loaded with a monetary value. Another form of electronic money is network money, software that allows the transfer of value on computer networks, particularly the internet. Electronic money is a floating claim on a private bank or other financial institution that is not linked to any particular account. Examples of electronic money are bank deposits, electronic funds transfer, direct deposit, payment processors, and digital currencies.

Electronic money can either be centralized, where there is a central point of control over the money supply, or decentralized, where the control over the money supply can come from various sources. Electronic money that is decentralized is also known as digital currencies. The major difference between E-money and digital currencies is that E-money doesn’t change the value of the fiat currency (USD, EUR) it represents, but digital currency isn’t equivalent to any fiat currency. In other words, all digital currency is Electronic money, but Electronic money isn’t necessarily digital currency. Many mobile sub-systems have been introduced in the past few years including Google Wallet and Apple Pay.

Money, whatever the form it has, is not valuable for itself, but for the goods and services it may purchase. It is a sort of security giving its bearer the faculty of being creditor of society and take advantage, through his or her purchasing power, of all conquests of modern man. Money was not, hence, invented by a stroke of genius, but stemmed from a need, and its evolution reflects, at each time, the willingness of man to harmonize its monetary instrument to the reality of its economy.

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WHAT DO YOU USE AS TITHE?!

to tithe or not to tithe!

to tithe or not to tithe!

What I think about tithes is that since Jesus Christ died on the cross, there is no need for us to be paying tithes. But today’s Christians insist on it being paid. Now I am all about confused about tithing. If I tell one of this self-proclaimed born again christian’s that I don’t tithe, they will look at me with pity and say, that I am cheating God and go on and on about how God isn’t blessing me. But funny enough, I don’t see how God blesses them. So many people can cover up their problems you know.

While going through Facebook yesterday, I encountered a website that says that we shouldn’t pay our tithes with money. The website’s url name is http://www.tithing.com. In the olden days, money never existed. Infact, during the time of King David, I think the money used then was the shekel. This is a weight or scale, that measures the weight of commodities being exchanged. Yet this argument about not paying tithes with money still got me confused. Now at days, people work and get paid with money or hard earned currencies. Doesn’t that replace the labor of man in ancient times when your either a fisherman, farmer or cattle rarer. I am still confused.

tithe

What is the tithe? It is the “gateway for the believer into the covenant of blessings.” In the Hebrew “maaser” or “maasrah,” is translated tenth, or tenth part, and in Greek “apodekatoo” and in both, it means a payment or giving or receiving of the tenth.

The tithe is that tenth of our income that we give to God, which enables Him to move on our behalf in the area of blessings. The Bible records numerous accounts of man tithing to God. God is the creator of everything that exists. He owns everything and we are simply stewards of what we have been entrusted with. The tithe principle is this; “He gives unto us, we give back to Him one-tenth of all that He has blessed us with.”

I am not here to preach to you about tithing. But Tithes were meant to provide for the priest’s who served God, the orphans, widows and the poor. We do give tithes, but we do not care who uses it and how it is used. As Jesus warned the Pharisees, who gave their tithes but neglected the most important aspects of the law of God, which were, jut ice, mercy and faithfulness. It is important for Christians to know what the tithes they offer to their various churches, is being used for. The excuses that God will judge and you don’t care what they do with it is wrong. Jesus cared and he rebuked the pharisees and if you claim to be a follower of Christ, you should do same.

But first, when exactly should we give our tithes.

Leviticus 27:30–32 (NIV)

A tithe of everything from the land, whether grain from the soil or fruit from the trees, belongs to the Lord; it is holy to the Lord. Whoever would redeem any of their tithe must add a fifth of the value to it. Every tithe of the herd and flock—every tenth animal’.

Deuteronomy 26:12–15 (NIV)
When you have finished setting aside a tenth of all your produce in the third year, the year of the tithe, you shall give it to the Levite, the foreigner, the fatherless and the widow, so that they may eat in your towns and be satisfied.

Who can make me understand this scriptures please?

THE TELEGRAPH ARTICLE THAT IS UNSETTLING BUHARI.

President Buhari

President Buhari

President Buhari is fighting a one sided fight against corruption. We all knew that. At least those who do not belong to any of the political parties in Nigeria. None of the president’s party members have been scrutinized by the EFCC, ICPC, DSS or the Nigerian Police except for the senate president who is fighting for his political life with the Code of Conduct Tribunal (CCT) and we all know why. Because he forced himself on the party.

But I am angry with Nigerians. Must we be so blind and partisan? Must we allow these politicians to deceive us using our ethnic differences? I do not belong to any political party. I supported Buhari before the 2011 elections but voted for GEJ later. Why? Because Buhari has nothing to offer Nigerians. He didn’t in 1983-1985, so tell me why would he do so now. Buhari has made a lot of mistakes from May 29, 2015 till now.

Even Femi Aribisala knows the facts. View the articles here;

http://www.telegraph.co.uk/news/2016/04/12/nigeria-using-uk-aid-to-persecute-presidents-political-foes-rath/

Alleged persecution of Buhari’s opponents: Presidency lambasts UK Telegraph

#PANAMAPAPERS: MUCH ADO ABOUT NOTHING.

PANAMA PAPERS

It’s been a week now since The International Consortium of Investigative Journalists (www.icij.org) leaked over 15 million financial documents to the press, of rich and powerful individuals, politicians, celebrities and world leaders stashing huge sums of money in Panama’s tax free zone (tax heaven). I don’t have anything against stashing your money in countries you don’t pay tax, as long as you worked for it. But politicians who moved funds belonging to their states or countries, are criminals. I still don’t know why people should pay tax especially in countries like Nigeria were the government doesn’t provide any basic amenities for her people, even when the people pay for everything and still pay VAT on all items.

But I find it funny though. I think it is another plan by the western powers to ridicule their non western powers like China and Russia. Since Edward Snowden leaked secret NSA papers and then he ran off to Russia and Julian Assange, the founder of Wikileaks, who is still holed up the Ecuadorian embassy in London, the United States and Britain have done everything to rubbish Putin, the Russian president. Sure when the news broke on BBC, the first powerful leader to be mentioned was Putin as usual.

The #panamagate or #panamapapers has claimed it’s first victim when the Prime Minister of Iceland resigned from office. It has quietened down a bit now since it has claimed it’s first victim.

Iceland Prime Minister bends his head in shame after he announced his retirement from office last week.

Iceland Prime Minister bends his head in shame after he announced his retirement from office last week.

Nigeria has it’s own leaders mentioned in the scandal, from current senate president, Bukola Saraki to the former senate president, David Mark, former minister of defense Theophillus Danjuma and now a christian pastor T.B Joshua. Nothing will come out of all these. Only countires with tructures will deal with their defaulters, others like Nigeria won’t but I hope President Buhari would do something about it.

Read more about the #panamapapers here; https://panamapapers.icij.org/20160403-panama-papers-global-overview.html.

THE EVOLUTION OF MONEY.

Initially, during the course of civilization, money didn’t exist. People who lived during the early ages, had to make exchange for items or goods they did not have. They engaged in trade by barter, which is the exchange of an item for another item and these items weren’t of the same value. So if a fisher man caught more fish that he could use, he exchanged them with a livestock farmer or farmer who had grains, like wheat. This form of trade still exists today in some parts of the world. This exchange, however, is not free from difficulties, since there isn’t a common measure of value among the items bartered or exchanged.

traders exchanging tomatoes for a cup of grain

traders exchanging tomatoes for a cup of grain

Some items became more valuable than others and more sought after. These items assumed the role of currency or money. These items were referred to as commodity money. Items like cattle, spices, milk, cowry shells, were used as commodity money, due to the fact that these items were scarce. Later, these commodities became inconvenient for commercial trades, due to changes in their values, the fact of being indivisible and easily perishable, therefore checking the accumulation of wealth.

items used as commodity money

items used as commodity money

cowry shells, one of the items used as commodity money

cowry shells, one of the items used as commodity money

As soon as metal was discovered, it was used to make utensils and weapons which were previously made of stone. For its advantages, like being durable and divisible, metal became the main standard of value. It was initially used in its natural state, then in the forms of ingots and objects like rings to bracelets. The metal traded with were weighed and assessed of its purity at each transaction. Later, metal money gained definite form and weight, receiving a mark indicating its value and the person who issued it. They came to be valued commodities. The increased value of these objects led to its use as money and the circulation as money of small scale replicas of metal objects.

gold and silver were the most preffered objects used as money

gold and silver were the most preferred objects used as money

Coins were first minted in Lydia during the 7th century B.C, which is present day Turkey. The first metals used in coinage were gold and silver. Minting of gold and silver coins was common for many centuries and pieces were guaranteed by their intrinsic value or importance.Then a coin made with twenty grams of gold was exchanged for goods of even value. Gold were used for higher valued coins, while silver and copper coins were used for lesser value. Later cupronickel and other metallic alloys were used as coins and these coins came to circulate for their extrinsic or face value and not their metallic content. With the appearance of paper money, minting of metal coins was restricted to lower values, necessary as change. In this new role, durability became the most requested quality for coins.

In the next write up we will conclude our story on the evolution of money.

 

MY FIRST EXPERIENCE TRAVELLING BY AIR.

Lagos by night from the air

Lagos by night from the air

Oh yes, I just had my first flight experience and there ain’t nothing to be ashamed of. It was quite unique and I overcame my phobia for flying or travelling by air. Now I’m more interested in travelling and seeing what it’s like in other cities and countries.

I travelled on an official duty with my superior to Bayelsa and our flight was for 3pm from Lagos to Port Harcourt. Our flight was delayed till 7pm. Our flight was by Arik Airlines. We boarded a bombardier jet and after all the security details mentioned to us, we took off for Port Harcourt. It was a smooth take off. Lagos was a beautiful sight from the air. I think Governor Ambode has done well by lighting up Lagos roads. And believe you me, Lagos is a large city.

The flight went well. We only experienced turbulence once. We had a smooth landing in Port Harcourt. But the arrival lounge was embarrassing. Wet and made of white tents. The arrival lounge building is still under construction. We then went into Port Harcourt and booked rooms in a hotel in the government reserved area of the city. The foreign expatriates have left the city in droves and that has depleted the income in the state. The night life in Port Harcourt still exists though.

Arik Air

Arik Air

We than went to Yenegoa, Bayelsa state via the famous east-west road which I learnt was still under construction. The journey was smooth. After our meeting at the NCDMB office in yenegoa, we went straight back to the Port Harcourt airport and we arrived 30 minutes before our flight scheduled time which was meant for 5pm. This time again, our flight was delayed from 5 to 8.45 pm. The departure lounge was manageable but it had no air conditioners. The security checks was strict. You had to take off your shoes and belts and any metallic objects in your possession and pass to the electronic barrier. You would go through this procedure again even if you had to use the gents.

We had to wait till 8.45 pm to board our plane, an aerp 360 jet. I sat at the back of the plane and my airs nearly got burst due to the noise from the engines. Again Lagos was a beautiful sight at night. Well lit. The view when landing was fantastic. We had a save landing and I was lucky to get a quick cab home late that night and I thank God for a smooth journey. But next time, I hope to take a vacation to a place more exotic and affordable. I think the government should introduce a travel or vacation allowance, to allow Nigerians to travel more. What do you think?

Cheta Okorafor