We all know Money is an economic unit and a well-recognized medium for exchanging of transactions in an economy. Money can be fiats money, electronics cryptocurrencies, market determine, money substitute, officially legal issued tender.
Money provides the service of transactions exchange by reducing the cost. Money is originated in the form of commodity as a medium of exchange.
Money is known as a currency, it can also be used internationally as a mean of exchange. The current value of monetary currencies is not derived from the material used to produce the coin or the note., but economically determined.
But the value is derived from willingness to agree to display value and rely on it for use in the future for transaction purposes.
The use of money as a currency is mainly Centralised for buying and selling in a market. This is known as catering.
Monetary currency helps to provide a system for overcoming the double coincidence of want. For each party to get involved, each must have what the other party wants as an exchange.
1. PORTABLE: it should be divided into small quantity so that people will appreciate it original use. An immovable good, a good of low original value, or an indivisible good can create issues. Using a non-portable good can create transactions cost.
2. STABLE: This is whereby the value people place on well should be of constant or increasing over time. A good which increases or decreases or consistently loss value over time is less suitable the risk of which the exchange values night drop below its other direct use-value or which is not useful at all which it will not circulate as money.
3. FUNGIBLE: this is where the quality of the good should be relatively uniform for easily exchange between one person and another person.
4. RECOGNIZABLE: this is when the quality and the quantity of the good are readily certain to the users, so that, they can easily agree to the terms of the exchange.
5. DURABLE: the physical aspect of the good should be durable enough to retain it useful in the future exchange, and we used as many times as possible. A perishable good or a good that loss it’s value quickly will not be useful for future transactions.
FUNCTION OF MONEY
The primary function of money serves as the medium of exchange. Money also functions as a standard of deferred payment, a unit of account, and a store of value. Money can be used to assign price to all kinds of other goods and services. Example of money include :
Pounds, yen, dollars, Euro, naira, and many more.
Examples of commodity includes: Gold, silver, salt, copper peppercorn, precious stone, and many more.
Money has three functions which are:
- It serves as a medium of exchange
- It acts as a store of value.
Every society use money as a medium of exchange e.g.
Producers sell their goods to the wholesaler in exchange for money. While wholesaler sells their goods to consumers for money exchange.
10 ways to send money abroad from Nigeria
Sending and receiving money abroad requires a very tough process before, an infant with so much delay and error.
But thank God for the internet which makes everything easier, Sending money from countries like the US, INDIA, United Arab Emirates, Canada and UK can be done online via web app at a very short period.
Money gram allow you to send money to the person directly to the recipient bank account or wallet. This is a global money transfer and available in more than 200 countries. To send money through money gram, you must first visit their shop with full details of the receiver also the charges for sending.
Simbapay allows you to send money from European countries such as France, Germany, Ireland, Italy, the UK and many more to African countries such as Nigeria, Ghana, Uganda and many more. The sending is done at no cost. Most people also make use of MPESA for fast transaction.
3. World Remit
World remit allows you to send money from abroad to your family through your smartphone, computer, and tablet. You can send money directly from your bank account to the recipient bank account.
For example from your bank account to Gtbank, First bank, Access bank Zenith bank, Wema bank, and many more.
WorldRemit Services is available in 50 countries, and they make transfer for more than 120 destinations across Africa, Australia, America, Europe, and Asia. Visit their website on more how to send money.
4. Riya Money transfer
Riya allows you to send money to many countries across the globe of about 144 countries. Riya can help to send money directly to the recipient bank account from your credit or debit card or directly from your bank account.
And if possible the recipient doesn’t have an account, he/she can visit Riya agent for collection.
Azimo is used in over 190 countries with up-to 20,000 banks globally with 80 supported currency which enables one to send money to families and friends.
European countries such as Denmark, Ireland, Germany, Italy, Sweden, the UK and many make good use of Azimo in sending money to families.
When using Azimo, you will need to sign up and account after which you have to select the currency, and the recipient account number or mobile number in case of buying airtime.
You can send money to Gt bank, UBA bank, first bank, Eco bank, and many more.
This is founded by Estonian’s kristo kaarmann and Tarvet Hinkirus both based in London in January 2011
Payoneer is used in Nigeria and many Africa countries who want to withdraw from their pay pal by linking your Payoneer account with your pay pal account.
Pay pal account will send money to your Payoneer account in which you can now withdraw it from any ATM where a master card is accepted.
8. Western Union
It operates just like money gram. It allows you to send money from their agent locations or online through an app. Western Union allows you to send money from your debit or credit card or directly from your bank account to the recipient account number.
Transfast is an online money transfer available in over 120 countries; Asia, Europe, America, Africa also Australia. It Provides direct deposit to different banks in Nigeria such as Heritage Bank, Ecobank, City bank, and Diamond Bank. Payment can also be made through debit card.
This also operates like a pay pal straightforward to set up with low fees. With Skrill, u have the ability to send money Online to Nigeria with just an email directly to the recipient bank account.