Money is anything that is generally acceptable as a medium of exchange ( for instance, as a means of settling debts) and at the same time acts as a measure and a store of value. e.g naira and kobo in Nigeria.
The characteristics of Money are:
(i) Divisibility : It should be divisible into convenient units without losing its value, e.g. N50, N20 etc.
(ii) General acceptability: It should be acceptable in the society in which it is used.
(iii) Relatively scarce: It must be relatively scarce but not too scarce.
(iv) Portability: It should be easy to carry about.
(v) Durability : It should be able to last for a long period of time.
(vi) Homogeneity: The money material must be the same size and quality. Twenty naira note held by Mr. B must be the same twenty naira held by Mr. A in any part of the country.
(vii) Stability: The value of money must be stable.
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