History of Banking

The History of bank buildinging in Nigeria According to historians, banks were probably the religious temples and monasteries of the quaint world. In fact, banking probably predates the invention of money. Legally regulated new-made banking most likely evolved as far back as 1760 BCE (in the era of the Hammurabis Code). Greek temples as well as snobby and civic entities, conducted fiscal transactions such as loans, deposits, currency exchange, and validation of coinage[2] Here in Nigeria the first bank to find operation was the African fixing Corporation. It was established in 1892.But it was not until 1952 when banking formula was introduced at which point the country had three external banks namely, the Bank of British West Africa, Barclays Bank, and the British and French Bank and new(prenominal) two indigenous banks; the National Bank of Nigeria and the African Continental Bank. The five banks had a total of forty branches. A 1952 edict set standards, required reserve funds, established bank examinations, and provided for supporter to indigenous banks. Yet for decades after 1952, the growth of demand deposits was slowed by the Nigerian propensity to prefer cash and to distrust checks for debt settlements.

British colonial officials established the West African Currency ticktack on in 1912 to help finance the export trade of foreign firms in West Africa and to issue a West African currency convertible to British pounds sterling. But colonial policies proscribe local investment of reserves, discouraged deposit expansion, precluded discretion for pecuniary management, and did nothing to train Africans in developing indigenous financial institutions. In 1952 several Nigerian members of the federal House of manufacture called for the establishment of a important bank to facilitate economical development. Although the motion was defeated, the colonial administration appointed a Bank of England official to study the issue. He advised against a central bank, questioning such a banks... If you want to get a full essay, order it on our website: Orderessay

Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.