Clifford Constitution of 1922 - The system of government introduced as a result of the amalgamation of 1914 created sharp divisions between British officials and educated Nigerians on one hand, and between the chiefs and the educated elements on the other hand.

The intrinsic value of an option is the difference between the price of the underlying asset in the market and the exercise price. Intrinsic value is always positive. When the difference between the price of the underlying asset and the strike price is negative, the intrinsic value equals 0. At expiration, the intrinsic value is the value of the option.