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West African Currency Board (WACB) – Features, Merits & Demerits
The West African Currency Board (WACB)
The West African Currency Board (WACB) was founded in November, 1912 following the recommendations of Lord Emmitts Committee which...
Deflation: Definition, Causes, Effect & Control of Deflation
Deflation refers to a persistent or continuous fall in the general price level. The value of money increases during a deflationary period.
Imperfect Market: Definition, Features, Types, Merits & Demerits
An imperfect market may be defined as any market structure where either the buyers or the sellers can influence the prices of goods and services because they are few in number. An imperfect market deals in different products.
Types of Bank Account
A bank may be defined as a financial institution set up purposely for safe-keeping of money, valuable goods and documents like wills and others. The existence of banks has been a big boost to business activities theworld over.
Inflation in Nigeria: Causes, Control & Solutions
Inflation is a worldwide phenomenon but the rate varies from country to country.
Nigeria has been experiencing a high rate of inflation estimated to be well over 45%. Despite the various measures adopted to control inflation it has defied solutions.
Mortgage Banks: Definition, Functions & Examples
A mortgage bank is specifically set up for the purpose of providing long-term loans for building houses. E.g. Federal Mortgage Bank or Imani Mortgage Finance Ltd.
Traditional Financial Institutions: Definition, Functions, Pros & Cons
What is Financial Institutions?
Financial institutions are business organizations which deal in money, though some may deal in other financial assets such as shaves, letters...
Difference Between Development Bank and Commercial Bank
Development bank may be defined as a financial institution set up purposely to offer long term loans meant for development projects while commercial bank may be defined as a financial institution which carries out retail banking services, set up for keeping and lending money to people, owned by organisations, individual or governments, for the purpose of making profits.
Central Bank: Definition, Features, Functions & Examples
A Central Bank is a National Government owned apex financial institution which controls and supervises the entire monetary system of a country. It assists, directs and regulates the activities of other financial institutions to make them comply with government monetary and economic policies.
Problems of Financial Institutions in Nigeria
Financial Institutions are business organizations which deal in money, though some may deal in other financial assets such as shaves, letters of credit, bills of exchange etc. With the exception of the Central Bank, they make profits by trading in money; that is, through the process of accepting deposits in several ways e.g. offering technical advice etc.
Merchant Banks: Definition, Functions & Examples
A merchant bank is a ‘wholesale bank’ which deals in large sums of money and whose main functions are: issuing of shares and dealing in discounting and acceptance of bills.
Insurance Company: Definition, Roles & Functions
Insurance Company Meaning
An insurance company is a financial institution whose primary function is to receive premiums and enter into contract with individuals and organizations...
Cheque: Definition, Features, Functions & Types
A cheque may be defined as an instruction in writing made upon a bank to pay a given sum of money to a named person or bearer, at a specific date only those who operate current accounts in commercial banks make use of cheques.
Trade by Barter: Definition, Problems, Pros & Cons
Trade by barter is the direct exchange of goods for goods, goods for services, or services for services. It was a system of exchange which was in use before the introduction of money.
Inflation: Definition, Types, Causes, Effects & Control of Inflation
Inflation refers to a persistent and sustained rise in the general price level. A general phenomenon during a period of inflation is a continuous fall of the value of money in the economy.
Difference Between Central Bank and Commercial Bank
Central bank is a financial institution which controls and supervises the entire monetary system of a country while Commercial bank may be defined as a financial institution which carries out retail banking services, set up for keeping and lending money to people, owned by organisations, individual or governments, for the purpose of making profits.
Commercial Bank: Definition, Features, Functions & Problems
A commercial bank is a joint-stock financial institution which trades in money with the sole aim of raising profits for its shareholders.
Capital Market: Definition, Functions & Advantages
The capital market is a financial market for trading in, long-term financial assets. It is a market for long-term loans and investments. It consists of people and organizations who wish to lend out money or to borrow on a long-term basis.
Nigerian National Petroleum Corporation (NNPC) – Functions & Problems
The Nigerian National Petroleum Corporation (NNPC) was established in 1977 by the NNPC Act No. 33, through the merger of the Nigerian National Oil Company (NNOC) and the then Ministry of Petroleum Resources.
The main function of the NNPC was primarily operational while the duty of the Ministry was mainly regulatory. The new body NNPC started to perform both operational as well as regulatory functions.
Balance of Payments: Definition, Example, Problems & Solutions
Balance of payments is a systematic record or summary statement of accounts of all the major economic or trading transactions between a reporting country and the rest of the world, during a specific period, usually one year. Balance of payment is a summary of receipts (income) and payments (expenditure) of a country in the international accounts.