CHAPTER ONE
INTRODUCTION
Background of The Study
Prior to the establishment of the Central Bank of Nigeria (CBN), the West Africa Currency Board (WACB) which was established in 1912 had the responsibility for issuing legal tender currency.
Specifically, it was charged with the issue of a West African Currency, the exchange of existing currencies and the investment of reserves. The reserves were invested in Britain and this in a way hindered development in Nigeria. However, because the WACB was linked automatically to the British system, it could not engage in monetary management the effectiveness of cbn control mechanisms in the banking system neither was Nigerians trained in the act of monetary management. In order to eliminate this deficiency and thereby promote the growth of the domestic money and capital markets, the Central Bank of Nigeria was established in 1958 and it commenced business on 1st July, 1959.
Terms of Use: This is an academic paper. Students should NOT copy our materials word to word, as we DO NOT encourage Plagiarism. Only use as a guide in developing your original research work. Thanks.
Disclaimer: All undertaking works, records, and reports posted on this website, eprojectguide.com are the property/copyright of their individual proprietors. They are for research reference/direction purposes and the works are publicly supported. Do not present another person’s work as your own to maintain a strategic distance from counterfeiting its results. Use it as a guide and not duplicate the work in exactly the same words (verbatim). eprojectguide.com is a vault of exploration works simply like academia.edu, researchgate.net, scribd.com, docsity.com, course hero, and numerous different stages where clients transfer works. The paid membership on eprojectguide.com is a method by which the site is kept up to help Open Education. In the event that you see your work posted here, and you need it to be eliminated/credited, it would be ideal if you call us on +2348064699975 or send us a mail along with the web address linked to the work, to eprojectguide@gmail.com. We will answer to and honor each solicitation. Kindly note notification it might take up to 24 – 48 hours to handle your solicitation.