CHAPTER ONE
INTRODUCTION
1.1 Background
to the Study
Financial institutions are
organizations which deal basically in money. They constitute the financial
framework of an economy. Financial institutions help to pool savings and excess
liquidity from millions of individuals and firms within the country and make
them available to those who need them for various purposes.
Financial institutions include
commercial bank (Joint stock banks) discount houses, the central bank, saving
banks, development bank (BOI), insurance companies, hire purchase companies,
the national providence fund, the stock exchange building etc.
Before the introduction Nigeria
export- import bank (NEXIM) in Nigeria as at 1999 the commercial banks were
generally referred to retail bankers, while merchant banks were known as wholesale
bankers.
However the two operate and offer
almost the same services that any line of demarcation is now rather fussy- one
can only say that the distinguishing factor between the two sectors of the
banking industry is that the commercial banks are members of the central bank
of Nigeria (CBN) clearing house, While the merchant bank are not members of the
Central Bank clearing house.
Another contentious factor is the
licence granted merchant banks to take companies to capital market which the Nigeria
stock exchange denied the commercial licensed them to do so, the introduction
of the universal banking system of divide effect. A trader could approach
either commercial or merchant bank for financing facility for his transactions.
They can provide both short and long term facilities and can design any product
which meets any requirements of customers.
The Nigeria export-import bank
(NEXIM) was established in 1988 but commenced operations in January 1991. The
bank was established to provide mainly short term financing for exporters who
need working capital to buy hair activities. Among the function of the banks is
the maintenance of a foreign exchange revolution fund which is to be made
available as loans to exporters who need to export machineries, raw materials
and spare parts to satisfy export orders. It can also consider loans involving
domestic trade which are likely to assist exports.
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