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Banking in Nigeria
Banking Industry in Nigeria started during the colonial era with the establishment of Colonial Banks with the primary aim of meeting the commercial needs of the Colonial Government.〔(【引用サイトリンク】title=the evolution of nigerian banking system supervision and current challenges )〕 Banking system in Nigeria is regulated through the Central Bank of Nigeria. This apex bank started operation on July 1, 1959.
==Background==
In 1892, African Banking Corporation and British West Africa, now First Bank of Nigeria, were established in Nigeria. In 1925, Anglo-Egyptian Bank and National Bank of South Africa gave birth to Barclays Bank in Nigeria. In 1948, the British and French Bank for Commerce and Industry started operations in Nigeria, which metamorphosed into the United Bank for Africa.〔(【引用サイトリンク】title=Nigeria political parties: power in an emergence African nation )〕 The first domestic bank In Nigeria was established in 1929 and called Industrial and Commercial Bank. The bank liquidated in 1930 and was replaced by Mercantile Bank in 1931. The African Continental Bank was created in 1949 as the only sustainable indigenous bank after the liquidation of the Industrial and Commercial bank. The year 1947, shows the emergence of agricultural bank called Nigeria Farmers and Commercial Bank.
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