The Development of Banking in Nigeria

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The development of banking in Nigeria was primarily aimed at assisting the development of commerce and industry in Nigeria as well as assisting the colonial government.

The operation of banks did not start in Nigeria until 1872 when African Banking Corporation was established. The bank of West Africa was established in 1894 in Nigeria and later became known as Bank of British West African Limited, the name was changed to Standard Bank of Nigeria, which is now known as First Bank of Nigeria PLC, in 1979.

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