CHAPTER ONE
1.0 INTRODUCTION
DEFINITION: A money market is a market fro short term securities, it provides service that are essential to modern economy. According to professor G.O. Nwankwo “it offers access to variety of financial instruments that enables economic agent to pool price and exchange risk, through assets with attractive yields liquidity and risk characteristic, it encourage saving in financial firm”.
This is very important for government and other institutions in need of short-term funds and to supplies of short-term funds who, because of their assets in liquid form.
Late professor W.O. Uzoga, observed that the primary objective of developing a local money market was to stern the representation of short-term fund into the London money market by creating domestic outlets for investments in short-term funds in Nigeria.
A colliery to this was the used to lay it sound foundation for efficient regulation for the monetary and banking system and to provide for the banks the basis financial instrument for effective management of their resources.
We should all be aware that the banking sector is quite distinct from other sectors of the economy. The banking sector deals with money and quasi-money technological equipment like we have in the industrial sector.
There is no need for the usage of raw material nor is there nay need to incure production cost and waste human being to pin-point specially the investors and the industrialist are their raw materials, while “the staff cost in terms of wages and salaries and remuneration are to be counted as their production cost”.
1.1 BACKGOUND OF THE STUDY
As tradition might have it, the bank of any banks has been
depicted to encompass the development of the economy, peoples and the bank itself. As noted by Jerry Onyebula, a senior manager with Allied Bank Plc.
The direction which the development takes decision whether the economy will becomes more productive or reluctant “he goes further to argue that” when bank develop, its subordination in the right direction. It helps them to grow and become bigger and richer person.
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