Contents:
- Financial system (i) Meaning (ii) Components of financial system; e.g. NSE, SEC, CSCS, etc.
- Money Market (i) Definition (ii) Key functions (iii) Market instititution (iv) Features of money market (Short term).
The Meaning of Financial System
A financial system is a complex network that includes receipt and payment mechanisms and lending as well as borrowing funds. It consists of markets, market participants, instruments and institutions that are meant to facilitate transfer of resources from one unit to another. In a nutshell, a financial system is made up of financial markets, financial instruments and financial institutions, and its main function is to mobilize funds from surplus spending units (savers) and channel them to the deficit spending units (investors or users) for more profitable economic activities.
Components of financial system; e.g. NSE, SEC, CSCS, etc.
Apart from the Central Bank of Nigeria (CBN) that oversees the overall financial system of the country, the major institutions in the Nigerian capital market include; the Securities and Exchange (SEC), the Nigerian Stock Exchange (NSE),” Issuing Houses, Share Registrars, Unit Trusts, and Stock Brokerage Firms.
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