Podcast
Questions and Answers
What stage of the evolution of currency does banking trace its origins from?
What stage of the evolution of currency does banking trace its origins from?
Which activity characterized the initial services provided by the Italian goldsmiths in London?
Which activity characterized the initial services provided by the Italian goldsmiths in London?
Which organization is responsible for regulating the ethical conduct of banking professionals in Nigeria?
Which organization is responsible for regulating the ethical conduct of banking professionals in Nigeria?
What is one of the objectives outlined for the students at the end of the unit?
What is one of the objectives outlined for the students at the end of the unit?
Signup and view all the answers
In what region did the group of Italian goldsmiths originate before migrating to London?
In what region did the group of Italian goldsmiths originate before migrating to London?
Signup and view all the answers
What year marked the emergence of the agricultural bank known as the Nigeria bank of farmers?
What year marked the emergence of the agricultural bank known as the Nigeria bank of farmers?
Signup and view all the answers
According to the Nigeria Bank Act 1969, which of the following entities is included in the definition of a bank?
According to the Nigeria Bank Act 1969, which of the following entities is included in the definition of a bank?
Signup and view all the answers
What is one of the primary functions included in the business of banking as defined in the law and practice of banking in Nigeria?
What is one of the primary functions included in the business of banking as defined in the law and practice of banking in Nigeria?
Signup and view all the answers
Which act further elaborated the definition of banking business in Nigeria by describing it as including the receipt of deposits?
Which act further elaborated the definition of banking business in Nigeria by describing it as including the receipt of deposits?
Signup and view all the answers
What does the Banks and Other Financial Institutions Decree No 25 of 1991 require for a company to be defined as a bank?
What does the Banks and Other Financial Institutions Decree No 25 of 1991 require for a company to be defined as a bank?
Signup and view all the answers
Study Notes
UNIT 3: CHARTERED INSTITUTE OF BANKERS IN NIGERIA
- This is a legal institution created to regulate the ethical conduct of bankers.
- It's established through legislation.
- It organizes the banking profession.
1.0 INTRODUCTION
- The Chartered Institute of Bankers in Nigeria (CIBN) is a professional body for bankers.
2.0 OBJECTIVES
- Students will understand the importance of the institute.
- Students will learn about different committees in the Institute.
- Students will understand the workings of the institute's management.
3.0 MAIN CONTENT
3.1 THE EVOLUTION OF BANKING SYSTEM
- Banking's origins trace back to ancient times.
- Early banking involved goldsmiths safeguarding valuables and issuing receipts.
- This evolved into rudimentary banking practices.
- The use of paper money is a later development in banking history.
3.2 THE BEGINNING OF BANKING IN NIGERIA - AN OVERVIEW
- Colonial banks initiated banking in Nigeria to meet colonial needs.
- The Central Bank of Nigeria regulates the banking system.
- Key milestones in Nigerian banking development are detailed.
3.3 THE REGULATION, MANAGEMENT, CONTROL, AND ACT OF THE BANKING PROFESSION IN NIGERIA
- There's no universally accepted definition of "banking," with relevant legislation detailing the specifics.
3.4 THE REGULATION AND CONTROL OF BANKING PROFESSION IN NIGERIA
- The CIBN and other governmental bodies regulate and control the banking sector.
3.5 THE BANKERS COMMITTEE
- The committee is composed of the Central Bank governor and key banking executives.
- This committee develops banking policies and addresses common challenges.
3.6 THE CLEARING HOUSE COMMITTEE
- Comprised of Central Bank representatives and members from banks.
- This committee manages clearing house operations and rules.
3.7 THE INSTITUTION OF BANKERS
- Founded in 1963, this institution promotes banking education and ethics/professionalism in Nigeria.
- It provides training, seminars and professional examinations.
3.8 MEMBERSHIP OF CIBN
- The institute has both corporate and individual members.
- Details of specific membership categories and requirements are provided.
3.9 VISION STATEMENT
- CIBN aims to be a globally recognized institution in banking education and ethics.
#### 3.10 EXECUTIVE MANAGEMENT
- List of key personnel with specific designations and responsibilities.
#### 3.11 MEMBERSHIP SERVICES
- Includes registration, exemptions, and other support offered to members.
- There are various membership dues and fees applicable for different status.
3.11.4 MEMBER STRENGTH
- CIBN's membership has increased significantly over time.
- Categorization of member strength is displayed in a table.
3.11.5 MEMBERSHIP PROGRAMMES - CIBN GRADUATE INDUCTION / PRIZE AWARD DAY
- The CIBN organizes an annual induction/prize event to recognize outstanding members.
- Program objectives focus on professional development, promoting banking ethics.
4.0 SUMMARY
- Key overview and highlights of the previous sections.
5.0 CONCLUSION
- Summarizes the overall function and importance of the topic.
6.0 TUTORED MARKED ASSIGNMENT
- This section includes specific questions for students to answer regarding the topic.
7.0 REFERENCES / FURTHER READING
- Include author(s), title(s), and publication/publisher(s) details of referenced material.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz explores the evolution of the banking system, with a focus on the Chartered Institute of Bankers in Nigeria (CIBN). Students will gain insights into the institute's regulatory role, its significance to the banking profession, and the historical context of banking practices both globally and in Nigeria.
