Pyrex Journal of Business and Finance Management Research

February 2017 Vol. 3(2), pp. 68-85

ISSN: 2550-7877

Copyright © 2017 Pyrex Journals

Full Length Research Paper

Money, Banking and Financial Deepening:the Nigerian Experience

Babarinde S.B, Ajala O.A and Suberu O.J*

Department of Banking and Finance, the Polytechnic Ibadan, P.O box 20258 University of Ibadan, Ibadan, Nigeria.

Corresponding Author E-mail:

Accepted 23rd August, 2016


The word money is derived from the Latin word “Moneta” which was the surname of the Roman goddess of Juno in whose temple at Rome money was coined. The origin of money is lost in antiquity. Even the primitive man had some sort of money. The type of money in every age depended on the nature of its likelihood. In a hunting society, the skins of wild animals were used as money. The pastoral society used livestock whereas the agricultural society used grains and food stuff as money and in modern period, currency notes, metal coins amongst other things were used as money .There has been various opinions on the real definition of money but in general terms money can be conceptualized generally as what we use to make payment for our debt, goods, services, products and general assets. Unlike gold or silver money, modern money has no real value it is just paper and ink with no intrinsic value, but everyone wants more of it why because money as an asset perform three very important functions in an economy such as Medium of exchange, Unit of Account, and Store of Value Bank exist to create money and to provide safety for money over the year. It has been a difficult task to find an acceptable definition of a bank or a banker, but the Banking and Other Financial Institution Act (BOFIA) 1991 has provided an insight into the definition of Bank as a company duly incorporated in Nigeria and hold a valid banking license issued under the Act. This paper attempts to examine the impact of Money Development in Nigeria. It is structured into 5 sections: Section one is dedicated to the Introduction while section two discussed the literature section three Data Analysis and model specification section four findings and results, and the final section discussed the summary conclusion and recommendation.

Keywords: Moneta, Money, Banking, Currency, Economic Policy, Financial Deepening.

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