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The Paper Currency Act, 1861 gave the Government of India the exclusive right to print and circulate banknotes and thereby abolishes the printing and circulation of banknotes by the private Presidency Banks. Until the establishment of the Reserve Bank of India on 1 April 1935, the Government of India continued to print and issue banknotes. [2] [3]
The missionary impact on modern Nigeria, 1842-1914: A political and social analysis (London: Longmans, 1966). Burns, Alan C. History of Nigeria (3rd ed. London, 1942) online free. Carland, John M. The Colonial Office and Nigeria, 1898–1914. Hoover Institution Press, 1985. ISBN 0-8179-8141-1
The economic history of Nigeria falls into three periods. They are the: pre-colonial, the colonial and the post-colonial or independence periods. [1] The pre-colonial period covers the longest the part of Nigerian history. The colonial period covers a period of 60 years, 1900-1960 while the independence period dates from October 1, 1960.
The General Bank of Bengal and Bihar; The Bank of Hindostan, which had been set up by the Alexander and Co. agency house; The East India Company, which then ruled over large parts of India, wanted to take away this power of issuing banknotes from the commercial banks, as a result of which The Paper Currency Act, 1861 was enacted into law. [2]
The banking industry in Nigeria started during the colonial era with the establishment of Colonial Banks, with the primary aim of meeting the commercial needs of the Colonial Government. [1] The banking system in Nigeria is regulated through the Central Bank of Nigeria. This apex bank started operation on July 1, 1959. [2]
Colonial India was the part of the Indian subcontinent that was occupied by European colonial powers during and after the Age of Discovery. European power was exerted both by conquest and trade, especially in spices .
ABUJA, Nigeria (AP) — Nigeria on Wednesday launched newly designed currency notes, a move that the West African nation’s central The post Nigeria hopes new currency notes curb inflation ...
The Central Bank of Nigeria (CBN) considers abuse of the naira a serious offense, as it can lead to a shortage of currency in circulation, increased costs for printing and replacing damaged notes, and a loss of confidence in the currency. The CBN has implemented measures to prevent the abuse of the naira, including: