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ECO724Social Sciences2 Unitsintermediate

Nigerian Financial System

This course introduces students to the Nigerian financial system, covering both bank and non-bank financial institutions. It explores the functions of financial institutions, the composition and roles of financial markets, and the nature of financial assets. Key topics include the Central Bank of Nigeria, commercial banks, microfinance banks, insurance companies, and international financial institutions like the World Bank and IMF. The course aims to equip students with the knowledge to understand and analyze the Nigerian financial system.

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208h

Study Time

13

Weeks

16h

Per Week

basic

Math Level

Course Keywords

Financial SystemFinancial InstitutionsFinancial MarketsCentral BankInternational Finance

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

➕

Math Level

Basic Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Financial System Overview

2

Financial Institutions

3

Financial Markets

4

Central Banking

5

Microfinance

6

International Finance

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Financial Analyst

Apply your skills in this growing field

Bank Manager

Apply your skills in this growing field

Investment Advisor

Apply your skills in this growing field

Policy Analyst

Apply your skills in this growing field

Economist

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingInsuranceInvestment ManagementGovernmentConsulting

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: An Overview of the Financial System, Institutions, Markets and Services

2h

Unit 1: Meaning and Overview of the Financial System

2 study hours

•Define the financial system.
•Explain the overview of the financial system.
•Discuss the structure and roles of the Nigerian financial system.
•Explain the essential features of an ideal financial system.

Week

2

Module 1: An Overview of the Financial System, Institutions, Markets and Services

2h

Unit 2: Nature and Functions of Financial Institutions

2 study hours

•Define what a financial institution is.
•Explain the types of financial institutions.
•Discuss the advantages as well as the disadvantages of financial institutions.
•Give details on the roles of financial institutions.
•Analyse the problems faced by financial institutions in Nigeria.

Week

3

Module 1: An Overview of the Financial System, Institutions, Markets and Services

2h

Unit 3: The Composition and Roles of the Financial Markets

2 study hours

•Define and explain both the money and capital market.
•Explain features of a developed money market and sections in a capital market.
•Discuss the aims for the establishment of the Nigerian money and capital market.
•List and explain roles of the money and capital market.
•Discuss common money market instruments and participants in the capital market.

Week

4

Module 1: An Overview of the Financial System, Institutions, Markets and Services

2h

Unit 4: Nature of Financial Assets/Instruments

2 study hours

•Define financial assets.
•Explain the types of assets.
•Discuss the features of financial assets.
•List and explain they types of financial assets.
•Discuss the denomination as well as liquidity of financial assets.

Week

5

Module 1: An Overview of the Financial System, Institutions, Markets and Services

2h

Unit 5: Meaning and Types of Financial Services

2 study hours

•Define financial services.
•Explain the types of services.

Week

6

Module 2: Domestic Financial Institutions

2h

Unit 6: History and Functions of the Central Bank of Nigeria

2 study hours

•Discuss the origin of Central Bank of Nigeria.
•Explain the traditional and development functions of Central Bank of Nigeria.
•Evaluate the core mandate of the Central Bank of Nigeria.

Week

7

Module 2: Domestic Financial Institutions

2h

Unit 7: Structure and Roles of Commercial Banks

2 study hours

•Define commercial banks.
•Explain the structure and roles of commercial banks.
•Outline the roles of commercial bank in economic development of Nigeria.

Week

8

Module 2: Domestic Financial Institutions

2h

Unit 8: Evolution and Roles of Merchant and Rural Banks

2 study hours

•Define merchant banking.
•Explain the origin as well as evolution of merchant banking.
•Outline and discuss the roles of merchant banking.
•Define rural banking.
•Discuss the objectives of rural banking scheme.
•Explain the advantages and problems of rural banking.

Week

9

Module 2: Domestic Financial Institutions

2h

Unit 9: Organization, Performance and Roles of Development Banks

2 study hours

•Explain the meaning of development banks.
•Trace the origin of development banks in Nigeria.
•Analyse the functions of development bank.
•Discuss the features of development banks.
•List the objectives of development banks.

Week

10

Module 2: Domestic Financial Institutions

2h

Unit 10: An Overview of Microfinance Banks and Co-operative Banking in Nigeria

2 study hours

•Discuss an overview of microfinance banks in Nigeria.
•Explain the rationale for the formulation of the national microfinance policy.
•Elucidate the aims of the microfinance policy.
•List the stakeholders in the microfinance subsector in Nigeria.

Week

11

Module 2: Domestic Financial Institutions

2h

Unit 11: Islamic Banking

2 study hours

•Discuss the origin of Islamic banks in Nigeria.
•Explain the specific forms of Islamic Banking activities.
•Discuss the Islamic Financial System in Perspective.
•Explain the challenges confronting Islamic banking system in Nigeria.
•Analyse the prospects of Islamic banking in Nigeria.

Week

12

Module 2: Domestic Financial Institutions

2h

Unit 12: Insurance Companies

2 study hours

•Explain the meaning and roles of insurance companies.
•Discuss the evolution of insurance companies in Nigeria.
•List the features and types of insurance companies.
•Explain the benefits of insurance companies.
•Discuss the operations and regulations in Nigeria.

Week

13

Module 3: International Financial Institutions

8h

Unit 13: International Financial Institutions

2 study hours

•Define the meaning of international financial institutions.
•Give a description of multilateral development bank.
•Give examples of the Bretton Woods institutions.
•Explain regional development banks and other regional financial institutions.
•Explain bilateral development banks and agencies.

Unit 14: The World Bank

2 study hours

•Discuss the meaning and history of the World Bank.
•Discuss the purpose and objectives of the World Bank.
•List the functions of the World Bank.
•Explain the organizational structure of the World Bank.
•Discuss the roles of the agencies of the World Bank.

Unit 15: The International Monetary Fund

2 study hours

•Discuss the meaning and origin of the IMF.
•Discuss the objectives and functions of the IMF.
•Explain the organizational and management structure of the IMF.
•Explain the financial structure and borrowing methods of the IMF.
•Discuss the achievements as well as failures of the IMF.

Unit 16: The African Development Bank

2 study hours

•Discuss the meaning and history of the ADB.
•Discuss the objectives and goals of the ADB.
•Explain the function and group entities of the ADB.
•Explain the core operational focus of the ADB since 2006.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review the definitions and functions of key financial institutions (CBN, commercial banks, microfinance banks).

2

Create diagrams illustrating the relationships between different components of the Nigerian financial system.

3

Focus on understanding the objectives and tools of monetary policy.

4

Practice analyzing case studies of financial crises and policy responses.

5

Prepare summaries of the roles and responsibilities of international financial institutions (World Bank, IMF, AfDB).

6

Study past examination papers and tutor-marked assignments (TMAs) to understand question formats and key topics.

7

Allocate specific study time for each module, prioritizing areas of weakness.

8

Form study groups to discuss complex concepts and share notes.

9

Create flashcards for key terms and definitions to aid memorization.

10

Practice applying financial concepts to real-world scenarios and current events in Nigeria.

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