Chapter one
1.1 background of the study
Nigeria has a formal and active capital market. Before 1961, almost all formal savings and deposits went through the banking system while the then colonial masters invested major capital balances for the country on the London stock exchange. However, following the establishment of the Central Bank of Nigeria (CBN) in 1959, it was logical to have a stock exchange in 1960, which commenced operations in 1961. Thus, the foundation was laid for the operation of the Nigeria capital market. Earlier in 1959, the central bank of Nigeria had floated the first Nigerian development loan stock, which was listed overseas. Subsequent
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