Nigeria deposit insurance corporation (NDIC)

The Nigerian deposit insurance corporation was established by the federal government in 1988 as an atonement body to provide financial guarantee to deposit tors in case of bank failure And ensure that all insured bank comply with regulation and banking practices that safety and sandness in the banking industry.

FUNCTION OF NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC)

1. The ndic assist monetary authorities in formulating and implementing banking policies.

2. NDIC gives financial and technical assistance to insured bank.

3. Insuring the deposit liabilities of licensed Banks.

4. Guaranteeing of payment to depositors 

5. Promotes safe and sound banking system in Nigeria.

SECURITY AND EXCHANGE COMMISSION SEC

Meaning: security exchange commission is the opex regulatory body of the central banking of Nigeria. It was established principally to pocket the interest of investors and to oversee the even development of the capital market.

FUNCTIONS OF SECURITIES AND EXCHANGE COMMISSION SEC

1.REGULATING OF TIMING,price and volume of securities: the price of security to traded. It also regulates the volume of securities trade,as well as the time at which they traded.

2.DEVELOPMENT OF CAPITAL MARKET

It determines the basis on which securities are attorney to the members of the public in order to ensure wide spread of ownership.

3.ALLOTMENT OF SECURITIES. Determines the basis on which securities and attorney to the members of the public in order to ensure wide spread of ownership.

4.STRICT MONITORING:SEO monitors the transactions of the stock exchange in order to ensure fair play.

5.STIMULATING IDEAS, Initiating policy changes and innovations for the growth of the securities market.

6.REGISTRATION OF SECURITIES AND PARTICIPANTS;SEC is empowered to register:

1.securities trade or to traded

2.The Nigerian stock exchange and it's branches.

SIGNIFICANCE OF CBN, ND/c AND SEC IN THE ECONOMY

Regulatory agencies (CBN, NDIC AND SEC) of market and stock exchange.

  THE SIGNIFICANCE OF THESE REGULATORY AGENCIES ARE USUALLY

1.MARKET CONFIDENCE:To maintain confidence in the financial system.