| 2b. PROCEDURE FOR BUYING AND SELLING
There are two (2) procedures for buying and selling: cash sales or credit sales.
Cash sales: this is when payment for goods is made immediately demand is made.
Credit sales: this refers to when payment for goods are not made immediately demand for goods are made. Payment is deferred and can be paid in weeks, months or even in years depending on the terms of agreement.
3a. Commercial bank is a financial institution set up for the purpose of accepting deposit from the members of the public and granting loans to the members of the public. Commercial banks are also known as money deposit banks (MDB). Examples of commercial banks in Nigeria includes: first bank, access bank plc, union bank Nigeria plc, zenith bank plc, sterling bank plc, Guaranty trust bank (GTB), first city monument bank etc.
3b. FUNCTIONS OF COMMERCIAL BANK
Accepts deposits from the members of the public.
Offers financial/investments advice to customers.
Assist customers to transfer money from one country to other using services such as western union, money gram, and world remit etc.
Safeguards depositor’s money and other valuables.
Commercial buys and sells foreign currency.
Grants loans to customers to set up businesses or expand their businesses.
3c. Trustworthiness: workers in the bank must be honest and trustworthy.
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