Explain SIX ways commercial banks assist businesses in Nigeria – NABTEB QUESTION

The ways through which commercial banks can assist businesses in Nigeria.

(i) Commercial banks accept cash and other valuables for safe keeping

(ii) Commercial banks act as agents of their customers

(iii) Commercial banks grant short term loans to their customers through over draft loans

(iv) Commercial banks render brokerage services to their customers through buying and selling stocks and shares on their behalf

(v) Commercial banks provide facilities for financing international trade

(vi) Commercial banks secure overseas intelligence reports for their customers

(vii) They provide services to travelers in the form of travelers’ cheque, foreign exchange and night safe facilities

(viii) Commercial banks discount bills of exchange by paying cash for bills of exchange before the bills mature.