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Central Banking:
The earliest known bank of issue is the Riksbank of Sweden (1656). Modern central banking started with Bank of England (1694). Central Bank of Nigeria began operations in 1959.

Development Stocks:
The first development stock was issued in 1946. Central Bank of Nigeria took the responsiblity of issuing stock at its inception. The Lagos Stock Exchange (now Nigerian Stock Exchange) was set up in 1961 to take over transactions in the stocks.

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