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JAMB Commerce 1995 Question 22

Question 22

Banking

RRF as a scheme introduced by the central bank of Nigeria means

  1. A.recording and Rediscounting Facility
  2. B.refinancing and Recording Facility
  3. C.refinancing and Rediscounting Facility
  4. D.refinancing and Reinvesting Facility.
Show the answer and explanation

Answer: C (refinancing and Rediscounting Facility)

Explanation

The CBN set up the Refinancing and Rediscounting Facility so banks could refinance or rediscount loans they gave to farmers and producers.