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JAMB Commerce 2002 Question 26

Question 26

Purchase and Sale of Goods

A bill of exchange already accepted can be discounted by the holder in

  1. A.the central bank
  2. B.at least two banks
  3. C.his bank
  4. D.any bank.
Show the answer and explanation

Answer: D (any bank.)

Explanation

An accepted bill is a negotiable instrument, so the holder can discount it with any bank.