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JAMB Commerce 2005 Question 32

Question 32

Banking

A type of credit offered by both commercial and merchant banks in Nigeria is

  1. A.trade credit
  2. B.line of credit
  3. C.discounting facility
  4. D.overdraft
Show the answer and explanation

Answer: D (overdraft)

Explanation

Both commercial and merchant banks let customers overdraw their current accounts up to an agreed limit.