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JAMB Commerce 2008 Question 17

Question 17

Banking

An account maintained with a commercial bank for the purpose of foreign exchange transaction is the

  1. A.foreign account
  2. B.international account
  3. C.domiciliary account
  4. D.foreign reserves account.
Show the answer and explanation

Answer: C (domiciliary account)

Explanation

A domiciliary account holds foreign currency such as dollars in a Nigerian bank.