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JAMB Economics 1978 Question 14

Question 14

Financial Institutions

The Foreign Exchange Market is a market where

  1. A.graded commodities like wheat, coffee, etc. are sold and bought
  2. B.currencies are sold and bought
  3. C.treasury bills are sold and bought
  4. D.government bonds are sold and bought
  5. E.Treasury certificates are sold.
Show the answer and explanation

Answer: B (currencies are sold and bought)

Explanation

The foreign exchange market is where one country's currency is exchanged for another's.