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JAMB Economics 1978 Question 21

Question 21

Financial Institutions

The Lagos Clearing House is

  1. A.a commodity market
  2. B.an import licensing centre
  3. C.another name for the Lagos Stock Exchange
  4. D.an insurance and underwriting centre
  5. E.a cheque sorting centre.
Show the answer and explanation

Answer: E (a cheque sorting centre.)

Explanation

A clearing house is where banks exchange and settle the cheques drawn on one another.