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JAMB Economics 1980 Question 8

Question 8

Financial Institutions

Which is NOT a function of central banks in West Africa?

  1. A.Dealing in foreign exchange
  2. B.Issuing of currencies
  3. C.Accepting deposits from private customers
  4. D.Acting as government bank
  5. E.Acting as bankers' bank.
Show the answer and explanation

Answer: C (Accepting deposits from private customers)

Explanation

Central banks serve the government and commercial banks; they do not take deposits from private individuals.