Question 12
Financial InstitutionsWhich one of the following functions of banks in Nigeria is reserved to the Central Bank?
- A.Accepting deposits
- B.Serving as agents for payments
- C.Issuing bank-notes
- D.Lending to customers
- E.Purchasing or selling of stock exchange securities.
Show the answer and explanation
Answer: C (Issuing bank-notes)
Explanation
Only the Central Bank of Nigeria has the legal right to issue the country's currency notes and coins.