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JAMB Economics 1985 Question 38

Question 38

Financial Institutions

Foreign exchange control in Nigeria is administered by the

  1. A.United Bank for Africa
  2. B.Union Bank of Nigeria
  3. C.First Bank of Nigeria
  4. D.Central Bank of Nigeria
  5. E.National Bank of Nigeria.
Show the answer and explanation

Answer: D (Central Bank of Nigeria)

Explanation

The Central Bank manages the country's foreign reserves and administers exchange control.