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UI Post-UTME Commerce 2025 (Model questions) Question 19

Question 19

Banking

Which of the following are functions of the Central Bank in Nigeria?
I. Banker and lender of last resort to commercial banks
II. Custodian of the country's external reserves
III. Opening current accounts for the general public
IV. Implementation of monetary policy

  1. A.I, II and IV only
  2. B.I and III only
  3. C.II, III and IV only
  4. D.All of the above
Show the answer and explanation

Answer: A (I, II and IV only)

Explanation

The CBN is banker to the banks, keeps external reserves and runs monetary policy; it does not open accounts for the public.