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WAEC Commerce 1991 (August) Question 57

Question 57

Money

The naira is a legal tender because it is

  1. A.recognizable
  2. B.backed by law
  3. C.generally acceptable
  4. D.homogeneous
  5. E.portable
Show the answer and explanation

Answer: B (backed by law)

Explanation

Legal tender is money that the law says must be accepted in payment of debts.