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WAEC Commerce 1991 (August) Question 83

Question 83

Banking

Which of the following is mostly used in Nigeria for settling business transactions?

  1. A.Credit transfer
  2. B.Standing order
  3. C.Cheques
  4. D.Bank notes and coins
  5. E.Bank drafts
Show the answer and explanation

Answer: D (Bank notes and coins)

Explanation

Most Nigerian business transactions (at the time) were settled in cash.