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WAEC Commerce 1997 Question 5

Question 5

Banking

Which of the following is the clearing house for all the banks in the country?

  1. A.The Federal Mortgage Bank of Nigeria
  2. B.The Nigerian Industrial Development Bank
  3. C.The Central Bank of Nigeria
  4. D.The Nigerian Bank for Commerce and Industry
  5. E.The National Bank of Nigeria
Show the answer and explanation

Answer: C (The Central Bank of Nigeria)

Explanation

The Central Bank is the bankers' bank and provides clearing facilities for all banks.