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WAEC Commerce 2014 Question 49

Question 49

Banking

The place where bankers meet daily to exchange cheques drawn on each other is known as

  1. A.capital market.
  2. B.money market.
  3. C.clearing house.
  4. D.discount house.
Show the answer and explanation

Answer: C (clearing house.)

Explanation

Banks exchange and settle cheques at the clearing house.