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WAEC Economics 1994 Question 26

Question 26

Balance of Payments and Exchange Rates

Foreign exchange control in Nigeria is enforced by the

  1. A.Commercial Banks
  2. B.Merchant Banks
  3. C.Mortgage Banks
  4. D.Central Bank
  5. E.Agricultural Development Bank
Show the answer and explanation

Answer: D (Central Bank)

Explanation

The Central Bank of Nigeria manages the country's foreign reserves and enforces exchange control.