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WAEC Economics 2001 Question 36

Question 36

Financial Institutions

Commercial banks settle their daily interbank indebtedness through the

  1. A.Money Market
  2. B.Finance House
  3. C.Acceptance House
  4. D.Clearing House
Show the answer and explanation

Answer: D (Clearing House)

Explanation

The clearing house offsets cheques drawn on different banks and settles the balances daily.