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WAEC Economics 2009 Question 39

Question 39

Financial Institutions

Which one of the following serves as a banker's bank?

  1. A.Commercial Bank
  2. B.The Mortgage Bank
  3. C.The Central Bank
  4. D.Development Bank.
Show the answer and explanation

Answer: C (The Central Bank)

Explanation

Commercial banks keep accounts with and borrow from the central bank, the bankers' bank.