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Charges for loans paid by commercial banks to the Central Bank of Nigeria are called

Commerce
JAMB 2020

Charges for loans paid by commercial banks to the Central Bank of Nigeria are called

  • A. credit charges
  • B. interest rates
  • C. bank charges
  • D. bank rates
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Correct Answer: Option D
Explanation

Bank rate is the rate charged by the central bank for lending funds to commercial banks. 

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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