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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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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts