Which of the following is the clearing house for all the banks in the country?...

Commerce

JAMB 2025

Which of the following is the clearing house for all the banks in the country?

A. The Nigerian Industrial Development Bank
B. The Central Bank of Nigeria
C. The Nigerian Bank for Commerce and Industry
D. The Federal Mortgage Bank of Nigeria

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Correct Answer: Option B

Explanation

The Central Bank of Nigeria serves as the clearing house for all the banks in the country. A clearing house is a financial institution
formed to facilitate the exchange (i.e., clearance) of payments, securities, or derivatives transactions. The Central Bank of Nigeria
provides this service for all other banks in the country.

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