WAEC Commerce 2012 Objective — Question 19
Question 19 of 50 from the West African Examinations Council (WAEC) Commerce 2012 Objective paper, with the correct answer and a full explanation.
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Which of the following acted as the central bank for West African countries before their independence?
- A. The West African Clearing House
- B. The British Bank for West Africa
- C. The West African Currency BoardCorrect
- D. The African Development Bank
Explanation
The West African Currency Board was a board established in 1912 with its headquarters in London. It was established following the reports of a departmental committee set up by the secretary of state to inquire into the currency in use in British West Africa. The board was also mandated to provide for and control the supply of currency to the British West African Colonies, directorates and trust directories. Therefore, it serves as a Central Bank.
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