The market consisting of a network of dealers where currencies can be bought and sold is known as

Assessment: WAEC SSCE - Economics - 2004 (Objective) Subject: Economics

Question 1 Report

The market consisting of a network of dealers where currencies can be bought and sold is known as
Answer Details
The market where different currencies are bought and sold is known as the foreign exchange market. It is a decentralized market, which means that it does not have a central physical location, and it is made up of a network of dealers who are connected electronically. In this market, individuals, businesses, and governments can exchange one currency for another, based on the current exchange rate. The foreign exchange market is also known as the forex market or FX market.
Read lesson note on International Trade (JAMB)
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