Which of the following is the clearing house for all the banks in the country?
Answer Details
The clearing house for all the banks in the country is "The Central Bank of Nigeria".
The Central Bank of Nigeria is the apex bank in Nigeria and serves as the regulator of the Nigerian banking system. One of its key functions is to act as the clearing house for all banks in the country. This means that it facilitates the settlement of financial transactions between banks by clearing and transferring funds between them.
When a customer makes a payment to another customer of a different bank, the payment is usually processed through the central bank's clearing system. The central bank verifies the transaction details and facilitates the transfer of funds between the banks involved in the transaction. This ensures that the transaction is settled quickly and efficiently.
While the other options listed may be banks or financial institutions in Nigeria, none of them serve as the clearing house for all banks in the country.