Charges for loans paid by commercial banks to the Central Bank of Nigeria are called?

Assessment: JAMB UTME - Commerce - 2004 Subject: Commerce

Question 1 Report

Charges for loans paid by commercial banks to the Central Bank of Nigeria are called?
Answer Details
The charges for loans paid by commercial banks to the Central Bank of Nigeria are called "bank rates". These are the rates at which the Central Bank of Nigeria lends money to commercial banks in the country. When the commercial banks borrow money from the Central Bank, they are required to pay interest on the loan at a rate set by the Central Bank, which is known as the bank rate. The purpose of these charges is to regulate the flow of money in the economy and ensure that the commercial banks have enough funds to meet the demands of their customers.
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