WAEC SSCE - Commerce - 2012 (Objective)

Which of the following acted as the central bank for West African countries before their independence?

The West African Clearing House

The British Bank for West Africa

The West African Currency Board

The African Development Bank

Bayanin Amsa

The West African Currency Board acted as the central bank for West African countries before their independence. The West African Currency Board was established in 1912 to oversee the currency and monetary policy of British West Africa, which included Nigeria, Ghana, Sierra Leone, and Gambia. It issued and regulated the circulation of the West African pound, which was used as the official currency in these countries. The West African Currency Board was responsible for maintaining the value of the West African pound, ensuring its convertibility to other currencies, and managing the foreign exchange reserves of the region. It also acted as a lender of last resort to commercial banks and provided banking services to the colonial government. After the independence of these countries in the 1960s, the West African Currency Board was replaced by individual central banks for each country. However, some of these central banks continued to use the West African pound as their currency for a period of time before transitioning to their own national currencies. In summary, the West African Currency Board served as the central bank for British West Africa before the region's independence, regulating the currency and monetary policy and managing foreign exchange reserves.






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