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- 5 Marks
Question
Bills of Exchange are used in several ways, including for payment of debts and provision of credits.
Required:
Explain briefly any TWO types of Bills of Exchange. (5 Marks)
Answer
Two types of Bills of Exchange are:
i. Inland Bill: This is a bill either drawn or payable within Nigeria.
ii. Foreign Bill: This is a bill drawn outside Nigeria or outside the Nigerian territory.
- Tags: Bills of Exchange, Negotiable Instruments, Types of Bills
- Level: Level 1
- Topic: Negotiable Instruments
- Series: MAY 2015
- Uploader: Joseph