Answer to Question #97538 in Finance for Daniel

Question #97538
5.One of the following is not a Canon of good lending
a.Over the counter payment
b.Loan features
c.Retained profit
d.Letter of credit

6.One of the following is not an instrument or methods used for internal payment through the banking system within Nigeria
a.Certificate of deposit
b.Cashcard
c.Cheque
d.Creditcard
1
Expert's answer
2019-11-01T10:34:17-0400

Canon of good lending And internal payments within Nigeria


We need to answer the question About the Canon of good lending and about methods used for internal payment through the banking system within Nigeria


Answer:

5).

From the Credit principle of Five C's, Canon of good lending are Over the counter payment, Loan features and Letter of credit.

So,

Option (C) .Retained profit is not a Canon of good lending


6). From the rules of Nigeria payment system guidelines, (a).Certificate of deposit (b).Cash card and (c) cheque are considered as valid instrument or methods used for internal payment through the banking system within Nigeria

So,


Option (D). Credit card is not an instrument

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