Economics WAEC

A banknote is said to be a legal tender because it is?

A. printed by the government
B. a store of value
C. signed by the head of state
D. backed by law

Correct Answer: Option D

D. backed by law

Explanation

National banknotes are generally legal tender, meaning that the medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation.

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