Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer for B, C, and D Nigerian naira Floated. On Friday June 17,2016 , the Central Bank of Nigeria (CBN) abandoned the Nigerian naira's

image text in transcribedplease answer for B, C, and D

Nigerian naira Floated. On Friday June 17,2016 , the Central Bank of Nigeria (CBN) abandoned the Nigerian naira's (NGN) fixed exchange rate and allowed the currency to float. Previously fixed against the U.S. dollar at NGN 198.85=1.00 USD, the naira closed at NGN 278.77/USD on Monday June 20, the first day of trading following the float. The naira quickly floated (sunk) to NGN 325.47/USD by August 18. Similarly, the naira fell from NGN 223.7769=1.00 EUR to NGN 318.0579/EUR on June 20, and NGN 344.1463/EUR on August 18. a. What was the percentage change in the value of the Nigerian naira versus the dollar the first trading day? b. What was the percentage change in the value of the naira versus the dollar by August 18, 2016? c. What was the percentage change in the value of the Nigerian naira verus the euro the first trading day? d. What was the percentage change in the value of the naira versus the euro by August 18, 2016? a. What was the percentage change in the value of the Nigerian naira versus the dollar the first trading day? The percentage change in the value of the Nigerian naira versus the dollar the first trading day was (Round to two decimal places.) b. What was the percentage change in the value of the naira versus the dollar by August 18,2016? You answered: 40.19 The percentage change in the value of the naira versus the dollar by August 18,2016 was %. (F Correct answer: 28.67 (Answer tolerance \pm 0.02 )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

AQA AS Accounting Unit 2 Financial And Management Accounting

Authors: Brendan Casey

1st Edition

1500684260?, 978-1500684266

More Books

Students also viewed these Finance questions

Question

Find (, ) & (, ). 2 2-x y-x ex+y dy dx. 0 1-x ex+Y dydx.

Answered: 1 week ago