Q1./ and Q2./ Both questions Q1./ and Q2./ use the same initial starting point, premises and data.

The following spot exchange rates are being quoted in the foreign exchange markets by the Nigerian branch of Barclays bank, involving the Ghanaian Cedi (GCC), the Nigerian Naira (NNA), the U.S. dollar (USD) and the British pound (GBP).

NNA/USD = 755.20 - 758.20 GCC/USD = 11.4200 - 11.5200 USD/GBP = 1.2450 - 1.2453.

In long hand, the above means for example, Barclays bank will buy USD and sell NNA at 755.20 and Barclays bank will sell USD and buy NNA at 758.20, with similar meanings for the other rates.

1./ Sally works as the finance director of Western Africa Trading. Sally's company wishes to sell 950 mio NNA (i.e., 950,000,000 NNA) and buy GBP and she uses the rates above. How many GBP will Sally's company receive? Give your answer to the nearest GBP. As usual, do your calculations in Excel and do NOT round until the very end.