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The following spot exchange rates are being quoted in the foreign exchange markets by the Nigerian branch of Barclays bank, involving the Ghanaian Cedi (
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 US dollar USD and the British pound GBP
In long hand, the above means, for example, Barclays bank will buy USD and sell NNA at and Barclays bank will sell USD and buy NNA at with similar meanings for the other rates.
Q Sally works as the finance director of Western Africa Trading. Sally's company wishes to buy mio NNA mio NNA means million NNA and sell GBP and she uses the rates above. How many GBP will it cost Sally's company? Give your answer to the nearest GBP
As usual, do your calculations in Excel and do NOT round until the very end.
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