The following spot exchange rates are being quoted in the foreign exchange markets by the Nigerian...

 

Transcribed Image Text:

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 = 715.20-719.20 GCC/USD = 11.1600 - 11.260 USD/GBP = 1.2250-1.2253. In long hand, the above means, for example, Barclays bank will buy USD and sell NNA at 715.20 and Barclays bank will sell USD and buy NNA at 719.20, with similar meanings for the other rates. Q1./Sally works as the finance director of Western Africa Trading. Sally's company wishes to buy 667 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. land do NOT round until the very end. 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 = 715.20-719.20 GCC/USD = 11.1600 - 11.260 USD/GBP = 1.2250-1.2253. In long hand, the above means, for example, Barclays bank will buy USD and sell NNA at 715.20 and Barclays bank will sell USD and buy NNA at 719.20, with similar meanings for the other rates. Q1./Sally works as the finance director of Western Africa Trading. Sally's company wishes to buy 667 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. land do NOT round until the very end.