Question on: JAMB Economics - 2000

If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom's exchange rate with Nigeria?

A
$0.05 = N1.00
B
$0.06 =N1.00
C
$0.11 =N1.00
D
$0.12 =N1.00
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Correct Option: D

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