What will be United Kingdom’s exchange rate with Nigeria?

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

Correct Answer:

Option D – $0.12 =N1.00