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JAMB - Economics (2000 - No. 39)

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?
$0.05 = N1.00
$0.06 =N1.00
$0.11 =N1.00
$0.12 =N1.00

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