If Citibank quoted bid and offer rates for the Swiss franc at $.4850/$.4854, then the bank would be prepared to buy, say, 1 million francs for $485,000 and sell them for $485,400.

Name: If Citibank quoted bid and offer rates for the Swiss franc at $.4850/$.4854, then the bank would be prepared to buy, say, 1 million francs for $485,000 and sell them for $485,400.
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This statement accurately describes bid and offer rates in a foreign exchange market.

If Citibank Quoted Bid and Offer Rates for the Swiss