CBN to commence bi-weekly auction of Chinese Yuan

Image result for CBN to auction Chinese YuanThe Central Bank of Nigeria said it will start auctioning the Chinese Yuan within the next month at an exchange rate to be set via book building.

Statement from the Apex Bank revealed that this will reduce its reliance on the U.S. Dollar for imports from Asia.

The Central Bank of Nigeria last month signed a $2.5 billion currency swap agreement with the People’s Bank of China to facilitate trade and enhance foreign reserve management. y

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