CBN set to start auctioning Chinese yuan

Posted by News Express | 8 June 2018 | 970 times

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•CBN Governor Godwin Emefiele

Central bank of Nigeria will start to auction the Chinese yuan within the next month at an exchange rate to be set via book building, an official said on Thursday, in an attempt to reduce its reliance on the U.S. currency 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 between the two countries and enhance foreign reserve management. (Reuters)


Source: News Express

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