Home Business CBN auctions first Chinese Yuan worth N3.6 Billion
CBN auctions first Chinese Yuan worth N3.6 Billion
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CBN auctions first Chinese Yuan worth N3.6 Billion

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Nigeria’s central bank has auctioned it first Chinese Yuan worth N3.6 Billion at a range of 49-51 naira to one yuan

The auction is part of efforts to encourage the use of an alternative trading currency to the U.S. dollar.

Nigeria is one of the largest importers of Chinese goods in Africa.

Chief Economist with Vetiva Capital Management says the move will strengthen naira and eliminate multiple exchange rate

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