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CBN woos importers on the use of the Yuan

CBN woos importers on the use of the Yuan

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The Central Bank of Nigeria is wooing importers of goods from China to use the Yuan instead of the dollar.

The move supports  the bank’s effort to promote naira exchange rate and boost foreign reserves.

The CBN signed a $2.5 billion currency swap arrangement with the People’s Bank of China in May to reduce reliance on the dollar

CBN officials have been holding town hall meetings with businesses in Lagos, Aba and other cities to introduce the Yuan ahead of plans to start auctioning the Asian currency later this month.

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