Naira exchanges at N49-N51 per yuan at first auction of Chinese currency in Nigeria

CBN said the availability of Renminbi will ease pressure on the foreign exchange market.

Traders told Reuters on Monday, July 30, 2018, that the CBN sold Chinese yuan at immediate value for a 15-day settlement.

According to the report, some lenders got as much as 60% of the volume they applied for, while a bank got just 5%. They said the volume sold was based on the price quoted for the yuan at the auction.

The Acting Director, Corporate Communications at the CBN, Isaac Okorafor, confirmed the sales.

He explained that bids received from authorised dealers were only attended to, adding that the availability of Renminbi will ease pressure on the foreign exchange market.

Okorafor further assured that the bank was committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for their business concerns, be it the U.S. dollar or Chinese yuan.

On May 3, 2018, the Central Bank of Nigeria signed a bilateral currency swap agreement with the People’s Bank of China (PBoC) worth about $2.5 billion.

The currency swap deal is valued at 16 billion Renminbi (RMB) and about 720 billion in Naira. The deal is expected to reduce the demand for US dollar by Nigerians importing goods from China, and consequently strengthening the value of the Naira.

Also from Business Insider Sub-Sahara Africa:

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lady closely misses death while using loaded gun for TikTok video (watch)

Lady closely misses death while using loaded gun for TikTok video (watch)

ASUU might be de-registered as FG approves CONUA as academic union

ASUU might be de-registered as FG approves CONUA as academic union

5 kitchen ingredients that you can use for pink lips

5 kitchen ingredients that you can use for pink lips

Ex-Super Eagles and Barcelona star Amuneke makes Iheanacho his first signing in Zambia

Ex-Super Eagles and Barcelona star Amuneke makes Iheanacho his first signing in Zambia

Rafael Nadal speaks on complicated year after receiving award from Spanish king

Rafael Nadal speaks on complicated year after receiving award from Spanish king

For men: 5 places you shouldn’t touch a woman during s*x

For men: 5 places you shouldn’t touch a woman during s*x

We're paying for every slight error - Inter boss Inzaghi cries out after losing to Mourinho-less Roma

"We're paying for every slight error" - Inter boss Inzaghi cries out after losing to Mourinho-less Roma

S*x: How long should you wait before having another round?

S*x: How long should you wait before having another round?

Asa demands 300 million naira from Tempoe & Joeboy over copyright infringement

Asa demands 300 million naira from Tempoe & Joeboy over copyright infringement