The Federal Government has concluded arrangement to convert the nation’s reserves into Renminbi (RMB),the Republic of China’s currency. The Director General of Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, who confirmed this while fielding questions from newsmen in Abuja, said, although it is clear that the Federal Government has concluded plans to convert part of the reserves to Renminbi, what is not clear yet is the size of the reserves that would be transferred.

Nigeria’s reserves as well as most countries’ are in the US Dollar, but with the increasing rate at which the Renminbi is growing, most economies are seriously considering tranferring part of their reserves into Renminbi. This is to ensure that they do not put their eggs in one basket if the dollar crashes.

Also fielding questions from newsmen, Deputy Governor, Operations, Mr Tunde Lemo, has confirmed the transferring of Nigeria’s reserves, saying that it has been on the front burner of CBN.

Meanwhile, the external reserves, which dropped to $46 billion a month ago, may have fallen again to $45.9 billion. Data posted on the Central Bank of Nigeria website showed that shortly after falling to the $46 billion mark on August 21, the reserves have been on a gradual fall from $46.9 billion on August 20 to $46billion on September 19.

The CBN’s latest data showed that the reserves dropped to $46.97 billion on August 21, after rising to the $47 billion mark since August 7.

The foreign reserves had also dropped by $1.8 billion within the space of three months, from the peak of $48.85 billion on May 2 to $46.98 billion on August 5.

According to the Central Bank of Nigeria(CBN) Governor, Mallam Sanusi Lamido Sanusi, the move to invest the reserves in other currencies , other than the dollar, is necessary in view of recent events in the global economy that have driven yields to historical low levels.

“A major concern among central banks in recent times is how to generate income from foreign exchange reserves without compromising the reserves management objectives of safety and liquidity.

“Liquidity and safety are far more important and they come before returns management”, he said.

The central bank chief said since the financial crisis of 2008, reserves managers had come under increased pressure to find ways of enhancing income.

This development, he noted, had made the CBN to diversify its reserves portfolios by investing in the Chinese Renminbi.

The Federal Government had targeted $50 billion reserves by the end of 2012.

The reserves, however, closed the year at $44.26 billion on December 24, 2012, finishing $6 billion below the government’s target.

http://sunnewsonline.com/new/specials/businessweek/fg-convert-reserves-chinese-currency-soon/

This is to ensure that they do not
put their eggs in one basket if the dollar
crashes.

Thinking outside the box is so important in journeys of life.

I love innovative ideas, they rule the world.

If only our politicians can think.

What more can I say....?


Well,it's a good Nigeria-China entente

GEJ till 2019!





FRESH AIR ALL THE WAY!

Ok

A good gesture and I hope the aim will be achieved in the long run
without the money being embezzled...

strong diplomatic relation btw 9ja and china

Who cares?

Wether it is in chinese currency or iraqi..................the extreme state of corruption may still not make its effect significant...God help us

is dat a major concern!!!

Shollyps: Who cares?

Keep quiet

Lots of countries will start considering this process too. The US Dollar will disappoint us one day.

Dollar is about to crash. In a matter of time, China is the will be the new world order.

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Na wa. Ooº°˚ ˚°ºoo.































































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BRB

jadelord: is dat major concern!!!

Its not our Major concern. That's what's BEST for business

No more yahoo,yahoo be that
Guys go find better job

Na padi-padi Jona wan do with China. Shebi he's been there many times for investment. Na condition wey dem give am be dat

I hope Jonathan does not get shot soon. leaders get toppled for thoughts like this, not to talk of taking action on their thoughts. eg gadaffi, Lumunba, Sankara, Nkrumah etc

Wanna build







1 plot








































2plots ☀̤̣̈̇f land






















































































3plots



















































Still buyin






























































































Ikeja land. Ȋ̝̊̅§ xpensive














Travellin by bus 2 VI












































































N̶̲̥̅̊☺ cash


































N̶̲̥̅̊☺ insult plz

Is this the beginning of the fall of America ? Starting from the fall of the dollar......China might be the next world power.

Well. We are finally seeing the fall of U.S Dollar as global currency. The U.S has borrowed more she could ever paid.

[quote author=S@NNiE]
Nigeria’s reserves as well as most countries’ are in the US Dollar, but with the increasing rate at which the Renminbi is growing, most economies are seriously considering tranferring part of their reserves into Renminbi. This is to ensure that they do not put their eggs in one basket if the dollar crashes.

China is gradually taking over the world

if you like convert it to your pocket, or anything. situation still the. same. wetting we never see for
nigeria.

China.. that's where the world will end.

The Dollar is gradually falling. No time good observation and nice approach too

I love this move by the FG. How can i be buying Dollar at ₦170 per $1

nyc, nyc nyc. Any other currency apart from the dollar is welcom. If we successfuly do this, Obama himself wil visit us nxt year cos our action wld set a precedent for other african countries.

Good move, but it should not just be the Chinese currency, other currencies should be considered. There should also be an agreement with the Chinese to stop them from manipulating their currency, if they can do that other countries are going to dump the dollar for the Chinese currency since the US politicians are being childish with their economy, we have to act fast so that those tea party fanatics don't drag us down along with them.