Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,327 members, 7,957,874 topics. Date: Tuesday, 24 September 2024 at 10:44 PM |
Nairaland Forum / Nairaland / General / Business / ECONOMY: Nigeria To Change Foreign Reserve From Dolars To Yuan (865 Views)
Breaking News - Official Naira To Yuan Rate / Free Flow Of Yuan In Nigerian Banks - What You Need To Know / Africa’s Largest Economy, Nigeria, Drops In Global Competitiveness Ranking (2) (3) (4)
ECONOMY: Nigeria To Change Foreign Reserve From Dolars To Yuan by Odumani: 9:27pm On Oct 30, 2014 |
Abuja – The Chinese Ambassador to Nigeria, Mr Gu Xiaojie, has expressed support for the plan by the Central Bank of Nigeria (CBN) to convert more of the country’s 39 billion dollar foreign reserve to Yuan. Speaking at a Forum on Wednesday in Abuja, Xiaojie described the plan as “ a very encouraging development’’. He said it demonstrated the “closeness’’ between both countries, which currently have an annual bilateral trade volume of 13 billion dollars. “Nigeria is among few countries, or two or four countries, in the world that have parts of their foreign reserve in Renminbi (RMB) currency and we are happy about that. “We have noticed that the Central Bank of Nigeria is increasing its share of Chinese RMB Yuan in its foreign currency. “Talking about financial cooperation there are more opportunities, wider range of things we could do in finance because China has the biggest foreign reserve in the world. “For such a big country (like Nigeria) you have to have all kinds of securities.’’ Xiaojie said China had noted the positive growth in Nigeria’s economy, including the fundamental growth in the micro economy. “The government is handling the financial micro economy very cautiously with the international cooperation and I think you are doing the right thing. “We hope that there will be closer cooperation in the area of financing and micro economy,’’ he said. In January the CBN had hinted of plans to convert more of Nigerian reserves from dollars to Yuan. At present 80 per cent of Nigeria’s foreign reserves are held in U.S. dollars. The apex bank started converting its reserves into Yuan in 2011. (NAN) http://www.vanguardngr.com/2014/10/chinese-ambassador-backs-plan-convert-nigerian-foreign-reserves-dollars-yuan/ |
Re: ECONOMY: Nigeria To Change Foreign Reserve From Dolars To Yuan by Nobody: 9:33pm On Oct 30, 2014 |
Great piece of news. Wonderful one. GEJ should watch out for America's wahala. |
Re: ECONOMY: Nigeria To Change Foreign Reserve From Dolars To Yuan by Nobody: 9:38pm On Oct 30, 2014 |
Billyonaire:America, can be tamed. |
Re: ECONOMY: Nigeria To Change Foreign Reserve From Dolars To Yuan by Odumani: 9:46pm On Oct 30, 2014 |
Is a wonderful news, you do not put your eggs in one basket, besides USA have droped patronizing our oils. They have switched allegiance to Angola oil. |
(1) (Reply)
Dumpers/trucks For Lease / Do You Know About Coconut Slicing Machine? / Advice Needed - Success In Cellophane Business
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 9 |