Nigeria’s Central Bank (CBN) sold yuan at a range of N49 and N51 at its first auction of the Chinese currency last week under the swap agreement with the People’s Bank of China.

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.


https://www.clintgist.com/naira-exchanges-at-n49-n51-per-yuan-at-first-auction-id8676391-html/

Will Clothing Industries and Shipping Companies Accept to be paid in Yuan in Place Of Dollars?


Meanwhile check my signature

Nice

cool

I hope the Politicians are not going to highjack it the way they do on everything that concerns the masses, because of their selfish interests

just wait and see,

Welcome development. Sai Baba

Nice development

Sai Baba Worldwide has another achievement.

Even if we hate on him, we cannot deny this one.

Let love prevail.

Buhari Amaka. Let support PMB for prosperous Nigeria

Best time to buy

Make Dollar never fall o make we upcoming yahoo boys chop first

This should reduce pressure on local dollar demand.

This is a good development

Another one from bubu


SAI BABA 2023

.

d

GOD BLESS PMB
GOD BLESS OSINBAJO
GOD BLESS MINISTER OF FINACE
GOD BLESS NIGERIA
GOD BLESS CHINA

Ahhh

Sir, kindly take back yuan to where you met it when you took over power.

1naira was 33RMB.

Any other mantra na hogwash!

Group of Haters of Nigeria's Progress where at thou. Hate on this.

Is time i go invest in yuan now. Let me watch it closely

No thanks to our heavy dependence on Chinese imports, in no time, it would exchange for 100 - 1¥

OBAGADAFFI:
Its will soon get to N100 since demand will increase.

I doubt. You only need Yuan in China. Unlike the dollar. The pressure will not be much

OBAGADAFFI:
Its will soon get to N100 since demand will increase.

No it wont, as long as supply is adequate.

All hail our PMB

Good development

I see many foolish people rejoicing over nothing on this thread! Call me wailer or any other thing you wish. I use yuan directly and I know how it bites!

Immediately Buhari took over power, my parents couldn't pay my school fees anymore. Same with thousands on self-sponsored students here in China. Feeding and living allowance became war! The consolation is that "we had to suffer first and gain later". Is this eventually what it is

I'm really sad at this developement after two long years of waiting for Buhari's miracle.

You met yuan at 33 per naira. You pushed it up to 57, 58, at some point it was 60RMB per naira! Now we are supposed to be singing and clapping and jumping at 49 and 50naira? Is that madness

Please kindly take naira back to where you met me and don't tell me any oil prices nonsense!

This is good

This is a welcome development for a good trade exchange with china. Although this may affect our economy as we will further kill our industries and prefer to import from China instead of revamping our manufacturing sector. That being said, it is good for those that import from china.