Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,933,222 members, 7,094,621 topics. Date: Friday, 30 September 2022 at 04:01 AM

Central Bank Of Nigeria Commences Sale Of Chinese Yuan - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Central Bank Of Nigeria Commences Sale Of Chinese Yuan (20976 Views)

Central Bank Of Nigeria Agrees To Mint The Gambian Dalasi / Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig / CBN On Fire - No Fire Scare At Central Bank Of Nigeria - Confirmed Reports (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Central Bank Of Nigeria Commences Sale Of Chinese Yuan by FriendNG: 11:43am On Jul 21, 2018
The Central Bank of Nigeria (CBN) on Friday commenced sale of foreign exchange in Chinese Yuan (CNY).

The exercise marks the formal take-off of the Bilateral Currency Swap Agreement (BCSA) the bank signed on April 27, 2018 with the People’s Bank of China (PBoC).
A statement by the CBN spokesperson, Isaac Okorafor, sent to PREMIUM TIMES said the sale shall be through a combination of spot and short-tenored requests.

Mr Okorafor said the Special Secondary Market Intervention Sales (SMIS) retail would be dedicated to the payment of Renminbi denominated Letters of Credit (LCs) for raw materials and machinery and agriculture only. He said the CBN would receive bids from all authorised dealers.

Due to the peculiarity of the sale, Mr Okorafor said the bank would not be applying the relevant provisions of its revised guidelines for the operation of the inter-bank foreign exchange market.

The guidelines direct all SMIS bids to be submitted to the CBN through the Forex Primary Dealers (FXPDs).
Besides, Mr Okorafor said, the CBN would also not be applying the relevant provisions of the guidelines which equally provide that “Spot FX sold to any particular end-user shall not exceed one per cent of the overall available funds on offer at each SMIS session.”

On the bid period, he said authorised dealers were requested to submit their customers’ bids from 9.00 a.m. to 12.00 p.m. on Friday.

Bids received after the deadline would be disqualified.
On funding, he said authorised dealers were to debit the customers’ accounts for the Naira equivalent of their bids.

On the other hand, the CBN would debit authorised dealers’ current account on the day of intervention with the Naira equivalent of their bid request.
Mr Okorafor further explained there would be no predetermined spread on the sale of FX Forwards by Authorised Dealers to end-users under the Special SMIS-Retail.

He said authorised dealers would be allowed to earn 50 kobo on the customers’ bids.The bids, the CBN spokesperson said, were on Spot FX basis as the authorised dealers’ accounts with the CBN would be debited in full for the Naira equivalent of the dollar bid amount.

Customers that were not willing to accept the settlement terms were advised not to participate in this Special SMIS – Retail. Similarly, he said, forward bids would be settled through a multiple-price book building process to be cut-off at a marginal rate to be disclosed after the conclusion of the Special SMIS–Retail process.

“Customers not willing to accept the terms of the forward rate are not to participate in this Special Chinese Yuan SMIS Intervention,” he said.
“CBN reserves the right not to make a sale if it has the impression the exercise did not provide an effective price for the determination of the CNY/NGN exchange rate.”


https://www.premiumtimesng.com/business/business-news/277253-nigerias-central-bank-commences-sale-of-chinese-yuan.html

1 Like 1 Share

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by gabbijason(m): 11:49am On Jul 21, 2018
The news is titillating!








Meanwhile meet "Lady Aiban", she is south south's first female rapper turned Gospel Rapper

4 Likes

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by FriendNG: 11:58am On Jul 21, 2018
Not well explained. Where is the role of commercial banks?

3 Likes

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Nobody: 12:14pm On Jul 21, 2018
OK.
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by naijaguy123456(m): 3:12pm On Jul 21, 2018
[Part copied]
What makes a currency strong ?

1. Interest rates. High interest rates help promote a strong currency, because foreign investors can get a higher return by investing in that country.

2. Economic policies. Tight fiscal discipline and anti-inflationary monetary policies help promote a strong currency.

3. Stability. A strong government with a well-established rule of law and a history of constructive economic policies are the type of things that attract investment and thus promote a strong currency.

4.Reduce inflation. If inflation is relatively lower than competitors, then the countries goods will become more attractive and demand will rise.

Chinas plan is to rule the world and Nigeria is helping them achieving this. When China sell goods and services to you, you pay them in dollars, it doesn't help Chinese economy as they have to take the dollars to the Americans in exchange for gold for example, but with this move they boycott the Americans.

8 Likes 2 Shares

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by inoki247: 3:13pm On Jul 21, 2018
waiting for d day dey will start the selling of d country so good people can buy it nd we share d money...

30 Likes 2 Shares

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by SageTravels: 3:14pm On Jul 21, 2018
Guangzhou Travellers, It is time.

3 Likes 1 Share

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Nobody: 3:14pm On Jul 21, 2018
A little bit too late....imo
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by thunderbabs: 3:15pm On Jul 21, 2018
I want to launder money sad

1 Like

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by AroOkigbo(m): 3:15pm On Jul 21, 2018
Not excited until I see the dollar fall.

6 Likes 2 Shares

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Opinionated: 3:15pm On Jul 21, 2018
Who will buy for me?
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by israelmao(m): 3:15pm On Jul 21, 2018
Let's see how it eases pressure on foreign exchange.
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by davidodiba(m): 3:15pm On Jul 21, 2018
Oh nice. Very nice. I like this particular development

1 Like

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by BruncleZuma: 3:16pm On Jul 21, 2018
grin grin grin grin

Regime change don dey hungry them...
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Emokai3(m): 3:16pm On Jul 21, 2018
Nothing good will ever come from Buhari

2 Likes

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by jeffoe(m): 3:16pm On Jul 21, 2018
Can someone please explain the pro and con of this

2 Likes 1 Share

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Aldebaran(m): 3:17pm On Jul 21, 2018
grin
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by lastempero: 3:17pm On Jul 21, 2018
Where is my own yuan, Chukwuka come n take ur own.
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Naijawebmaster: 3:17pm On Jul 21, 2018
FriendNG:
Not well explained. Where is the role of commercial banks?
.

My thoughts exactly!

Need a reliable and professional website design? Then check my signature No advance payment required.
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by salbis(m): 3:17pm On Jul 21, 2018
Bunch of confused idiots leading bunch of confused and gullible idiots.
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by FaceThem: 3:19pm On Jul 21, 2018
Good For Them
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by joeace2020(m): 3:19pm On Jul 21, 2018
Good
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Nobody: 3:19pm On Jul 21, 2018
cool

Oya importers and travelers to China, come o.

BTW, I saw a video about chasing Nigerians out of hotels in China, how true


$$$ Anyday, anytime.

1 Like

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by flyca: 3:19pm On Jul 21, 2018
I just exchanged at 57, so kini big deal angry
This government wayo! Always telling lies

6 Likes 1 Share

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Kposkila: 3:21pm On Jul 21, 2018
what is the exchange rate...
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by salbis(m): 3:22pm On Jul 21, 2018
flyca:
I just exchange at 57.
This government wayo! Always telling lies
They are capitalizing on our gullibility. Sad!

4 Likes 1 Share

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by lastempero: 3:22pm On Jul 21, 2018
Long process, everything in Nigeria is Complicated.I thought this was targeted at business men. which businessman will have time for this kind of beaucracy.

2 Likes

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by kingyang: 3:23pm On Jul 21, 2018
grin
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Originality007: 3:24pm On Jul 21, 2018
will this change the price of tecno and infinix? I doubt it
Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by rhames(m): 3:25pm On Jul 21, 2018
Our policy makers think like monkeys struggling for bananas. How does a currency swap help a desperate and disadvantaged country like Nigeria achieve its full potentials? In my opinion, this move will only help importers import more from China at the detriment of our industries whicch can produce if given the necessary incentives and protection.

Our policy makers tend to protect foreign industries at the detriment of our own. Thats why most of these political leaders and their economic policies have not had any impact on our economy.

3 Likes 3 Shares

Re: Central Bank Of Nigeria Commences Sale Of Chinese Yuan by Originality007: 3:27pm On Jul 21, 2018
flyca:
I just exchange at 57, so kini big deal angry
This government wayo! Always telling lies

just wait for it, the same yuen will soon reach Dollar price, not b Nigeria. anything good no dey last for country

2 Likes

(1) (2) (3) (Reply)

Total Staff Returns N108k To Customer Who Forgot His Money At Ilorin Station / Awoof Berekete Campaign Powered By Access Bank / CBN Disburses Smaller Naira Notes To Traders To End Scarcity

(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 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 76
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.