Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,449,505 members, 5,518,815 topics. Date: Thursday, 09 April 2020 at 11:42 AM

Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig (20176 Views)

Top 10 Weakest Currency In Africa (See List) / Naira Exchanges At Record-low, N510 A Dollar / Naira Extends Stability At Major Forex Market, Exchanges At N498 To A Dollar (2) (3) (4)

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

Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Solomonudofia(m): 4:59pm On Jul 31, 2018
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/

5 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by BigSarah(f): 5:05pm On Jul 31, 2018
Will Clothing Industries and Shipping Companies Accept to be paid in Yuan in Place Of Dollars?


Meanwhile check my signature wink

11 Likes 1 Share

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Giovanni2332(m): 5:05pm On Jul 31, 2018
Nice
Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Ebenezerk2: 5:05pm On Jul 31, 2018
cool
Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by seanfer(m): 5:05pm On Jul 31, 2018
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

40 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Originality007: 5:06pm On Jul 31, 2018
just wait and see,
Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by jamaicabakare(m): 5:06pm On Jul 31, 2018
Welcome development. Sai Baba grin

47 Likes 4 Shares

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by TFLAME(m): 5:06pm On Jul 31, 2018
Nice development

17 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by OBAGADAFFI: 5:07pm On Jul 31, 2018
Its will soon get to N100 since demand will increase.

13 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Opinionated: 5:07pm On Jul 31, 2018
Sai Baba Worldwide has another achievement.

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

Let love prevail.

66 Likes 4 Shares

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Buhari2019: 5:07pm On Jul 31, 2018
Buhari Amaka. Let support PMB for prosperous Nigeria

41 Likes 2 Shares

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by SEONaijaExpert: 5:07pm On Jul 31, 2018
Best time to buy

2 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Jay5mie: 5:08pm On Jul 31, 2018
Make Dollar never fall o make we upcoming yahoo boys chop first embarassed

8 Likes 2 Shares

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by aolawale025: 5:08pm On Jul 31, 2018
This should reduce pressure on local dollar demand.

13 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Festusco: 5:08pm On Jul 31, 2018
This is a good development

6 Likes 1 Share

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by blackpanda: 5:08pm On Jul 31, 2018
Another one from bubu


SAI BABA 2023

29 Likes 3 Shares

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Solomonudofia(m): 5:08pm On Jul 31, 2018
.
Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Getintouch2004(m): 5:09pm On Jul 31, 2018
d
Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by uba1991: 5:09pm On Jul 31, 2018
GOD BLESS PMB
GOD BLESS OSINBAJO
GOD BLESS MINISTER OF FINACE
GOD BLESS NIGERIA
GOD BLESS CHINA

27 Likes 2 Shares

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by opalu: 5:09pm On Jul 31, 2018
Ahhh
Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by flyca: 5:09pm On Jul 31, 2018
Sir, kindly take back yuan to where you met it when you took over power.

1naira was 33RMB.

Any other mantra na hogwash! angry

16 Likes 1 Share

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by vedaxcool(m): 5:09pm On Jul 31, 2018
Group of Haters of Nigeria's Progress where at thou. Hate on this.

4 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by LUGBE: 5:09pm On Jul 31, 2018
Is time i go invest in yuan now. Let me watch it closely

1 Like

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Nobody: 5:10pm On Jul 31, 2018
No thanks to our heavy dependence on Chinese imports, in no time, it would exchange for 100 - 1¥

1 Like

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by blackpanda: 5:10pm On Jul 31, 2018
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

6 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by Moneytize: 5:10pm On Jul 31, 2018
OBAGADAFFI:
Its will soon get to N100 since demand will increase.
No it wont, as long as supply is adequate.

4 Likes

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by letsgetgoing: 5:11pm On Jul 31, 2018
All hail our PMB

6 Likes 2 Shares

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by ManirBK: 5:11pm On Jul 31, 2018
Good development

1 Like 1 Share

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by flyca: 5:12pm On Jul 31, 2018
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!

49 Likes 6 Shares

Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by 4601CE(m): 5:12pm On Jul 31, 2018
This is good smiley
Re: Naira Exchanges At N49-N51 Per Yuan At First Auction Of Chinese Currency In Nig by FADEO: 5:13pm On Jul 31, 2018
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.

4 Likes

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

What Do Millionaires See That Others Don't? / Naira Appreciates At The Interbank Market / Femi Otedola Celebrates His Mother's 86th Birthday (Photo)

(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 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 52
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.