[size=18pt]Nigerian Banks to Trade in Chinese Yuan in 2011 [/size]

The Nigerian Foreign Exchange market will from January 2011 trade in Chinese yuan (RMD) in apparent recognition of the money as one of the major currencies circulating globally.


The Nigerian Foreign Exchange market will from January 2011 trade in Chinese yuan (RMD) in apparent recognition of the money as one of the major currencies circulating globally.

The Central Bank of Nigeria (CBN) disclosed this to banks through a circular dated Dec. 22, with reference TED/FEM/FPC/GEN/ 01/03.

"This is to inform all authorized dealers and the general public that, in addition to the currencies stated in Memorandum 3 of the Nigerian Foreign Exchange Manual, the Chinese Yuan (RMD) is recognized as a currency of transaction in the Nigerian Foreign Exchange Market," the circular said.

"All authorized dealers are to note and bring this to the notice of their customers, please," the apex bank added.

Until this time, four major currencies recognized as currency of transaction in the foreign exchange market include the U. S. dollar, the euro,, the British pound and the Canadian dollar.

The decision to recognize the Chinese yuan as currency of transaction in the foreign exchange market is understandable given the fact that the Chinese currency is becoming a major currency globally, the apex bank said.

http://english.cri.cn/6826/2010/12/31/2724s612900.htm

China is taking over the global world.

Wouldnt surprise me if we have to start learning Chinese

Ni Hao! ileke-idi

[size=15pt]Nigeria to convert 10% of foreign reserves into Chinese Yuan[/size]

September 7  2011

The Governor of Nigeria’s Central Bank has announced its decision to convert up to ten percent of the country’s foreign reserve into the Chinese currency, the Yuan.

This would mean some 3.3 billion of the 33 billion dollar reserve would now be held in Yuan.

It makes Nigeria the first African country to do so.



Governor Lamido Sanusi says the move is to help the country reduce its reliance on the US dollar.

He told a conference in Beijing the state of the US economy means there is less appetite for holding the dollar.

A Kenyan Financial Analyst, Ali Khan Satsu told the BBC the move is in the right direction.

“Out of all the foreign reserves in the world, 67 per cent are held in US Dollars and then about 26 per cent the Euro and the balance is between these various other currencies but if you look at the state of the global economy now, China is such a big part of that equation,” he said.

Source: http://world.myjoyonline.com/pages/news/201109/72500.php

The era of dollar is about to end.chinkos are taking over.

Anyone interested in learning Chinese should contact me as soon as possible. You'll definitely speak the language in one week.