Tag: Yuan
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CBN commences forex trading in Chinese currency, Yuan
The Central Bank of Nigeria (CBN) on Friday kicked off its intervention in the sale of foreign exchange (forex) in Chinese Yuan (CNY). Recall that the exercise marked the consummation of the Bilateral Currency Swap Agreement (BCSA) the CBN signed with the People’s Bank of China (PBoC) on April 27. A statement issued by the…
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Naira/Yuan swap: A major Chinese footprint on Nigeria’s economy, By Henry Boyo
By Henry Boyo “Central Banks, the world over, have responsibility for ensuring that a nation’s currency reserves are held in instruments, which would protect the domestic value of income and savings. Indeed, every CBN Governor recognises this responsibility, but the actual spread of such holdings were never clearly defined, while the dollar remained the CBN’s…
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China, Nigeria ink currency swap deal
China’s central bank said Thursday that it has inked a currency swap agreement with its counterpart in Nigeria. The agreement will allow the two sides to swap a total of 15 billion Chinese yuan (2.35 billion dollars) for 720 billion Nigerian naira, or vice versa, in the next three years, the People’s Bank of China…