The Central Bank of Nigeria has encouraged importers of goods from China to use the Yuan instead of the US Dollar in a bid to boost the Naira Exchange rate and boost the Nation’s foreign reserve.
The CBN earlier signed to a $2.5 billion currency swap with the People’s Bank of China earlier in May which the CBN officials explained would reduce the NGN-USD exchange rate.
The current exchange proposal is supposed to result in an exchange rate of 48 Naira to 1 Yuan.
Image Credit:Market Mogul
