There are indications that the Central Bank Of Nigeria, CBN wants to convert more of the country's 39 Billion Dollar foreign reserve to Yuan the Chinese currency. The apex bank started converting part of its reserves into Yuan in 2011.
This step has however been embraced by the Chinese Ambassador to Nigeria, Gu Xiaojie who described it as a very encouraging development which demonstrates the closeness between both countries.
According to reports, China has the biggest foreign reserve in the world and co-operating with Nigeria financially is a positive step especially the growth in the micro economy.
Currently, 80% of Nigeria’s foreign reserves are held in U.S. dollars.
0 Comment "More Of Nigeria's Foreign Reserve Changed To Chinese Yuan?"
Post a Comment
Thank You For Reading....Your Comments Are Always Welcome!