Nigeria’s central bank plans to shift some of its reserves into yuan from dollars as the Chinese currency takes a greater role in global trade, deputy central bank Governor Kingsley Moghalu said. The bank will increase the yuan’s share of reserves to as much as 7 percent from 2 percent, […]
Tag: Dollars
Nigerian Naira Falls to 4-Month Low as Central Bank Lifts Limits
The naira weakened for a fourth day after the central bank in Nigeria removed limits on how many dollars can be sold to foreign-exchange bureaus, driving demand for the U.S. currency. The currency of Africa’s second-biggest economy retreated as much as 1.6 percent to 163.21 per dollar, the lowest on […]
External reserves drop to $44.3bn
The nation’s external reserves have dropped to $44.35, according to the latest figure from the Central Bank of Nigeria. The development makes the external reserves a few millions of dollars closer to a 12-month low of $44.2bn. A research has said that the amount the CBN is offering for sale […]
