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: Yuan
CBN converts more dollar reserves into Chinese yuan
The Central Bank of Nigeria is converting more of the nation’s foreign reserves from the dollar into the Chinese renminbi or yuan. The Financial Times reported that in August, the central banks of Nigeria and Tanzania joined their counterparts from other continents in adding more renminbi to their reserves. The […]
