FG plans on Yuan forces dollar rate down – Bureau de Change Association

The President, Association of Bureau De Change Operators of Nigeria, Mr Aminu Gwadabe said the Federal Government’s plan to increase the availability of renminbi (Yuan) was already favouring the Naira against the dollar. Gwadabe said in an interview with the News Agency of Nigeria (NAN) on Saturday in Abuja that since the announcement, the Naira had appreciated by N10
against the dollar. NAN recalls that as a way to resuscitate the current currency slump in Nigeria, the Industrial and Commercial Bank of China Ltd and the Central Bank of Nigeria signed a deal on Yuan transactions.

The deal meant the Yuan will flow freely around Nigerian banks and will even be included in the country’s foreign exchange reserves.

Since 2014 when Yuan was recognised as a likely global reserve currency, Ghana, South Africa and Zimbabwe have integrated the currency into their financial markets.

Gwadabe said the dollar was now changing for N310 as against the former rate of N320 and predicted that once the policy is in force, the price of dollar will continue to fall.