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CBN to shift more foreign reserves into Chinese Yuan

29 January 2014, 11:44

Lagos - Moved by the growing strength of the Chinese currency in global trade,  the Central Bank of Nigeria (CBN) said it would soon shift some of  Nigeria’s foreign exchange reserves from US dollars to the Chinese Yuan, reports ThisDay

Dr. Kingsley Chiedu Moghalu, CBN’s Deputy Governor (Operations), said the bank plans to increase the Chinese Yuan's proportion of the country’s external reserves from the present two percent to seven percent.

He said it was evident that the future of international economics and trade will shift in large part to business with and by China.

Nigeria currently holds about 85 percent of its reserves, which stood at $43.182 billion as at Monday, in dollars

Read more at ThisDay.


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