CBN has introduced 69.70 million Chinese yuan to the Nigerian market fx – Finance

  • The Central Bank of Nigeria (CBN) introduced 69.70 million yuan to reduce pressure on the foreign exchange market.

  • Sales in the Chinese yuan passed through a combination of spot and short tenders forward, which was caused by applications received from authorized dealers.

  • Currently, the Chinese yuan is exchanged for N53.35.


The Central Bank of Nigeria (CBN) injected 69.70 million yuan (Chinese yuan) in the short and long term for agricultural raw materials in order to ease the pressure on the Nigerian currency market.

On Friday, monetary authorities also invested $ 327.4 million in inter-bank retail sales of recyclables.

In a statement, CBN said that the measures expressed in US dollars were caused only by concerns in the agriculture and commodities sector.

Isaac Okorafor, the representative of CBN, said that this event was agreed with Management of Apex Bank for the payment of letters of credit denominated in Renminbi, for agriculture, as well as raw materials.

He said that sales in the Chinese yuan went through a combination of spot and short tenders forward, which is due to offers received from authorized dealers.

He said that the availability of Renminbi will certainly ease the pressure on the Nigerian currency market.

ALSO READ: Naira is exchanged for N49-N51 for the yuan at the first auction of Chinese currency in Nigeria

What is Renminbi?

Renminbi is the official currency of the People's Republic of China. Yuan is the basic unit of Renminbi. In international contexts, the "Chinese yuan" is widely used to refer to "Renminbi".

This term is similar to the term between pounds sterling and pound, which respectively refer to the British currency and its primary unit.


Naira's rates against the dollar, the yuan on the foreign exchange market
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Naira's rates against the dollar, the yuan on the foreign exchange market

(Inspiration of financial freedom)

CBN intervention preservation in the forex market

Ohorafor noted that relative stability in the foreign exchange market was caused by CBN intervention, as well as a steady rise in crude oil prices on the international market.

He assured that the Bank will remain committed to ensuring that all sectors of the economy continue to have access to the necessary foreign currency by Nigerians.

Naira's rates against the dollar, the yuan on the foreign exchange market

Over the weekend, the Nigerian Naira depreciated to N359 to the dollar in the parallel market, it maintained earnings at N361 to the dollar in the Importers and Exporters window and closed at the official CBN exchange rate at N306 level.

In the last week of July 2018 CBN made the yuan available in the foreign exchange market and introduced 69.85 million yuan to the spotted and short tenor market.

Currently, the Chinese yuan is exchanged for N53.35.

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