Reps Pleads with FG To ‘Speed up adoption of Chinese currency’ in Nigeria

Reps tell FG to quickly implement policy on the use of Chinese Yuan as official foreign exchange currency

The House of Representatives wants the government and the central bank to move faster on accepting China’s Yuan as another currency for trading.

This request came in a resolution passed on Wednesday after a proposal by Jafaru Leko.

Freshreporters News reports that the government had already announced a currency swap deal between Nigeria and China.

Leko’s proposal asked the government to accept the Yuan now, while the Naira is struggling against major Western currencies.

He said the government should add the Yuan to the country’s foreign reserves.

“Chinese Yuan as an additional foreign exchange reserve currency might mitigate the adverse effects of Naira depreciation, reduce the risks associated with exchange rate fluctuations, and enhance Nigeria’s economic stability,” he said.

He also pointed out that China is now one of the most important economies in the world.

After the resolution passed, the House decided that the committees on banking regulations, banking, and other financial institutions should work with the central bank to figure out the best way to quickly put the 2018 Yuan agreement into action…[CONTINUE READING HERE]>>