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Saturday, 3 March 2012
Central Bank of Nigeria adds $500 million in Chinese Yuan to its reserves
In what has been described as a bold move by Economists around the world, the Central Bank of Nigeria (CBN) recently added $500 million worth of Chinese Yuan to its reserves. This was reported exclusively by the Wall Street Journal (WSJ).
According to WSJ, CBN intends to buy seven times worth that amount in Chinese Yuan underscoring the strength of its economic ties with China which recently has included Chinese investment in Nigeria-based rice processing plants as well as airport development projects.
Accoridng to Mr. Sanusi Lamido Sanusi, “over the past six months Nigeria has converted 1.4% of its reserves to Chinese currency, largely by selling euros and buying yuan on offshore markets in Hong Kong, Mr. Sanusi said. He says he plans to increase that amount by selling much of the bank’s euro holdings and buying more yuan directly from the People’s Bank of China.