BRIEF: Nigeria’s central bank will now sell Yuan

Nomura

To make good its plan to execute a currency swap with China, Nigeria’s Central Bank said it will start selling Yuan to local banks.

The CBN is looking at doing an auction for the currency every two weeks.

Based on the official circular, renminbi would only be used to finance trades with China and that local lenders have 72-hours to utilize the funds or return it to the central bank.

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