Reps Urge FG To Speed Up Adoption Of Chinese Currency

The House of Representatives has urged the Federal Government and the Central Bank of Nigeria to speed up the adoption of the Chinese Yuan as an alternative trading currency.

This call was contained in a resolution adopted on Wednesday following a motion moved by Jafaru Leko.

Recall that the Federal Government announced a bilateral currency swap agreement between Nigeria and China.

In the motion, Leko urged the government to adopt the current amidst the struggle of the naira against major Western currencies.

He said the government should adopt the currency as part of Nigeria’s foreign reserve.

“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 argued that China had already assumed a leading role in the global economy.

Following the adoption of the motion, the House resolved that the committees on Banking Regulations, Banking, and Other Ancillary Institutions liaise with the Central Bank of Nigeria to explore the appropriate mechanisms to speed up the 2018 agreement on Yuan.

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Posted: at 20-12-2023 10:45 PM (4 months ago) | Hero

Dey play!

Posted: at 21-12-2023 01:16 AM (4 months ago) | Upcoming

Adopting a currency from country that doesn’t speak your national language. What a joke.

Posted: at 21-12-2023 03:50 AM (4 months ago) | Gistmaniac

You see why Nigeria is so useless that nothing is  adequate   to describe its backwardness. You the  most populated country in Africa who stands to benefit more from a comprehensive Intra African Trade and unified African currency is crying over the seeming delay in introducing  the  chines Yuan instead the long delayed ECOWAS currency. Oh Nigeria, Nigeria the symptom of our africanity- Nigeria you're the true caricature of  the African demise, keep it up . Africa and Africans are  simply a  sad and sorry people.

Posted: at 21-12-2023 08:34 AM (4 months ago) | Gistmaniac