Nigeria: Central Bank to auction Yuan

The Yuan traders say the Central Bank of Nigeria has directed lenders to submit bids for the Chinese currency in its second auction of the yuan after the agreed swap with the People’s Bank of China in May.

The Apex bank signed a $2.5 billion three-year currency swap deal with Beijing to facilitate trade between the two countries and cut reliance on the dollar.

It sold 69.86 million yuan that’s about $10.16 million in its first auction of the Chinese currency two weeks ago at a range of 49-51 naira.