✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Forex: CBN begins yuan-naira swap implementation

The Central Bank of Nigeria (CBN) yesterday began the sale of foreign exchange in Chinese Yuan (CNY), signaling the consummation of the Bilateral Currency Swap…

The Central Bank of Nigeria (CBN) yesterday began the sale of foreign exchange in Chinese Yuan (CNY), signaling the consummation of the Bilateral Currency Swap Agreement (BCSA) signed with the People’s Bank of China (PBoC) on April 27, 2018.   

A statement issued by the bank yesterday disclosed that the sales would be through a combination of spot and short tenored forward. It added that the exercise, which would be Special Secondary Market Intervention Sales (SMIS) retail, would be dedicated to the payment of Renminbi denominated letters of credit for raw materials, machinery and agriculture. 

The bank’s spokesman, Isaac Okorafor, said the CBN would receive bids from all authorized dealers. He added that due to the peculiarity of the exercise, the bank would not be applying the relevant provisions of its revised guidelines for the operation of the inter-bank foreign exchange market which directs all SMIS bids to be submitted to the CBN through the Forex Primary Dealers (FXPDs). 

 

Nigerians are now earning dollars with premium domains, these domains can be acquired for $1500-$2000 profit margin can be as much as $15,000 to $20,000. Click here to learn how to earn dollars.
Click here to learn more.