CBN to Sustain Renminbi Auctions Following China Trade Push

• Central Bank of Nigeria extends Renminbi auctions to support trade-backed transactions
• Officials cite potential risks from lower oil earnings, rising import bills, and external debt

Lagos, Nigeria – The Central Bank of Nigeria (CBN) will continue its auctions for the sale of China’s Renminbi on trade-backed transactions to authorised dealers, according to the bank’s Monetary, Credit, Foreign Trade and Exchange Rate Policy Guidelines for the 2024/2025 fiscal years, released on Tuesday.