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CBN to Sustain Renminbi Auctions Following China Trade Push

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Vincent Nwanma

Vincent Nwanma is a seasoned analyst, columnist, and reporter with over 30 years of experience in business and economics journalism across Nigeria and Africa.
  • 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.

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