Speed up adoption of the Chinese currency, Reps Urge FG

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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.

In the motion, Leko urged the government to adopt the currency 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.

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