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.
DAILY POST recalls that the Federal Government announced a
bilateral currency swap agreement between Nigeria and China.
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.
He argued that China had already assumed a leading role in
the global economy.
Following the adoption of the motion, the House resolved
that the committees on Banking Regulations, Banking, and Other Ancillary
Institutions liaise with the Central Bank of Nigeria to explore the appropriate
mechanisms to speed up the 2018 agreement on Yuan.
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