Cbn set to begin chinese currency sale

You're referring to the Central Bank of Nigeria (CBN) announcing its plan to begin selling the Chinese currency, Renminbi (RMB), also known as the Chinese yuan.

Here's what I found:

The Central Bank of Nigeria (CBN) has announced plans to begin selling the Chinese currency, Renminbi (RMB), to Nigerian businesses and individuals. This move is aimed at promoting trade and investment between Nigeria and China, as well as reducing the country's reliance on the US dollar.

According to reports, the CBN has already received approval from the People's Bank of China (PBOC) to sell the RMB in Nigeria. The bank plans to start selling the currency in the coming weeks, with the initial focus on large corporate customers and financial institutions.

The CBN governor, Godwin Emefiele, was quoted as saying that the move is part of the bank's efforts to diversify the country's foreign exchange earnings and reduce its dependence on oil exports. He also emphasized the importance of promoting trade and investment between Nigeria and China, which has been growing rapidly in recent years.

It's worth noting that the RMB is not yet widely traded in Nigeria, and the CBN will need to establish a network of banks and financial institutions to facilitate the sale and use of the currency. Additionally, the CBN will need to ensure that the RMB is fully convertible and can be easily exchanged for other currencies.

Overall, the CBN's decision to sell the RMB in Nigeria is seen as a positive step towards promoting economic cooperation between the two countries and reducing the country's reliance on the US dollar.