In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
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Industry experts have attributed the slump in demand to the rate of forex liquidity being pumped into the system by the CBN
Yelwa observed that oil sales from Nigeria to China would be settled in Chinese currency, stressing that access to Yuan would also be easier.
“The swap will eliminate challenges arising from transactions with the dollar and promote business flexibility between Nigeria and China,” Yelwa explained
The issue was raised following the adoption of yuan like the dollar by the International Monetary Fund as global finances