Chinese Ambassador to Nigeria, Mr Gu Xiaojie, has declared absolute
support for the Central Bank of Nigeria (CBN)’s plan to convert more of
the country’s $39 billion foreign reserve to Yuan.
80 percent of Nigeria’s foreign reserve is in dollars, but this is
set to change as the CBN hinted in January it may convert more to the
Chinese currency, a development that started in 2011.
Speaking at a Forum on Wednesday in Abuja, the Chinese Ambassador Xiaojie described the CBN’s plan as a very encouraging development.
“Nigeria is among few countries, or two or four countries, in the world that have parts of their foreign reserve in Renminbi (RMB) currency and we are happy about that,” he said.
“We have noticed that the Central Bank of Nigeria is increasing its share of Chinese RMB Yuan in its foreign currency.
“Talking about financial cooperation there are more opportunities, wider range of things we could do in finance because China has the biggest foreign reserve in the world.
“For such a big country (like Nigeria) you have to have all kinds of securities,” Xiaojie noted.
The ambassador said Nigeria was handling the financial micro economy with caution, a development China had noticed.
“The government is handling the financial micro economy very cautiously with the international cooperation and I think you are doing the right thing,” he said.
“We hope that there will be closer cooperation in the area of financing and micro economy,” Xiaojie, added.
Speaking at a Forum on Wednesday in Abuja, the Chinese Ambassador Xiaojie described the CBN’s plan as a very encouraging development.
“Nigeria is among few countries, or two or four countries, in the world that have parts of their foreign reserve in Renminbi (RMB) currency and we are happy about that,” he said.
“We have noticed that the Central Bank of Nigeria is increasing its share of Chinese RMB Yuan in its foreign currency.
“Talking about financial cooperation there are more opportunities, wider range of things we could do in finance because China has the biggest foreign reserve in the world.
“For such a big country (like Nigeria) you have to have all kinds of securities,” Xiaojie noted.
The ambassador said Nigeria was handling the financial micro economy with caution, a development China had noticed.
“The government is handling the financial micro economy very cautiously with the international cooperation and I think you are doing the right thing,” he said.
“We hope that there will be closer cooperation in the area of financing and micro economy,” Xiaojie, added.
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