Nigeria Central Bank to start holding Chinese yuan

The Nigeria Central Bank governor, Mr. Lamido Sanusi (pictured), has indicated that Nigeria will start holding Chinese yuan as part of its foreign exchange reserves from the next quarter.

Nigeria is Africa’s second largest economy. It is estimated that by 2025, it will have surpassed South Africa, to become Africa’s largest economy.

The central bank of Nigeria, which holds about US$32 billion in foreign exchange reserves, will diversify about a tenth of that into yuan.