Following the currency trade deal between Peoples Bank of China and Central Bank of Nigeria, CBN in May, the CBN has started auctioning out the Chinese currency.

At the first auction held on Friday, currency traders said the apex bank sold yuan at a range of 49-51 naira of the Chinese currency last week.

The auction is part of an attempt to encourage the use of an alternative trading currency, particularly given the high level of imports from China by Nigeria.

Also Read: 3 Things To Know If You Want To Benefit From Nigeria-China Currency Deal

Traders said the yuan was sold for immediate value and settlement would be within 15 days.

According to the traders, some of the banks who participated in the auction, got as much as 60% of the volume they applied for, while one bank got just 5%. They said the volume sold was based on the price quoted for the yuan at the auction.

More details would be shared as we get them.

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