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Tuesday, June 6, 2023

CBN Sold CNY1.26 billion Under Naira Yuan Swap Deal in H1

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The Central Bank of Nigeria (CBN) sold a total of Chinese Yuan CNY1.26 billion in the First Half (H1) of 2022, under its Naira Yuan Bilateral Currency Swap Agreement, with the People’s Bank of China (PBoC).

This was done in 13 auctions during the review period, equivalent to N79.66 billion, according to the latest CBN data. One (1) Chinese Yuan equals N63.23.

The implementation of the three-year N720.00 billion/CNY15.00 billion Naira Yuan Bilateral Currency Swap Agreement between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC), which commenced in July 2018 was renewed in April 2021 for another three-year term.

In the comparable period of 2021 (January – June) a total of CNY1.217 billion in 13 auctions were sold by the CBN.

The total sales from inception in 2018 to End-June 2022 stood at CNY7.043 billion, according to the CBN.

This is approximately equal to N445.32 billion.

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