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Forex pressure has increased four years after the Yuan exchange agreement.

Trade and currency sale statistics indicate that four years into the Nigeria-China currency exchange program, the arrangement is just beginning to scrape the surface of the enormous illiquidity barrier importers must overcome in order to remove products from the world manufacturing powerhouse.

 

The Central Bank of Nigeria (CBN) has auctioned a total of CNY7.044 billion worth of yuan since its start as of the end of the second quarter, one year after the bilateral currency exchange of CNY16 billion was renewed.

 

Because of a number of variables, including dollar benchmarking, weak local currencies, and a strong preference for the dollar over other currencies, the demand for the US dollar has actually stayed higher.

 

In H1 2022, a total of CNY1.263 billion was sold in 13 auctions, up from CNY1.217 billion in the first half of 2021, according to the CBN’s 2022 Financial Market Half-Year Report. The central bank has sold CNY7.044 billion since the program began, in addition to several prior auctions, as of the end of June.

 

Although the performance status report for the second half of the program is not yet complete, analysts predicted that it may not deviate noticeably from prior statistics.

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