The House of Representatives has urged the Federal Government and the Central Bank of Nigeria to expedite the incorporation of the Chinese Yuan as an alternative trading currency. This resolution was reached on Wednesday following a motion presented by Jafaru Leko.
This appeal stems from the announcement of a bilateral currency swap agreement between Nigeria and China by the Federal Government. Leko emphasized the necessity of adopting the Yuan given the ongoing challenges faced by the naira against dominant Western currencies.
In his motion, Leko stressed the importance of incorporating the currency into Nigeria’s foreign reserves.
“Chinese Yuan as an additional foreign exchange reserve currency might mitigate the adverse effects of Naira depreciation, reduce the risks associated with exchange rate fluctuations, and enhance Nigeria’s economic stability,” he said.
He contended that China had taken on a prominent position in the worldwide economy.
After the motion was adopted, the House concluded that the committees on Banking Regulations, Banking, and Other Ancillary Institutions should collaborate with the Central Bank of Nigeria to investigate suitable methods to expedite the 2018 agreement concerning the Yuan.
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