Nigeria Central Bank to Move More Currency Reserves in Yuan

Nigeria’s central bank plans to shift more of its $43 billion of reserves into yuan from dollars, the deputy governor said today, as the Chinese currency gains greater prominence in global trade.

The bank will increase the yuan’s share of reserves to as much as 7 percent from 2 percent now, Kingsley Moghalu said in an interview in London, without specifying a timeframe for the change. About 85 percent of Nigeria’s reserves are held in dollars, he said.