The House of Representatives has urged the Federal Government and the Central Bank of Nigeria to speed up the adoption of the Chinese Yuan as an alternative trading currency.
Recall that the Federal Government announced a bilateral currency swap agreement between Nigeria and China.
In the motion by Jafaru Leko, he urged the government to adopt the current amidst the struggle of the naira against major Western currencies.
He said the government should adopt the currency as part of Nigeria’s foreign reserve.
He argued that China had already assumed a leading role in the global economy.
In his words:
“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.”
