The Central Bank of Nigeria is seeking to diversify its $33 billion in foreign currency reserves to reduce its reliance on the dollar, Reuters reports, citing CNBC. The bank will be converting a 10th of the stockpile into the Chinese yuan.
To begin with, the bank intends to switch between 5 percent and 10 percent to yuan. However, dollars and euros will continue to remain a significant part of the country’s holdings.
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