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CBN TO ALLOW INVESTMENTS IN CHINESE YUAN

By NBF News
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ABUJA- Central Bank of Nigeria , CBN, Governor, Malam Lamido Sanusi, said, yesterday, that the bank will allow investments to be held in Chinese yuan, broadening the available currencies in the country beyond dollars, euros and sterling.

He added that the bank would enter a swap arrangement with the People's Bank of China to provide liquidity in its local unit.

He said: 'We have already allowed Nigerian companies who want to import from China to settle in Renminbi (yuan). The Chinese government recently allowed Chinese companies to actually outflow investments in RMB (Renminbi), and we would allow investments to come in RMB,' Sanusi told CNBC news. Sanusi said: 'We are trying to go into a swap arrangement with the People's Bank of China which will give us the stock of RMB which we can then sell for the purpose of settlement of transaction. The Chinese government is issuing bonds creating a yield curve and that is an opportunity for investment.'

of us wish to bequeath to the next generation,' she noted.

The EFCC boss further pointed out that in spite of the dismal state of affairs in the nation, 'a few are working daily to make the situation even worse. A corruption-free and transparent Nigeria will put them out of business and they are determined to maintain the status quo.'

Waziri noted that several efforts have been made by the administration to stem the tide of corruption in the country including the recent passage and signing into law important pieces of legislation such as the Money Laundering (Prohibition) Act 2011 and the Terrorism Prevention Act 2011.

She added, 'These are two critical laws that compliment the EFCC Act, 2004, the ICPC Act 2000 and the Code of Conduct Act in the fight against corruption and terrorist fighting. I assure Mr. President that the EFCC will vigorously pursue these laws to realize their spirit and intent.'