Chinese Yuan Constitutes 6.7% of $27.34b Forex Reserves- CBN

Chinese Yuan accounts for only 6.7 per cent of Nigeria’s $27.34 billion foreign exchange (forex) reserves, data from the Central Bank of Nigeria (CBN) has shown.

The figure indicted that the US dollar constitutes 76.6 per cent of the total, having fell from its level of $22.59 billion in September last year to $21.67 billion in December.

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Yuan

Other currencies in the basket and their shares include Saudi Riyal (SDR) worth $2.32 billion; (8.2 per cent), Euro worth $1.69 billion (six per cent), and British Pound Sterling worth $688.18 million (2.4 per cent).

The report titled: Currency Composition of Foreign Exchange Reserves indicated that forex inflows to the economy in December last year stood at $20.2 billion as against $27.3 billion recorded in September, representing a decrease of 25.76 per cent.

While in the corresponding quarter of 2014, the recorded inflow was $37.01 billion, indicating a major decrease of 45.2 per cent. On the other hand, total outflows in the period under review amounted to $8.61 billion. This represents a decrease of 21.22 and 41.90 per cent in comparison with the levels recorded in the preceding quarter and corresponding quarter of 2014, respectively.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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