Nigeria adds Chinese yuan to tradeable currencies

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Nigeria adds Chinese yuan to tradeable currencies -> af.reuters.com/article/investing … EX20110105

LAGOS (Reuters) - Nigeria’s central bank said on Wednesday it had added the Chinese yuan to a list of currencies that can be used for trade settlement in the domestic foreign exchange market as trade flows with Beijing increase.
China is encouraging countries to use the yuan for trade settlement and diversify bilateral trade away from the dollar.
Around a third of Nigeria’s imports come from Asia, most of them from China, according to the central bank.
“We have issued a circular to the banks permitting them to trade in yuan … China is one of the fastest-growing economies and Nigeria’s trade relations with China are increasing,” central bank spokesman Mohammed Abdullahi said.

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