The House of Representatives has urged the Federal Government and the Central Bank of Nigeria to hasten the incorporation of the Chinese Yuan as an alternative trade currency.
The resolution, prompted by a motion from Jafaru Leko, emphasizes the importance of adopting the Yuan amid Naira’s challenges against Western currencies.
Leko suggests utilizing the Yuan as part of Nigeria’s foreign reserves, highlighting its potential to mitigate Naira depreciation, reduce exchange rate risks, and bolster economic stability.
The House, following the motion’s acceptance, directed relevant committees to collaborate with the Central Bank to expedite the implementation of the 2018 Yuan agreement.
