Chinese Yuan Weakens Against Dollar In Monday Trading

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 261 pips to 7.2056 against the dollar on Monday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day.

The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.  (Xinhua/NAN)

Meanwhile, the weakening of the yuan against the dollar on Monday came as in Nigeria, the Debt Management Office (DMO) said the total public debt stock of Nigeria as at March was N49.95 trillion (108.30 billion dollars).

According to a statement obtained from the DMO official website on Sunday, the total debt stock comprises the external and domestic debts of the Federal Government,  the 36 states and the Federal Capital Territory (FCT).

The News Agency of Nigeria (NAN) reports that the country’s total debt for the preceeding period 0f Dec. 21, 2022 was N46.25 trillion (103 billion dollars),  indicating an increase of about three trillion Naira.

The total debt stock,  however, excludes the Federal Government’s N22.719 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN),  whose securitisation was approved by the National Assembly in May.

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