Yuan Strengthens Against The Dollar

The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened five pips to 7.1811 against the dollar Thursday, 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 per cent 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, while the Chinese Yuan strengthened against the dollar, in Nigeria, the There are growing concerns that the much celebrated  $3 billion emergency loan from the African Export-Import Bank to stabilise the country’s volatile foreign exchange market by the Nigerian National Petroleum Company Limited (NNPC) is footdragging, leading to the continuous free fall of the Naira to the dollar.

Daily Trust findings show that the Central Bank of Nigeria (CBN) gross reserves have not seen any increase, and are down 0.2% to $33.68 billion since the announcement was made on August 16.

The announcement two weeks ago was embraced as a relief in the forex market, as the naira appreciated at both the official Investors’ and Exporters’ (I&E) forex window and the parallel market.

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