The Bureau de Change Association has expressed its support of the renewed Yuan Reserve Exchange agreement  which allows the Chinese Yuan be included in Nigeria's foreign exchange reserves allowing for direct exchange between the Naira and the Yuan.
The Chairman of the Association of Bureau de Change Operators, Mr Aminu Gwadabe said this at an interview with the News Agency of Nigeria NAN, where he noted that the impact was already being felt with the Naira appreciating N10 against the US Dollar to N310 as against the N320 earlier in the week.
The Chinese Yuan Renminbi (CNY) is expected to be available at Bureau de Changes and Banks nationwide making it easily available for commercial activities and reducing the excess demand on the US dollar.

Photo courtesy chinatoday