Nigeria has become the latest African country to step up its bid to adopt Chinese yuan as a reserve currency. Two months after agreeing a three-year $2.5 billion currency swap with China to boost its reserves and aid trade between both countries, Nigeria has begun selling Chinese yuan to local traders and businesses. An underlying motive of the move is to ease the long-running pressure on Nigeria’s naira currency after a slide against the US dollar since 2015. Following the drop in global oil prices in 2015, Nigeria’s faced a major dollar shortage as foreign reserves dwindled. International businesses including ... (full story)