Nigeria to diversify up-to 10% of its foreign reserves into Chinese yuan

The Central Bank of Nigeria (CBN) is diversifying its foreign exchange reserves away from the U.S. dollar and will hold between 5 to 10 per cent of them in Chinese yuan.
CBN Governor, Lamido Sanusi, stated this on Monday while on a visit to China. “We are looking at anything to start with from 5 to 10 per cent of our reserves,” he said. 
However, Sanusi added that the bulk of the country’s reserves would remain in dollars. “The dollar and the euro are not going to disappear,” he said. “They are going to remain an important part of our holdings.”