Nigeria Central Bank Diversifies Reserves: Sells Dollars, Buys Chinese Yuan

Tyler Durden's picture

It seems the "dollar is a reserve currency for ever and ever" propaganda has not reached Africa, also known as Southern China as explained here two years ago, where moments ago the Central Bank of Nigeria issued the following surprise announcement:

  • CENTRAL BANK OF NIGERIA TO SELL DOLLARS TO DIVERSIFY RESERVES
  • NIGERIA CENTRAL BANK TO RAISE SHARE OF YUAN TO 7% FROM 2%
  • NIGERIA CENTRAL BANK TO DIVERSIFY RESERVES INTO YUAN
  • NIGERIA CENTRAL BANK CONSIDERING DIM SUM BOND: MOGHALU

But why would anyone buy Yuan when there are so many ever-more diluted dollars available? And now, let's open it up for the most creative Nigerian email scam involving Chinese Yuan...