The Federal Government and the Central Bank of Nigeria have been urged by the House of Representatives to expedite the Chinese Yuan’s adoption as a substitute trading currency.

This call was part of a resolution that was approved on Wednesday in response to a motion made by Jafaru Leko.

Recall that the Federal Government of Nigeria and China established a bilateral currency swap arrangement. This was reported by OHAFIATV News.

Amidst the naira’s struggle against major Western currencies, Leko encouraged the government to embrace the current in the motion.

According to him, the currency need to be included in Nigeria’s foreign reserve by the government.

He stated that the adoption of the Chinese Yuan as a foreign exchange reserve currency “might enhance Nigeria’s economic stability, reduce the risks associated with exchange rate fluctuations, and mitigate the adverse effects of Naira depreciation.”

China, he claimed, had already taken the lead in the world economy.

After the motion was approved, the House decided to investigate the best ways to expedite the 2018 Yuan agreement by having the committees on banking regulations, banking, and other ancillary institutions communicate with the Central Bank of Nigeria.