The central parity rate of the Chinese currency renminbi, also known as the Yuan, strengthened 160 pips to 7.087 against the dollar on Wednesday.
This was made known by the China Foreign Exchange Trade System.
DAILY POST reports that in China’s spot foreigners exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
The development comes as Nigeria’s Naira depreciated against the dollar on the foreign exchange market upon resumption of work after the Eid-Ul-Mawlid holiday on Monday.
According to DAILY POST report, FMDQ data showed that the naira fell to N1656.56 per dollar on Tuesday from N1,546.41 on last Friday.
Yuan strengthens at 7.087 against US Dollar
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