Some Nigerian forex traders have said that many Chinese traders now prefer to collect naira instead of dollars in business deals.
In recent times, most Nigerian forex traders usually asked for payment in dollars, which created scarcity and increased the cost of dollars in the country.
Due to persistent exchange rate instability, some Chinese traders are now accepting naira for easier transactions.
With this move, Nigerian traders are finding it easier to do business since they no longer struggle to buy dollars to pay for goods in China, reports say.
However, experts warn that this may not be the final solution to Nigeria’s currency problems, as the naira remains weak against the dollar. For now, though, it may help reduce the burden on businesses and improve the livelihood of Nigerians.
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