Exchange Rate

Yuan to Naira Exchange Rate Today: November 2024

This article is updated daily to follow up on the Chinese Yuan Renminbi To Nigerian Naira Exchange Rate fluctuation.

The information here also contains the Yuan to Naira Black Market Rate, Yuan to Naira Official Exchange Rate, and Bank Rate.

Also, below the page is a brief history of the Chinese Yuan Renminbi.

Yuan to Naira Exchange Rate

  • Buying @ 1 Yuan = 219 Naira
  • Selling @ 1 Yuan = 222 Naira

Yuan to Naira CBN Rate

  • Buying @ 1 Yuan = 221 Naira
  • Selling @ 1 Yuan = 221 Naira

The exchange rate of Yuan we listed here may not be exactly what you may exchange. This is because, aside from the fact the exchange rate is volatile, your exchange agent can also create an impact on the price.

The accuracy of our exchange rate can be relatively accurate to the actual date a time this webpage was last updated.

Finally, while exchanging your Yuan it is advisable you make your comparison among different institutions and agents to get the best value for your money.

The Chinese Yuan

The Yuan (Yuán Shǐ) is the Chinese official currency, also known as the Yuanshi, which is a Chinese historical work known as the 24 Histories of China.

It was commissioned by the court of the Ming dynasty, which was in accordance with political tradition.

The text was composed far back in 1370 by the official Bureau of History of the Ming dynasty, under the direction of Song Lian between 1310–1381.

The compilation formalized the official history of the preceding Yuan dynasty. Under the guidance of Song Lian, dynastic history broke with the old Confucian tradition, establishing a new historical framework asserting that the influence of history was equal in influence to great Confucian classics in determining the real course of human affairs.

The Hongwu Emperor first commissioned the Yuan History in the 2nd year of his reign – that was in 1369.

Using materials such as the historical court records of the Yuan dynasty, which were stored in Khanbaliq and Xu Da captured it.

A full team of 16, which was led by Song Lian and chancellor Li Shanchang overseeing scholars Wang Yi (1321-1372), Zhao Xun, and others, compiled the 1st draft of history within months.

Due to the insufficient court records for the last years of the Yuan, however, the compilation had to wait while more historical material was gathered.

In the year 1370, after a 2nd commission, the Yuan History was completed with new materials.

The two hundred and ten (210) chapter history took only 331 days to be compiled.

The Yuan History is different from the official histories in that no commentary or evaluation of biographical subjects was given by those who compiled it.

Brief History of the Yuan

Origin and Development

The Yuan, also known as the Renminbi (RMB), was introduced in 1949. It has since undergone several reforms and is managed by the People’s Bank of China.

Economic Significance

The Yuan plays a critical role in China’s economy, which is the second-largest in the world. Its stability and value are crucial for global trade and investment.

Brief History of the Naira

Origin and Development

The Naira was introduced in 1973, replacing the Nigerian pound. Named after Nigeria, it symbolizes the country’s post-colonial identity and economic aspirations.

Economic Significance

The Naira is the official currency of Nigeria, playing a vital role in its economy, especially in the oil and gas sector.

Economic Ties Between China and Nigeria

Trade Relations

China and Nigeria share significant trade relations, with both countries exporting and importing a variety of goods, from machinery and electronics to oil and agricultural products.

Investment and Business Links

There are substantial investments from Chinese companies in Nigeria, particularly in infrastructure, telecommunications, and manufacturing, reflecting strong business ties between the two countries.

Factors Affecting the Yuan to Naira Exchange Rate

Economic Stability

Economic health of China and Nigeria impacts their currencies’ values. Strong economies typically bolster currency value.

Political Stability

Political stability or instability can affect investor confidence and influence currency strength.

Inflation Rates

Higher inflation in a country typically devalues its currency compared to others with lower inflation.

Interest Rates

Higher interest rates offer lenders in an economy a better return relative to other countries. Consequently, higher interest rates attract foreign capital and cause currency appreciation.

Impact of Exchange Rate Fluctuations

On Import and Export

Exchange rate fluctuations can make exports cheaper or more expensive, impacting trade balances.

On Foreign Investment

Currency strength influences foreign investment decisions. A stronger currency can attract investment, while a weaker currency might deter it.

On Everyday Consumers

For consumers, exchange rate changes can affect the cost of imported goods and travel expenses.

How to Convert Yuan to Naira

Online Conversion Tools

Several websites and apps provide real-time exchange rate conversions, making it easy to convert Yuan to Naira.

Bank Conversion Rates

Banks offer currency conversion services, though their rates may vary and include additional fees.

Currency Exchange Services

Dedicated currency exchange services can offer competitive rates, often with lower fees than banks.

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  1. Ahmad deedat lawal
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  2. Ogba Okwudirichukwu Ogodo

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