The Yuan is the basic unit of the Renminbi which happens to be a basic unit of the official currency of the People’s Republic of China. The Chinese Yuan is also one of currencies which are used in the foreign exchange market. With the high rate of commercial and economic activities going in China, more entrepreneurs, businessmen and investors from Africa, especially businessmen from Nigeria travel beyond the shores of their country to engage in different commercial activities in China such as buying of finished goods and importation of such goods in Nigeria.
Are you interested to know the black market exchange rates of the Chinese Yuan to the Nigerian Naira? If your answer is yes, you have found the answer to your query as this article will get to guide you on the current Chinese Yuan to the Nigerian Naira black market exchange rate for today.
If you are doing business or if you are dealing with numerous currencies that deals with foreign and international currencies, there is a necessity for you to know the current exchange rate between your local currency and the foreign currencies. The obvious reason for this is because, the exchange rate between the currencies in the foreign exchange market greatly affects the business relationship between two or more countries involved in international trade.
The Republic of China is an industrious environment as it produces most of the products and goods consumed in other parts of the world. It is commonly known all over the world that Chinese products are popular, be it motorcycles, mobile phones, electronics, generators, machines, automobiles etc.
Many businessmen and entrepreneur travel to obtain and import goods from the Asian country so as to sell them and make profit in their own countries. Even when the Chinese products are being feared and have been branded to be inferior goods, that hasn’t stopped them from producing and making money from their finished goods.
Even Nigerian businessmen are frequent in visiting the Asian country because there is no dull moment in the Chinese market. Also, the cost of production in China is low due to its accessibility to raw materials and its high producing rate; this has made so many businessmen in Nigeria to go to China for business reasons such as investing for a particular product to be designed and manufactured.
These businessmen are fully aware that the Nigerian Naira will not be accepted for the payment and exchange of goods and services, so they have to be constantly updated about the latest exchange rate of the Chinese Yuan to the Nigerian Naira because the money will be converted from their local currency into the Chinese Currency before they can process any merchandise.
Now that we have known about the Chinese Yuan and why it is highly demanded by business-oriented Nigerians, we have to look at the topic of the day on the Chinese Yuan to Naira black market exchange rate for today.
Chinese Yuan to Naira Black Market Exchange Rate Today January 2019.
As at today being Tuesday, 8th of January, 2019, 1 Chinese Yuan to Naira black market exchange rate equals;