Historic Chinese Yuan Renminbi Nigerian Naira

Chinese Yuan Renminbi nigerian naira history for July 2023. The highest quote for this month is 111.37 (13/07/2023) and the lowest 109.95 (26/07/2023). The difference between high and low is 1.28.

CNY NGN average rate for July 2023 is 108.40476, the change between 01/07/2023 and 31/07/2023 is -3.59 %.

03 July 20231 CNY = 104.9 NGN
04 July 20231 CNY = 106.4 NGN
05 July 20231 CNY = 106.9 NGN
06 July 20231 CNY = 106.7 NGN
07 July 20231 CNY = 106.8 NGN
10 July 20231 CNY = 105.7 NGN
11 July 20231 CNY = 108.9 NGN
12 July 20231 CNY = 108.2 NGN
13 July 20231 CNY = 108.3 NGN
14 July 20231 CNY = 108.7 NGN
17 July 20231 CNY = 108.7 NGN
18 July 20231 CNY = 108.4 NGN
19 July 20231 CNY = 109.9 NGN
20 July 20231 CNY = 109.5 NGN
21 July 20231 CNY = 110.2 NGN
24 July 20231 CNY = 110.3 NGN
25 July 20231 CNY = 110.3 NGN
26 July 20231 CNY = 111.1 NGN
27 July 20231 CNY = 110.2 NGN
28 July 20231 CNY = 108.0 NGN
31 July 20231 CNY = 108.7 NGN

20/03/2020: Impact of COVID-19 Pandemic

The outbreak of the COVID-19 pandemic resulted in a significant decline in oil prices, affecting Nigeria's economy and putting pressure on the Naira's exchange rate.

20/06/2016: Adoption of Flexible Exchange Rate Policy

The Central Bank of Nigeria adopted a flexible exchange rate policy, allowing the Naira to float freely against other currencies based on market forces.

29/11/2015: Inclusion of the Renminbi in IMF's SDR Basket

The International Monetary Fund (IMF) includes the Renminbi in its Special Drawing Rights (SDR) basket, recognizing its global importance as a reserve currency and boosting the international status of the Chinese Yuan Renminbi.

18/06/2009: Resumption of Renminbi Appreciation

China allows the Renminbi to resume an appreciation trajectory against the US dollar after a period of stability, signaling a shift in the country's exchange rate policy.

20/07/2005: Introduction of Managed Float

China adopts a managed floating exchange rate system, allowing the Renminbi to fluctuate within a narrow band against a basket of currencies, reducing its dependence on the US dollar.

29/05/1999: Transition to Democratic Governance

Nigeria transitioned to democratic governance, leading to economic reforms and stability, positively affecting the value and management of the Naira currency.

31/12/1993: Renminbi Pegged to US Dollar

China pegs the value of the Renminbi to the US dollar, setting an exchange rate of 8.28 Yuan per dollar, which remains fixed for over a decade, impacting China's export competitiveness.

12/06/1993: Introduction of the Third Nigerian Naira

The third Nigerian Naira (NGN) was introduced after the country's return to civilian rule following years of military regimes.

31/12/1992: Introduction of Dual Currency System

China introduces a dual currency system, with the offshore Renminbi (CNH) and the onshore Renminbi (CNY), aiming to facilitate foreign exchange flows and international trade.

31/12/1984: Implementation of the Structural Adjustment Program

The Nigerian government implemented the Structural Adjustment Program, leading to a significant devaluation of the Naira and the adoption of a floating exchange rate.

01/07/1979: Adoption of the Second Nigerian Naira

The second Nigerian Naira (NGN) was introduced following the adoption of a new constitution and the country's transition to civilian rule.

01/07/1973: Introduction of decimal currency

The Nigerian Naira was introduced as the official currency of Nigeria, replacing the pound sterling with a decimal currency system.

14/08/1971: End of the Bretton Woods System

The United States suspends the convertibility of the US dollar to gold, leading to the collapse of the Bretton Woods System and a shift towards floating exchange rates, affecting the value of the Chinese Yuan Renminbi.

14/12/1948: Formation of the People's Bank of China

The People's Bank of China was established, marking the beginning of central banking in China and the introduction of the Chinese Yuan Renminbi as the official currency.