Historic Nigerian Naira Chinese Yuan Renminbi

Nigerian Naira chinese yuan renminbi history for February 2024. The highest quote for this month is 0.005997 (01/02/2024) and the lowest 0.005933 (01/02/2024). The difference between high and low is 1.07.

NGN CNY average rate for February 2024 is 0.00491, the change between 01/02/2024 and 29/02/2024 is +25.78 %.

01 February 20241 NGN = 0.0059 CNY
02 February 20241 NGN = 0.0059 CNY
03 February 20241 NGN = 0.0051 CNY
04 February 20241 NGN = 0.0051 CNY
05 February 20241 NGN = 0.0060 CNY
06 February 20241 NGN = 0.0051 CNY
07 February 20241 NGN = 0.0050 CNY
08 February 20241 NGN = 0.0050 CNY
09 February 20241 NGN = 0.0051 CNY
12 February 20241 NGN = 0.0049 CNY
13 February 20241 NGN = 0.0048 CNY
14 February 20241 NGN = 0.0047 CNY
15 February 20241 NGN = 0.0047 CNY
16 February 20241 NGN = 0.0047 CNY
17 February 20241 NGN = 0.0048 CNY
18 February 20241 NGN = 0.0048 CNY
19 February 20241 NGN = 0.0048 CNY
20 February 20241 NGN = 0.0048 CNY
21 February 20241 NGN = 0.0045 CNY
22 February 20241 NGN = 0.0045 CNY
23 February 20241 NGN = 0.0045 CNY
24 February 20241 NGN = 0.0048 CNY
25 February 20241 NGN = 0.0048 CNY
26 February 20241 NGN = 0.0045 CNY
27 February 20241 NGN = 0.0047 CNY
28 February 20241 NGN = 0.0046 CNY
29 February 20241 NGN = 0.0044 CNY

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.