China, Nigeria sign currency swap deal

Central bank of China otherwise known as the Peoples’ Bank of China, PBoC, on Thursday revealed that it has signed a currency swap agreement with its counterpart in Nigeria.

According to a statement on the official website of the PBoC, the agreement will allow the two sides to swap a total of 15 billion Chinese yuan ($2.35bn) for N720bn, or vice versa, in the next three years.


It added: “The move is aimed at facilitating bilateral trade and investment and promoting the financial stability of both side.

“The deal can be extended by mutual consent.”


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