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Nigeria, China, sign N720 billion local currency swap deal

The Central Bank of Nigeria and the People’s Bank of China, have signed a bilateral local currency swap agreement to the tune of N720 billion (RMB 15 billion).

The purpose of the deal is to facilitate bilateral trade and direct investment, and safeguarding financial market stability in both countries.

The agreement which was signed last week in Beijing, is valid for three years and can be extended upon mutual consent.

It is expected that the transaction would provide adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses by reducing the difficulties encountered in the search for mutual currencies like the dollar.

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