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#PMBInChina: Nigeria gets $6billion loan from China, agrees to let Chinese currency, yuan flow in Nigerian banks

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#PMBInChina: Nigeria gets $6billion loan from China, agrees to let Chinese currency, yuan flow in Nigerian banks

Patrick Akpu by Patrick Akpu
April 13, 2016
in Politics
Reading Time: 1 min read
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#PMBInChina: Nigeria gets $6billion loan from China, agrees to let Chinese currency, yuan flow in Nigerian banks
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Nigeria has gotten a $6 billion loan from China to fund infrastructural projects. Minister of Foreign Affairs, Geoffery Onyeama said “it won’t need an agreement to be signed; it is just to identify the projects and we access it”.

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#PMBInChina: FG’s decision to allow Chinese yuan flow in Nigerian banks – effects on the dollar

A Reuters report has it that Nigeria has entered a currency swap deal with China as the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions.

According to Lin Songtian, Director General of the African Affairs Department of China’s foreign ministry,

“It means that the renminbi (yuan) is free to flow among different banks in Nigeria, and the renminbi has been included in the foreign exchange reserves of Nigeria”

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