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”.
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”