The agreement, worth 15 billion yuan ($2 billion), aims to boost cooperation and trade between the two nations by facilitating direct exchange of their currencies.
Nigeria and China have renewed their currency swap agreement worth 15 billion yuan ($2 billion), a move expected to strengthen cooperation and promote bilateral trade and investment between both countries. In a statement released on Friday, the People’s Bank of China (PBOC) confirmed that the arrangement will remain in place for another three years, with provisions for renewal by mutual agreement. The agreement is valid for three years and can be renewed upon mutual consent.
The deal allows for the direct exchange of the Chinese yuan and Nigerian naira, bypassing reliance on the US dollar and reducing transaction costs in trade between the two nations. Originally signed in June 2018, the currency swap facility was introduced to address liquidity challenges for businesses in both countries and to facilitate trade in their respective currencies. The deal enabled the exchange of up to 15 billion Chinese yuan (CNY) for 720 billion Nigerian naira (NGN), equivalent to $2.5 billion at an exchange rate of NGN305 to $1 at the time. According to the agreement, the swap is designed to streamline trade transactions by eliminating the need for US dollars as an intermediary currency
CURRENCY SWAP TRADE INVESTMENT CHINA NIGERIA
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trumpism set to upset the world, By Owei LakemfaPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
A history of Zionist atrocities, By Femi Fani-KayodePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Right of Reply: When will the judges who cheated on their age be made to account, By Johnson AgwuPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Tax Bills: Tinubu directs Ministry of Justice to work with NASS to address concernsPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Graduate of Benin Republic, other passengers kidnapped in KogiPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Fubara vows to implement reports of Rivers post-election violencePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »