Nigeria, China sign $2.4 billion currency swap to lift trade

Section:

By Paul Wallace and David Malingha Doya
Bloomberg News
Thursday, May 3, 2018

Nigeria and China agreed on a currency swap worth $2.4 billion to boost commercial ties and reduce the need to use the dollar in bilateral trade.

Yi Gang, governor of the People's Bank of China, and Godwin Emefiele, his Nigerian counterpart, signed a three-year swap of 15 billion yuan or 720 billion naira in Beijing on April 27, the Chinese central bank said in a statement today. The transaction can be renewed if both parties want, it said.

... Dispatch continues below ...



ADVERTISEMENT

USAGold: Coins and bullion since 1973


USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.

Please call 1-800-869-5115x100 and ask for the trading desk, or visit:

http://www.USAGold.com

USAGold: Great prices, quick delivery -- all the time.



The deal, more than two years in the making, will "provide naira liquidity to Chinese businesses and provide renminbi liquidity to Nigerian businesses respectively, thereby improving the speed, convenience, and volume of transactions between the two countries," the Central Bank of Nigeria said in a separate statement. It will allow Nigerian companies to import spare parts and raw materials from China by sourcing renminbi from local banks and help them avoid "the difficulties of seeking other scarce foreign currencies," it said. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-05-03/nigeria-china-sign-2-...

* * *

Join GATA here:

International Mining Investment Conference
Vancouver Convention Centre East
Vancouver, British Columbia, Canada
Tuesday-Wednesday, May 15-16, 2018
http://cambridgehouse.com/e/international-mining-investment-conference-2...

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16