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Nigeria, China sign $2.4 billion currency swap to lift trade
By Paul Wallace and David Malingha Doya
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.
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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. ...
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