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AFRICA FASHION WEEK NIGERIA

Friday, May 4, 2018

What $2.5bn China Currency Swap Means to Nigeria

Financial experts across the country have welcomed the $2.5 billion currency swap deal signed by the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC.)


The deal, which is aimed at enhancing foreign reserve management and facilitating trade between the two countries, was signed in Beijing on Friday, April 27, by Governor of the CBN, Mr. Godwin Emefiele, and PBoC Governor, Dr. Yi Gang, according to a statement released by CBN spokesman, Mr. Isaac Okorafor, yesterday.

CBN said it had been in discussions with China on the deal for more than two years, adding that Nigeria is the third African nation to agree a currency swap deal with China. 

Reacting to the deal in a chat with New Telegraph, Managing Director/Chief Executive Officer, Bic Consultancy Services, Dr. Boniface Chizea, said the arrangement was a positive development as it would provide adequate local currency liquidity to Nigerian and Chinese companies, thereby boosting trade between both countries. He said: “The deal will help to eliminate the challenges associated with having to use a third currency. It is not like the CBN will start providing cash to businesses but..." 

Read the full story here: https://lnkd.in/etessg6  

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