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China Signs 15bn Yuan Currency Swap Agreement With Nigeria | The Precision

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CBN Governor, Godwin Emefiele

China’s central bank has signed a three-year
bilateral currency swap agreement with Nigeria worth 15 billion yuan
($2.36 billion), THE PRECISION has learnt.

The People’s Bank of China (PBOC) on Thursday said on its
website the swap deal will facilitate trade and investment, and
safeguard stability of financial markets of both countries. 
The Governor of the Central Bank Of Nigeria (CBN), Godwin Emefiele recently gave assurance on the agreement at a joint press briefing with finance
minister Kemi Adeosun on their participation at the spring meetings of
the World Bank and the International Monetary Fund (IMF).

“The agreement has not failed. You must agree with me that
transactions of this nature would usually involve very strenuous
engagements between the countries and the central banks.

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“I can assure you my words that we are expecting excellent results
very soon. I will leave at that for now and by the time the news comes
out, Nigerians would be very happy,” Emefiele told reporters.

THE PRECISION recalled that Nigeria had initiated the two-fold currency swap deal since 2015 to
help strengthen the naira since the country imports huge amounts of
products of China.

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