Nigeria secures $2.4B deal with China

Africa’s largest economy has moved to boost trade with China…Nigeria, China have announced they will conduct a currency swap amounting to nearly $2.4 billion, making trade between the two countries less reliant on the US dollar.

In a statement released by the People’s Bank of China (PBoC), the deal was signed on agreement with the Central Bank of Nigeria (CBN) on April 27 and aims to facilitate “bilateral trade and direct investment, and safeguarding financial market stability in both countries.”
In local currencies the deal is worth 15 billion Renminbi or 720 billion Naira.
The currency swap is valid for three years and can be renewed following the approval of both countries.

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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