Fidelity bank card banner Camano banner
China, Nigeria sign currency swap deal

By News Express on 03/05/2018

Views: 911


China’s central bank said Thursday that it has inked a currency swap agreement with its counterpart in Nigeria.

The agreement will allow the two sides to swap a total of 15 billion Chinese Yuan (2.35 billion dollars) for 720 billion Nigerian naira, or vice versa, in the next three years, the People’s Bank of China (PBOC) said on its website.

The move is aimed at facilitating bilateral trade and investment and promoting the financial stability of both sides, the PBOC said. The deal can be extended by mutual consent.

A currency swap deal allows two institutions to exchange payments in one currency for equivalent amounts in the other to facilitate bilateral trade settlements and provide liquidity support to financial markets.

NAN reports that in 2014, the then CBN deputy governor, Kingsley Moghalu, said the bank was looking to increase the percentage of Yuan foreign reserves in its possession from two per cent to seven per cent.

According to him, 85 per cent of its foreign reserves were in dollars and it needed to have more in Chinese Yuan, as the country was taking a more important place in global trade.

“It was clear to us that the future of international economics and trade will shift in large part to business with and by China. Ultimately the renminbi (Yuan) is likely to become a global convertible currency,” Moghalu said.

Since 2014, the world market has recognised the Yuan as a likely global reserve currency, a replacement for the dollar, which has led countries like Ghana, South Africa and Zimbabwe to integrate the renminbi (Yuan) into their financial markets.

As a result of this, trade (however imbalanced) has increased between certain countries on the continent and China, as well as providing a fertile ground for demand for the currency on the continent. (Xinhua/NAN)

Source News Express

Posted 03/05/2018 2:50:19 PM

 

 

CLASSIFIED ADS

 

You may also like...
SERAP to INEC: Prosecute perpetrators of vote buying...

Saraki: Victim or Villain?

Ihedioha has unleashed thugs on my family ―...

Appeal Court upholds Ebonyi Speaker’s election

Next President: The right man for the job,...

Minister meets key players in UK Digital TV...

Okereke sues importers for N200 million, says sack...

Of economy, pulpits and Nollywood expectations, By Chinwe...

Kajuru attack setback for tourism promotion in Nigeria...

Stop lamenting; turn in the illegal firearms and...

NAF deploys aircraft to maintain peace in Takum...

Google, Apple, Microsoft, Facebook, Twitter, 92 other US...

 

Latest News Bandits’ commanders agree to suspend attacks Over 1,000 cult members renounce membership in Ebonyi •Say we’re now ‘born-again’ NDLEA to recruit 5,000 personnel to boost manpower US awards full scholarships to 30 Nigerian students 4 FAAN security chiefs suspended over Lagos airport security breach Herders-farmers’ clashes: Yoruba youths, Miyetti Allah Kauta Hore mull national security summit PDP closes case at Presidential Election Tribunal, calls 62 witnesses Abolish herdsmen movement from North to South, Ganduje tells FG 5 Kirikiri Prison inmates bag University degrees NAPTIN gets new Director-General I don’t have money, please release my mum, Siasia begs kidnappers Protests: FG warns Shi’ites

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (509,935 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,533 views) Shameless Genevieve Nnaji exposes breasts in public (373,483 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,740 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,478 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,204 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,266 views) 10 cars more expensive than Jets (223,737 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,229 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,783 views) Lagos plane crash: Journalist releases victims’ names (188,363 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,984 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,358) Business Verdict (76) Columnists (1,074) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (635) Features (779) Global Business Monitor (396) ICT Monitor (53) International (3,723) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (342) News (48,839) Opinion (1,291) Pidgin (17) Politics (11,170) Religion (1,051) Sports (2,102) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera