Currencies
China and Nigeria Renew Currency Swap to Boost Bilateral Trade
- Deal cuts reliance on dollar transactions between the nations
- China was Nigeria’s biggest trade partner in 2023, ahead of US
A street currency dealer holds US 10 dollar banknotes and bundles of Nigerian 1000 naira banknotes at a market in Lagos, Nigeria.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
China and Nigeria have renewed a 15 billion yuan ($2 billion) currency-swap arrangement designed to boost trade and investment between the two countries.
The facility will help strengthen financial cooperation and expand the use of the two currencies, the People’s Bank of China said in statement on Friday. “The agreement is valid for three years and can be renewed upon mutual consent,” it said.