Nigeria, China in currency swap

Nigeria, China in currency swap

Kampala, Uganda | THE INDEPENDENT | In a signing ceremony that took place in Beijing China, the Central Bank of Nigeria and the Peoples Bank of China agreed to a currency swap worth $2.5billion to make trade between the two countries easy.

International reports say the move was meant to reduce the two countries reliance on the US dollar in conducting business such that Nigeria can have sufficient local currency liquidity and also save Chinese investors in the country the hustle of looking for another currency.