The People’s Bank of China (PBOC) and the Central Bank of Nigeria have signed a 3 years currency swap agreement.
The agreement will allow the two sides to swap a total of 15 billion Chinese yuan ($2.35 billion) 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 swap deal will facilitate trade and investment, and safeguard the stability of financial markets of both countries.
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.
