Last week's announcement that the Central Bank of Nigeria (CBN) had signed a $2.5 billion bilateral currency swap with the Peoples Bank of China (PBoC) has been widely described as a step in the right direction.
The transaction valued at 16 billion Renminbi (RMB) is aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby reducing the difficulties encountered in the search for third currencies, said the statement.
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