The Central Bank of Nigeria (CBN) said it will exchange N720 billion for 15 billion Chinese Renminbi (RMB) in three years under the $2.5 billion bilateral currency swap (BCS) with Peoples Bank of China (PBoC).
The apex bank disclosed this in the guidelines for executing the BCS released yesterday, adding that it would conduct bi-weekly auction for banks to bid for the Chinese currency on behalf of their customers.
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