Naira To Strengthen on Back of China Currency Swap

The Central Bank of Nigeria has said it will exchange N720 billion for 15 billion Chinese Renminbi (Yuan) in three years under the U.S.$2.5 billion bilateral currency swap with the Peoples Bank of China. The deal is expected to reduce the demand for U.S. dollars by Nigerians importing goods from China, and consequently strengthening the value of the Naira.


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