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.

InFocus

See What Everyone is Watching

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.