Framework for $2.5bn China currency swap underway — CBN

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, Tuesday, said the framework for the $2.5 billion currency swap agreement with the Peoples Bank of China (PBoC) will be released next week, stressing that the deal will ease pressure in the foreign exchange market.

Addressing the press at the end of the Monetary Policy Committee (MPC) meeting in Abuja, Emefiele said currency swap between the Central Bank of Nigeria and the People’s Bank of China will ease pressure in the foreign exchange market by the reduction in reliance in a third currency for trade settlement between Nigeria and China.

He added that the framework for the deal, which would be released next week, would be the basis for an expanded economic relationship between Nigeria and China.

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