CBN SIGNS 2.5 BILLION DOLLAR CURRENCY SWAP DEAL WITH CHINA

The currency swap between Nigeria and China has finally been consummated by the two countries.

This was announced yesterday in Abuja by the Central Bank of Nigeria (CBN).

CBN Spokesperson, Isaac Okorafor, said the execution of the 2.5 billion dollar bilateral currency swap agreement has taken off with the signing of necessary papers by the central banks of the two countries.

He also noted that the transaction was 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.

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