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Home General CBN, Chinese Bank Sign Currency Swap Agreement
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CBN, Chinese Bank Sign Currency Swap Agreement

By
Isaac Okorafor
-
May 3, 2018
CBN
CBN
CBN, Chinese Bank Sign Currency Swap Agreement
CBN Signs Currency Swap Agreement with the People’s Bank of China (PBoC)
The Central Bank of Nigeria (CBN) wishes to announce the execution of a bilateral currency swap agreement with the Peoples Bank of China (PBoC). The Governor of the CBN, Mr. Godwin Emefiele, led CBN officials while PBoC Governor, Dr. Yi Gang, led Chinese team at the official signing ceremony in Beijing, China, on Friday 27th April 2018, a culmination of over 2 years of painstaking negotiations by both Central Banks.
The transaction which is valued at Renminbi (RMB) 16 billion, or the equivalent of about $2.5bn, is 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.
Among other benefits, this agreement will provide Naira liquidity to Chinese businesses and provide RMB liquidity to Nigerian businesses respectively, thereby improving the speed, convenience and volume of transactions between the two countries. It will also assist both countries in their foreign exchange reserves management, enhance financial stability and promote broader economic cooperation between the two countries.
With the operationalisation of this agreement, it will be easier for most Nigerian manufacturers, especially small and medium enterprises (SMEs) and cottage industries in manufacturing and export businesses to import raw materials, spare-parts and simple machinery to undertake their businesses by taking advantage of available RMB liquidity from Nigerian banks without being exposed to the difficulties of seeking other scare foreign currencies.
The deal, which is purely an exchange of currencies, will also make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain enough Naira from banks in China to pay for their imports from Nigeria. Indeed, the deal will protect Nigerian business people from the harsh effects of third currency fluctuations.
With this, Nigeria becomes the third African country to have such an agreement in place with the PBoC.
Both the Nigerian and Chinese officials expressed delight at the conclusion and signing of the agreement and expressed the hope that it would boost mutually beneficial business transactions between Nigeria and the Peoples Republic of China.
Isaac Okorafor
Ag. Director, Corporate Communications
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NIPR FCT Chapter Focuses on Crisis Communication and ProfessionalismTroops Eliminate Dozens of Terrorists, Arrest 578 Suspects in July OperationsFG Reacts to Niger Governor’s Closure of Badegi FMInformation Ministry Inaugurates Anti-Corruption Unit to Deepen TransparencyIG Boosts Police Intelligence Capacity with New Tech, Training for Technical Intelligence UnitAnambra Police Nab Wanted Kidnap Suspect in KadunaCustoms Just Wrote Nigeria's Energy RulebookLawyer Sues Housing Ministry, FHA Over Alleged Property RedesignNavy to Establish  Base in Kebbi to Tackle Inland Waterway CrimesArmy Commander's Compassion Keeps 100 Students in School in ZamfaraSam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ's Education ProgramNIPR Hails customs Boss' Tenure Extension as Evidence of Transformational LeadershipAkwa Ibom Boosts National Security with Land Donation for Nigerian Air Force BaseCustoms Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ PartnershipUNIMAID Mass Comm becomes Faculty of Communication and Media Studies
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