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Nigeria And China Agree Currency Swap Deal Worth ¥15 Billion (₦720 billion)

Unic Press UK: The Chinese government and the Nigerian government have reached an agreement for a currency swap.

In a statement Thursday, May 3, the Chinese central bank known as the People’s Bank of China (PBC), said that a three-year bilateral agreement worth 15 billion yuan ($2.36 billion) has been inked with the Nigerian government, the Global Times and Reuters reported.

The agreement is worth 15 billion Yuan or 720 billion Naira. It was signed on April 27 by Yi Gang, the Governor of the People’s Bank of China, and Godwin Emefiele, the Governor of the Central Bank of Nigeria.

The People’s Bank of China believes that the three-year bilateral currency swap agreement would facilitate investment, businesses and trade, and help to “safeguard the stability of financial markets of both countries”.

China is currently Nigerians second-biggest trading country of choice, and the fresh agreement paves way for Nigerian traders and importers to source Renminbi – the official currency of the People’s Republic of China – from local banks, thereby mitigating the challenges of securing other scare foreign currencies.

Nigeria – Economic Indicators & Other Information

  • Consumer Price Index (CPI): The CPI which measures inflation increased 14.33 percent (year-on-year) in February 2018, illustrating a 0.8 percent points lower than the rate recorded in January 2018 (15.13). [National Bureau of Statistics, Nigeria]
  • Gross Domestic Product (GDP): $404.65 billion as of 2016. [World Bank].
  • GDP per capita: $2,175.67 as of 2016. [World Bank].
  • Total National Debt: ₦21.725 trillion [$70.99 billion] at 31st December 2017.
  • Unemployment: “The unemployment rate increased from 14.2% in Q4 2016 to 16.2% in Q2 2017 and 18.8% in Q3 2017, the country’s Bureau of Statistics said in its report ‘Labor Force Statistics Vol. 1: Unemployment and Underemployment Report (Q1-Q3 2017)’of December 2017.
  • Population: 185.98 million as of 2016. [World Bank].
  • Life expectancy at birth [2015]: 52.9 years as of 2015. [World Bank].
  • Central Bank of Nigeria official exchange rate $1= ₦305.75
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