Nigeria-China N720bn Currency Swap Deal On Slow Pace 3 Years After

A N720 billion swap deal for at least 15 billion Renminbi (Yuan) currency between Nigeria and China has recorded a slow pace three years after the initiative was launched.

This has left more Nigerian importers on the China route facing the hurdles of sourcing the dollar as foreign exchange (forex) for their businesses.

Nigeria and China established formal diplomatic relations on February 10, 1971. Relations between the two nations grew closer as a result of the international isolation and Western condemnation of Nigeria’s military regimes (1970-1998).

Nigeria has since become an important source of oil and petroleum for China’s rapidly growing economy, and Nigeria is looking to China for help in achieving high economic growth.

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