China considers expanding currency swap agreement with Nigeria

PUNCH

The People’s Republic of China Government says it would consider Nigeria’s request to expand the bilateral currency swap agreement.

China’s Foreign Minister, Wang Yi, revealed this when he briefed State House Correspondents after meeting with President Bola Tinubu at the Aso Rock Villa, Abuja, on Thursday.

Initially inked in 2018 between the People’s Bank of China and the Central Bank of Nigeria, the swap was valued at CN¥15bn, equivalent to about N720bn naira (roughly US$2.5bn at the time).

By reducing reliance on the US dollar, the agreement was meant to help stabilise Nigeria’s foreign reserves while spurring trade and investments between the two nations.

Wang reaffirmed the momentum in bilateral financial ties, inviting Nigeria to explore issuing Panda bonds in China’s markets while expressing confidence in Nigeria’s economic stability.