The Central Bank of Nigeria (CBN) has said it sold 3.69 billion yuan from the inception of the currency swap deal with China to June this year.
The apex bank disclosed this in its ‘Financial markets department 2021 half-year activity report’.
The CBN had in May 2018 signed the Bilateral Currency Swap Agreement with the People’s Bank of China to facilitate trade between the two countries and enhance foreign reserve management.
The report said, “The Bilateral Currency Swap Agreement between the CBN and the People’s Bank of China, which commenced in July 2018, expired in April 2021 and was subsequently renewed.
“In the review period, 13 auctions were conducted and renminbi worth CNY1.22 billion was sold. Similarly, in 13 auctions in the corresponding period of 2020, renminbi worth CNY294.09 million was sold. The total sum of CNY3.69 billion had been sold since inception to end-June 2021.”
The agreement between both countries is aimed at providing Naira liquidity to Chinese businesses and RMB liquidity to Nigerian businesses, respectively, thereby improving the speed, convenience and volume of transactions between the two countries.
The agreement is also aimed at reducing the difficulties encountered in the search for third currencies, according to the CBN.
It is also aimed at assisting both countries in their foreign exchange reserves management, enhancing financial stability and promoting broader economic cooperation between them it said then that the PBoC-CBN Bilateral Currency Swap Agreement would allow the two countries to swap a total of 15 billion renminbi for N720 billion, or vice versa, in the next three years, adding that the deal could be extended by mutual consent.
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