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Nigeria, China Sign $2.4 Billion Currency-Swap to Lift Trade

  • Governors Yi Gang, Godwin Emefiele sign 3-year swap in Beijing
  • Nigeria says deal will reduce need to use dollars for trading
Views of the Yangshan Free Trade Port as US-China Trade War Finally Arrives
Photographer: Qilai Shen/Bloomberg
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Nigeria and China agreed on a currency-swap worth $2.4 billion to boost commercial ties and reduce the need to use the dollar in bilateral trade.

Yi Gang, governor of the People’s Bank of China, and Godwin Emefiele, his Nigerian counterpart, signed a three-year swap of 15 billion yuan or 720 billion naira in Beijing on April 27, the Chinese central bank said in a statement Thursday. The transaction can be renewed if both parties want, it said.