China’s central bank said on Thursday it has signed a three-year bilateral currency swap agreement with Nigeria worth 15 billion yuan ($2.36 billion).
The People’s Bank of China (PBOC) said on its website the swap deal will facilitate trade and investment, and safeguard stability of financial markets of both countries.
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According to the ACCA global: “A currency swap is an agreement in which two parties exchange the principal amount of a loan and the interest in one currency for the principal and interest in another currency. At the inception of the swap, the equivalent principal amounts are exchanged at the spot rate.”
Nigeria is Africa’s most populous nation and has the continent’s biggest economy. It recently slid in recession but made a quick exit. The economy was a major plank of the Buhari campaign that brought him to power in 2015.
China on the other hand is seen as a key economic player across the continent. Its infrastructure investments are sprawling across much of sub-Saharan Africa.
Chinese presence in Africa is also accompanied by a strong diplomatic relationship. African leaders have often flown to Beijing to engage on diplomacy but on the sidelines signed trade and bilateral deals.
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Djibouti commissions $3.5 billion Chinese-built free trade zone
Djibouti commissioned a $3.5 billion, Chinese-built free trade zone on Thursday, deepening ties with the Asian giant and helping the Horn of Africa nation generate more jobs for its youths.
Djibouti, with a population of 876,000, already hosts Chinese, U.S. and French naval bases and it also handles roughly 95 percent of the goods imported by Ethiopia, its land-locked neighbour with 99 million people.
The zone will be jointly operated by Djibouti Ports and Free Zones Authority and China’s Merchants Holdings company.
The zone which will house manufacturing and warehouse facilities, an export-processing area and a services centre, is expected to handle trade worth $7 billion within two years, and create 15,000 jobs when complete.
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