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China announces $2.36 bn currency swap agreement with Nigeria.

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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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The Backbone of Gambian Economy Requires Careful Monitoring – Experts

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Prospects of a growing GDP must be reflected in growth in exports, foreign direct investment and tourist arrivals. The financial year is almost coming to an end but not much has been said about the main export crop.



Earlier a press release was issued questioning the prospects of the farming season.
However, the government has not said much about the trade season. It is standard of good practice to announce the prices of crops before they are even sown to motivate farmers to aim to have bumper harvest.
Now farmers are still waiting to be assured that their crops will be bought at reasonable prices. It is therefore important to keep an eye on the trade season and tourist arrivals as pointers to growth or decline in GDP.

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China eliminates poverty in 85 counties

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China, on Wednesday, announced that another 85 counties have been officially taken off the country’s list of impoverished areas, marking further steps toward its goal of eradicating poverty by 2020.

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The announcement, made by the State Council Leading Group Office of Poverty Alleviation and Development, came on the fifth National Poverty Relief Day, which falls on October 17 every year.

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This is the largest number of counties to shake off poverty since China vowed in 2015 to win the battle against poverty.

It brings the total number of counties removed from the poverty list since then to 153.

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