Tinubu Revives $2.4bn China Currency Swap Deal

Posted on September 4, 2024

President Bola Tinubu, on Wednesday, revived the $2.4billion local currency swap deal between Nigeria and China.

The two countries are set to revive the currency swap agreement in a bid to bolster trade between the two nations and contribute to global financial stability.

The move signals a renewed commitment to regional monetary and financial cooperation, according to a joint statement released during Nigerian President Bola Tinubu’s official visit to China.

It could be recalled that the Central Bank of Nigeria (CBN) had previously signed a $2.4 billion bilateral currency swap deal with the People’s Bank of China (PBoC) in 2018, but the initiative faced implementation challenges due to trade imbalances.

Both countries are now determined to address those issues and foster a more flexible financial partnership.

In addition to the currency swap, Nigeria and China have agreed to enhance cooperation on financial intelligence, with a focus on combating money laundering and terrorism financing.

Both nations aim to safeguard financial markets and crack down on financial crimes.

During President Tinubu’s visit, Nigeria and China also signed a series of agreements and Memorandums of Understanding (MoUs) aimed at strengthening relations at the provincial and municipal levels.

These partnerships are expected to deepen sub-national cooperation, protect the rights of each country’s citizens, and create a more favourable business environment for companies operating in both nations.

China has expressed strong support for Nigeria’s efforts to expand trade within West Africa, with the two countries agreeing to work together on flagship projects that promote cross-national and regional cooperation.

This comes as part of China’s broader commitment to Africa through initiatives like the Forum on China-Africa Cooperation (FOCAC), where President Tinubu is attending the Beijing Summit at the invitation of Chinese President Xi Jinping.

The two leaders also discussed upgrading the China-Nigeria relationship to a Comprehensive Strategic Partnership, further cementing their cooperation on key issues such as sovereignty, national unity, and economic development.

Nigeria reaffirmed its support for China’s “One-China” policy, acknowledging Taiwan as an inalienable part of China’s territory.

As both nations move forward, they reiterated their shared vision for strengthening ties and advancing cooperation not only between China and Nigeria, but also within the broader framework of China-Africa relations.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

The Executive Chairman of Ojodu LCDA and APC flagbearer for the upcoming Local Government... Continue
The International Council for Beverages Association (ICBA) has expressed deep concern about the World... Continue
Justice Chukwujekwu Aneke of the Federal High Court in Lagos has granted an order... Continue
The Oyo State College of Nursing and Midwifery, Eleyele, Ibadan and the Gender Mobile... Continue
CYRIACUS IZUEKWE  As the Association of Community Pharmacists of Nigeria (ACPN) prepares for its... Continue
PalmPay, a leading digital banking platform in Africa has announced the launch of strategic... Continue
The Oyo State government has reaffirmed its ban on mobile phones, smart watches, including... Continue
Founder of The Africa Soft Power Group, Dr Nkiru Balonwu, will deliver the keynote... Continue
BEN AHANONU For quite some time, the so-called Orlu Political Consultative Assembly, OPOCA, has... Continue
The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC, on... Continue

UBA


Access Bank

Twitter

Sponsored