CBN issues guidelines for $2.5bn deal with China

Image result for CBN issues guidelines for $2.5bn deal with ChinaThe Central Bank of Nigeria has released the guidelines for the bilateral currency swap with China.

The apex bank said it will exchange N720 billion for 15 billion yuan in three years under the $2.5 billion swap.

It will also conduct bi-weekly auction for banks to bid for the Chinese currency on behalf of their customers.

The guideline states that the BCS can only be used to finance trade and direct investment between China and Nigeria; maintain market stability; and for other purposes that both parties may agree upon.

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