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Wednesday, 13 April 2016

NIGERIA AGREES CURRENCY SWAP WITH CHINA TO STRENGTHEN NAIRA

Wednesday, April 13, 2016 Posted by Anonymous No Comments

Nigeria has agreed a currency swap deal with China, as part of efforts to strengthen the Naira.

The deal is one of the many deals reached following a meeting between Nigerian President Muhammadu Buhari and Chinese President Xi Jinping.

President Buhari is currently in China on a working visit.

The presidency says the visit is aimed at securing greater support from Beijing for the development of Nigeria’s infrastructure, especially in the power, roads, railways, aviation, water supply and housing sectors.

Nigeria, which is Africa’s biggest economy is looking for ways to shore up its ailing currency and fund a record budget deficit, possibly by issuing Yuan-denominated bonds in China.

The West African nation is facing its worst economic crisis in decades as sinking oil prices eat into its foreign reserves and the naira weakens against other currencies.

Nigeria has been for months looking for sources to help plug a projected 2016 deficit of 2.2 trillion naira as President Muhammadu Buhari plans to triple capital spending.

During Buhari’s visit to Beijing, the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions.

“It means that the renminbi (yuan) is free to flow among different banks in Nigeria, and the renminbi has been included in the foreign exchange reserves of Nigeria,” Lin Songtian, director general of the African affairs department of China’s foreign ministry, told reporters.

The move comes after Finance Minister Kemi Adeosun said on Saturday that Nigeria was looking at panda bonds – yuan-denominated bonds sold by overseas entities on the mainland -saying they that would be cheaper than Eurobonds.

Nigeria’s central bank has said it plans to diversify its foreign exchange reserves away from the dollar by switching a stockpile into yuan. It converted up to a tenth of its reserves into yuan five years ago.

Lin said a framework on currency swaps has been agreed with Nigeria, making it easier to settle trade deals in yuan. China has signed currency swap deals with countries ranging from Kazakhstan to Argentina as it promotes wider use of its yuan.