LAGOS, May 22,
(Xinhua/GNA) - The Nigerian government has been advised to utilize the currency
swap agreement with China to strengthen the Naira, its local currency.
President of the Association of Forex Bureau Operators of Nigeria, made the
call in Lagos, Nigeria's economic hub, on Tuesday.
advised the apex bank to deepen the currency swap pact with China and diversify
commodity exports to the U.S. in order to diversify foreign exchange earnings
for the country.
focus on diversifying its foreign exchange earnings through the promotion of
Diaspora remittances for economic buffer and foreign reserves accretion, he
In April 2018,
China's central bank inked a currency swap agreement with its counterpart in
Nigeria. A total of 15 billion yuan (about 2.17 billion U.S. dollars) for 720
billion Nigerian naira or vice versa, will be swapped in three years.
The deal can be
extended by mutual consent, which made Nigeria the third country in Africa,
after South Africa and Egypt, to sign such a deal with China.
Nigeria is also
the first African country to accept Chinese renminbi (RMB) in its foreign