The Central Bank of Nigeria (CBN), recently signed a bilateral currency swap agreement with the People’s Bank of China (PBoC) worth about $2.5billion. The deal is expected to reduce the demand for U.S. Dollar by Nigerians importing from China, and consequently strengthen the value of the Naira. The deal will reduce certain barriers for Nigerian importers of goods from China as well as the cost of transactions in multiple currencies. “The improved macroeconomic environment in the Nigerian economy strengthened the foreign exchange inflows, and boosted the external reserves in April 2018. The inflows through the Importers and Exporters’ Foreign Exchange Window (I&E Window) between April 2017, and April 2018 stood at $46.08billion.

Source: The Guardian May 14, 2018 04:41 UTC