FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, CBN

Currency swap deal prevents importation of substandard products

The Central Bank of Nigeria on Wednesday said it was not possible for any importer to bring in substandard products into the country under the currency swap agreement recently signed with the People’s Bank of China. The apex bank said adequate measures had been put in place with all the regulatory agencies to check abuse […]

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CBN to commence auctioning Chinese yuan

The Central Bank of Nigeria (CBN) on Thursday, released guidelines for the bilateral currency swap agreement between Nigeria and China. The CBN gave the guidelines in a document signed by its Director, Financial Markets Department, Dr. Alvan Ikoku, and posted on its website. The regulator, in a document titled, “Regulations for Transactions with Authorised Dealers […]

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People wait in line on February 16, 2011 in front of a branch of the pan-African bank Ecobank in Abidjan. The Ivorian offices of two international banks, French BNP Paribas and US Citibank, were closed of February 14 after the west African regional bank BCEAO warned banks they risked sanctions if they dealt with Laurent Gbagbo's disputed regime. Gbagbo threatened on February 15 to take legal action against foreign banks Citibank and BNP Paribas after they closed their offices in the country. AFP PHOTO / SIA KAMBOU (Photo credit should read SIA KAMBOU/AFP/Getty Images)

Nigeria, China currency swap deal will support naira – Ecobank Analyst

The $2.5 billion bilateral currency swap deal between Nigeria and China is likely to reduce further the strong demand for the United States dollar and support the naira, analysts at Ecobank Capital have said. The Central Bank of Nigeria early this month signed the deal with the People’s Bank of China, making Nigeria, the third […]

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