The People’s Bank of China injected 20 billion yuan (about 2.94 billion U.S. dollars) into the market through 14-day reverse repos at an interest rate of 2.35 per cent, according to a statement on its website.
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The Central Bank of Nigeria says the currency swap agreement with the People’s Bank of China will not cover the importation of substandard goods into the country.
A statement issued by the Bank on Friday disclosed that the sales shall be through a combination of spot and short tenored forwards.
Kalu, a chieftain of the All Progressive Congress, gave the advice in an interview with the News Agency of Nigeria in Abuja.
A statement by Nigeria’s apex bank said the Governor of the CBN, Godwin Emefiele, led CBN officials, while the PBoC Governor, Dr. Yi Gang, led the Chinese team at the official signing ceremony in Beijing, China on April 27 2018, a culmination of over two years of painstaking negotiations by both Central Banks.