Currency swap: Nigerian banks to begin operation in China – Envoy

The Chinese Ambassador to Nigeria, Cui Jianchun, said Nigerian banks would soon start operations in China to facilitate trade and investments.

Jianchun who disclosed this during a roundtable discussion with newsmen in Abuja said he was working hard to actualise the banks’ operations in both countries.

He also said that he was equally working hard to ensure that Chinese financial institutions are established in Nigeria.

He said, setting up of the financial institutions between both countries will provide adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses.

Fielding questions on currency swap between the two countries, Jianchun explained that the framework for the N750 billion initiative was being expanded by the Chinese and Nigerian central banks.

“The agreement is being implemented by the two central banks; the framework would be expanded.

“I believe it is already working and I’m working to have Chinese banks here in Nigeria and also for Nigerian banks to operate in China.”

Jianchun, who expressed the desire for closer collaboration between the Chinese lawmakers and their Nigerian counterparts, disclosed that the eighth Ministerial Conference of the Forum on China-Africa Cooperation will be held in Senegal in late November.

He said since its establishment, over 21 years ago, FOCAC has bolstered high-level interactions and political trust between China and Africa, delivering a leap in Sino-Africa relations.