Home Blog Nigeria: Currency Swap With China Will Boost Economy – Bureau De Change Operator

Nigeria: Currency Swap With China Will Boost Economy – Bureau De Change Operator


Alhaji Ibrahim Yelwa, a bureau de change operator in Sokoto, says the recent currency swap agreement between Nigeria and China will boost bilateral trade between them.

Yelwa, the Chairman of Mailabo Bureau De Change, told newsmen in Sokoto on Saturday that the agreement came at the time when Nigeria’s economy was in dire need of diversification.

“The agreement between China and Nigeria means that the de facto currency — dollar — will no longer hold on the import and export deals between the two countries.

“The quest for dollar through our banks will definitely reduce, as all transactions between Nigeria and China will be in Yuan instead of dollar,’’ he said.

He observed that oil sales from Nigeria to China would be settled in Chinese currency, stressing that access to Yuan would also be easier.

“The swap will eliminate challenges arising from transactions with the dollar and promote business flexibility between Nigerian and Chinese,’’ Yelwa explained.

According to him, the agreement will reduce trade imbalance between the two countries and create an enabling environment for trade by barter.

The News Agency of Nigeria ( NAN) reports that President Muhammadu Buhari and the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele signed the agreement with the Industrial and Commercial Bank of China Ltd. on April 12 in Beijing, China.

The agreement will allow Nigerian traders to transact business with Chinese currency instead of dollar.

With the agreement, Nigeria will become the clearinghouse for Yuan denominated transactions for the whole of Africa.(NAN)

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  1. I agree with the author of this article in every respect. I have lived, studied and worked across three continents. Sadly most of his compatriots from North Africa do not share that view. Majority of those I have met completely denied to be Africans for reasons only known to them. So it may not necessarily be that they are denied African identity but rather they reject it.

  2. If they reject being Africans then they should relocate somewhere else if they think they will be recognised as natives which I highly doubt


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