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LequteMan
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China’s Industrial and Commercial Bank of China Ltd (ICBC) and the Central Bank of Nigeria on Tuesday signed an agreement on yuan transactions, a Chinese Foreign Ministry official said.
“It means that the yuan is free to flow among different banks in Nigeria and the yuan has been included in the foreign exchange reserves of Nigeria,” Lin Songtian, director general of the foreign ministry’s African affairs department said.
ICBC is a Chinese multinational banking company, and the largest bank in the world by total assets. It is also the world's largest lender. At the moment one Yuan equals about 31 Naira.
“If there is demand from Nigeria, China is ready to further conduct financial cooperation,” Songtian added.
The agreement is among the six by the officials of both countries presided over by Presidents Xi Jinping and Muhammadu Buhari.
“It means that the yuan is free to flow among different banks in Nigeria and the yuan has been included in the foreign exchange reserves of Nigeria,” Lin Songtian, director general of the foreign ministry’s African affairs department said.
ICBC is a Chinese multinational banking company, and the largest bank in the world by total assets. It is also the world's largest lender. At the moment one Yuan equals about 31 Naira.
“If there is demand from Nigeria, China is ready to further conduct financial cooperation,” Songtian added.
The agreement is among the six by the officials of both countries presided over by Presidents Xi Jinping and Muhammadu Buhari.
