Africa’s biggest economy Nigeria agreed Tuesday to include China’s yuan currency in its foreign reserves as Beijing seeks closer ties and greater political and economic heft on the resource-rich continent.
At a signing ceremony in Beijing, Presidents Xi Jinping and MuhammaduBuhari presided over the signing of six agreements.
They covered industrial activity, aviation and infrastructure investment cooperation between the world’s second largest economy and Africa’s most populous nation, which has struggled in the face of plunging oil prices and an $11 billion budget deficit this year.
The Nigerian central bank and the Industrial and Commercial Bank of China signed an agreement allowing transactions to be conducted in yuan and for the currency to be included in Nigeria’s foreign exchange reserves. “If there is demand from Nigeria, China is ready to further conduct financial cooperation,” Lin Songtian, the foreign ministry’s director-general of African affairs, told reporters after the ceremony.
Nigeria is the first African country to use China’s currency in its reserves, he said. China has poured investment into the continent as it has sought raw materials to fuel its booming economy.
It became Africa’s largest trading partner in 2009. But as its growth slowed, Chinese investment declined, falling more than 40 percent in the first half of 2015 due to reduced demand for commodities such as oil, iron ore and copper. China is Nigeria’s second largest trading partner, Lin said, and its third largest source of investment. No specific agreements concerning Nigeria’s budget woes were announced.
But Lin said Nigeria could propose projects to receive funding from a $60 billion package China announced at the Johannesburg summit of African leaders attended by Xi in December. Click to signup for FREE news updates, latest information and hottest gists everyday
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Yankee go vex oh
ReplyDeleteYankee go vex oh
ReplyDeleteMake Yankee bring their money or go hug transformer.
ReplyDeleteThis is a very Great Move. So dollar is not our problem again when buyin from or selling to China.
ReplyDeleteNigeria don Open world eyes seriously and also cause problem for America.
Monkeys are jubilating again into their perpetual doom. You black fool,particularly nigeria monkeys are happy from getting out from frying pan to fire it self. Let's reason together with this, you complained about $$ western currency and you want to go into yuan western currency again which your children generation will still be complaining near future. Black shame shame. Ability to think and reason properly is an executive diseases. I'm praying for slave trade to come up physical again to africa, I swear i will be among those that will be catching you useless fools for more 100 years slavery as donald trump said.
ReplyDeleteYou must be a worse MONKEY to want to reason together with monkeys. How dare you?
DeleteYou must be a worse MONKEY to want to reason together with monkeys. How dare you?
DeleteThat's great Mr presido
ReplyDeleteGreat how? Is China buying over this country, apart selling Chinese Panda bond now we are including Yuan in foreign reserve.
ReplyDeleteBeginning of the end of the dollar!
ReplyDelete