14.04.2016 - Nigeria agrees currency swap with China to shore up naira, help fund deficit
Nigeria on Tuesday agreed a currency swap deal with China, officials said, as it looks for ways to shore up its ailing currency and fund a record budget deficit, possibly by issuing yuan-denominated bonds in China. The West African nation is facing its worst economic crisis in decades as sinking oil prices eat into its foreign reserves and the naira weakens against other currencies. Nigeria has been for months looking for sources to help plug a projected 2016 deficit of 2.2 trillion naira ($11.1 billion) as President Muhammadu Buhari plans to triple capital spending...............................................Full Article: Source
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