Nigeria In One Minute
FBN, Stanbic, StanChart, Zenith Appointed Settlement Banks for Naira/RMB Currency Swap
First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc have been appointed the settlement banks for the $2.5 billion bilateral currency swap agreed between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC) which was announced Thursday.
A reliable CBN source privy to the deal, said with the appointment of the four banks as the settlement banks for currency swap between China and Nigeria, they will be responsible for settling the trade transactions between importers and exporters from both countries, likely to take off just before next month.
THISDAY, May 4, 2018
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