• Latest
  • Trending

Chinese Traders Embrace Naira Amid Renewed Nigeria-China Currency Swap; P2P Forex Trade Bolsters Naira Stability

September 3, 2025

South African Opposition Leader Julius Malema Convicted for firing Gun at Political Rally

October 1, 2025

A Looming Crisis in Nigeria University: Government Must Heed the Cry of All Staff Unions – A Stitch in Time Saves Nine.

October 1, 2025

Court Jails Two for Impersonation in Lagos

October 1, 2025

FRSC Corps Marshal Orders Full Prosecution as Corps Loses Five Personnel to Reckless Motorists

October 1, 2025

Doctors tried to resuscitate her, FCT CP speaks on Arise TV anchor’s death

October 1, 2025

Nigeria @ 65: Jonathan urges Nigerians not to lose hope

October 1, 2025

U.S. Government Shuts Down Amid Acrimonious Budget Battle Over Healthcare

October 1, 2025

NIS Begins Crackdown On Foreigners With Expired Visas From October 1

October 1, 2025

Ondo State Launches Strategic Initiative to Decongest Correctional Centres

October 1, 2025

World’s Largest Crypto Bust: Chinese National Guilty in $6.7bn Bitcoin Fraud

October 1, 2025

FG announces end of PENGASSAN, Dangote rift

October 1, 2025

Darius Ishaku’s N27bn Fraud Trial: Witness Reveals How Funds Were Collected and Disbursed on His Instructions

September 30, 2025

Newly Called-To-Bar Edo Lawyer, Sister Freed After Kidnapping Ordeal

September 30, 2025

IGP Egbetokun Urges Newly Called-To-Bar Police Officers to Uphold Integrity

September 30, 2025

Diddy Risk 11-Years Sentence after Prostitution Conviction

September 30, 2025

Tinubu to address Nigerians on 65th Independence Day

September 30, 2025

Lagos NURTW Chieftain ‘Shamelon’ Arraigned for Murder of Dispatch Rider

September 30, 2025

Olubadan Ladoja Declares Political Exit, Embraces Role as Ibadan Monarch

September 30, 2025

Lagos State Appoints Mandy Kiss as Brand Ambassador Against Drug Abuse

September 30, 2025

Accept peace plan or face severe consequences, Trump warns Hamas

September 30, 2025

FUNAAB Alumni Bolster Partnership with FUADSI, Fuelling New University’s Promising Start

September 30, 2025

FG Begins Payment of N32,000 Pension Increment to DBS Retirees

September 30, 2025

Lagos Records Fifth Female Local Government Official Death in Two Months

September 30, 2025

Professor David Jowitt’s 60-Year Teaching Journey from Anglican Grammar School Ubulu-Ukwu to Nigerian Academia

September 30, 2025

ECOWAS Parliament Approves $26M Budget for 2026, Plans 25th Anniversary Celebration

September 30, 2025

Middle East, European leaders welcome Trump’s Gaza ceasefire plan

September 30, 2025

Fintech Founder Charlie Javice Sentenced to 7 Years for $175M JPMorgan Fraud

September 30, 2025

YouTube to pay $22 million in settlement with Trump

September 30, 2025

Prof. Olusola Oyewole @ 70: Grace, Grit, and Refired For Global Impact

September 30, 2025

Oil, Power, and Protest – Can Nigeria Balance Labour Rights with Economic Stability?

September 29, 2025
ADVERTISEMENT
  • Home
  • BREAKING NEWS
  • Tech
  • Entertainment
  • Lifestyle
  • Education
    • Sports
ValidView Network - Breaking News, Nigerian News, Nigerian newspapers, Entertainment, Videos, Sports, Business and Politics.
ADVERTISEMENT
  • Home
  • BREAKING NEWS
  • Tech
    • All
    • Apps

    Nigerian Girls Triumph at 2025 Technovation Global Summit with AI Safety App

    Trump sees progress on TikTok, says will visit China

    French lawmakers urge socialmedia ban for under-15s

    The Future of Internet Connectivity in Nigeria: Opportunities and Challenges

    CBN awards OPay for financial inclusion innovation

    Why Motorcycle Prices Are Soaring in 2024

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • CELEBRATIONS
    • Gaming
    • History and Culture
    • Movie
    • Music
    • Sports

    Breaking : Nigeria world cup qualification receives boost,As FIFA Sanctions South Africa

    Ladoja Crowned 44th Olubadan of Ibadan, Ushering New Era

    BREAKING: Ladoja crowned 44th Olubadan, set to receive staff of office

    Why Ladoja’s emergence was rancour-free – Balogun-designate

    Rooney Defends Ekitike’s Red Card Celebration as “Refreshing” Despite Suspension

    Modric vs De Bruyne: Milan Hosts Napoli in Serie A Showdown

  • Lifestyle
    • All
    • Health

    WASH 94.9 FM: Nigeria’s Pioneering Health Radio Marks One Year of Empowering Wellness

    Teen Girl, 14, Dies After Alleged Secret Breast Surgery

    Covid Cases Surge in England as New ‘Stratus’ Variant Spreads

    Russia Launches Revolutionary Free Cancer Vaccine with Promising Trial Results

    Dilapidated Ipokia General Hospital in Ogun State Forces Patients to Bring Own Beds Amid Severe Neglect

    Kwara Governor Appoints Prof. Popoola CMD, Thomas Adewumi Teaching Hospital

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Education
    • Sports
No Result
View All Result
  • Home
  • BREAKING NEWS
  • Tech
    • All
    • Apps

    Nigerian Girls Triumph at 2025 Technovation Global Summit with AI Safety App

    Trump sees progress on TikTok, says will visit China

    French lawmakers urge socialmedia ban for under-15s

    The Future of Internet Connectivity in Nigeria: Opportunities and Challenges

    CBN awards OPay for financial inclusion innovation

    Why Motorcycle Prices Are Soaring in 2024

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • CELEBRATIONS
    • Gaming
    • History and Culture
    • Movie
    • Music
    • Sports

    Breaking : Nigeria world cup qualification receives boost,As FIFA Sanctions South Africa

    Ladoja Crowned 44th Olubadan of Ibadan, Ushering New Era

    BREAKING: Ladoja crowned 44th Olubadan, set to receive staff of office

    Why Ladoja’s emergence was rancour-free – Balogun-designate

    Rooney Defends Ekitike’s Red Card Celebration as “Refreshing” Despite Suspension

    Modric vs De Bruyne: Milan Hosts Napoli in Serie A Showdown

  • Lifestyle
    • All
    • Health

    WASH 94.9 FM: Nigeria’s Pioneering Health Radio Marks One Year of Empowering Wellness

    Teen Girl, 14, Dies After Alleged Secret Breast Surgery

    Covid Cases Surge in England as New ‘Stratus’ Variant Spreads

    Russia Launches Revolutionary Free Cancer Vaccine with Promising Trial Results

    Dilapidated Ipokia General Hospital in Ogun State Forces Patients to Bring Own Beds Amid Severe Neglect

    Kwara Governor Appoints Prof. Popoola CMD, Thomas Adewumi Teaching Hospital

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Education
    • Sports
No Result
View All Result
ValidView Network - Breaking News, Nigerian News, Nigerian newspapers, Entertainment, Videos, Sports, Business and Politics.
No Result
View All Result

Chinese Traders Embrace Naira Amid Renewed Nigeria-China Currency Swap; P2P Forex Trade Bolsters Naira Stability

ValidViewNetwork by ValidViewNetwork
September 3, 2025
in Business
0 0
0
Home News Business
ADVERTISEMENT
0
SHARES
15
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
Spread the love

In a significant shift within Nigeria’s forex market, Chinese traders are increasingly opting to collect Nigerian naira instead of US dollars for their transactions, contributing to a newfound stability in the naira’s exchange rate. Forex traders and market experts attribute this development partly to Nigeria and China’s renewed currency swap agreement and the rising use of peer-to-peer (P2P) foreign currency trading platforms.

The renewed currency swap accord, extended in December 2024 to a $2 billion facility (about 15 billion yuan), facilitates trade between the two nations using their local currencies—naira and yuan—rather than converting through the dollar. This arrangement reduces reliance on the US dollar, controlling exchange costs and easing liquidity pressures on Nigeria’s foreign reserves. It has become particularly pivotal for businesses involved in trade with China, especially given China’s status as Nigeria’s largest trading partner, accounting for roughly 35% of total Nigerian imports.

Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), described the impact of these developments in an exclusive discussion with Nairametrics. He noted that Chinese traders are doing P2P exchanges, collecting naira for yuan directly. Gwadebe highlighted the presence of numerous Chinese-operated factories in Nigeria, where such currency exchange practices prevail, easing the pressure on the naira. He remarked, “The Chinese are now collecting naira for yuan, doing P2P. You go to any mining factory, and you’ll see a Chinese man in Nigeria. These two factors—the Chinese currency swap and P2P trades—are working on the market stability in ways the Central Bank is not doing” .

Advertisement. Scroll to continue reading.

P2P foreign currency platforms allow individuals and businesses to exchange currency without intermediaries like banks or traditional forex services. This cutting of middlemen reduces transaction costs and enhances liquidity in foreign exchange markets, easing pressure on the naira’s value.

The currency swap deal initially signed in April 2018 faced some challenges but was renewed at the end of 2024. Beyond facilitating bilateral trade and reducing transaction costs, the swap has broader monetary policy implications, enabling Nigeria’s Central Bank to better manage foreign reserves and support the naira. The Central Bank of Nigeria (CBN) recognizes the swap as a strategic measure to lower shipping costs, improve trade efficiency, and ease foreign exchange pressures .

Despite the positive impacts, experts caution that while the swap deal and P2P trading improve liquidity and trade settlement between Nigeria and China, the US dollar remains dominant in many global trade contexts. For daily and smaller transactions, the dollar remains preferred by some suppliers and traders, limiting the immediate effect of these arrangements on the wider forex market .

ADVERTISEMENT

In addition to the swap and P2P trading influence, broader economic reforms under the current administration, including the CBN’s interventions, forex market liberalization, and increased foreign portfolio investments, are contributing to the stabilized foreign exchange environment. This has seen the naira trade steadily at around ₦1,530 to the dollar level in recent weeks, a significant improvement compared to earlier volatility .

The growing acceptance of the naira by Chinese traders and the proliferation of peer-to-peer forex trades signal tangible progress toward reduced dollar dependency in Nigeria’s foreign exchange landscape. However, this is a gradual process, with full de-dollarization in cross-border trade expected to evolve over time as market confidence and institutional frameworks strengthen .

ADVERTISEMENT

In conclusion, the renewed Nigeria-China currency swap agreement and the expansion of P2P forex trading are key drivers easing demand pressures on the naira and enhancing its stability. These developments, alongside robust foreign exchange reforms and investments, underpin a more resilient and integrated forex market in Nigeria today.

This narrative marks a promising step in Nigeria’s ongoing efforts to stabilize its currency and improve trade efficiency with its largest trading partner. The coming months will be crucial as stakeholders continue to monitor these dynamics and their long-term effects on the naira’s strength in both official and parallel markets.

Do you want to share a story with us?
Do you want to advertise with us?
Do you need publicity for a product, service, or event?
Contact us on WhatsApp +2348033617468, +234 816 612 1513, +234 703 010 7174
or Email: validviewnetwork@gmail.com
CLICK TO JOIN OUR WHATSAPP GROUP
ADVERTISEMENT
Previous Post

Oyo College of Nursing Launches Four New Faculties, Sets Stage for Degree Programs

Next Post

IGP Kayode Egbetokun Appoints CSP Benjamin Hundeyin as New Force Public Relations Officer

ValidViewNetwork

ValidViewNetwork

Next Post

IGP Kayode Egbetokun Appoints CSP Benjamin Hundeyin as New Force Public Relations Officer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get the latest news from ValidViewNetwork
Loading

SPONSORED ADVERT

SPONSORED ADVERT

As the Lord liveth, you are feeling bushing this 6th month better and stronger than the way you started it in Jesus Mighty Name. Our angels of good news shall locate us this month. Shalom!

  • Home
  • BREAKING NEWS
  • Tech
  • Entertainment
  • Lifestyle
  • Education

© 2022 ValidViewNetwork - Website Developed by HaybeeMultimedia.

No Result
View All Result

© 2022 ValidViewNetwork - Website Developed by HaybeeMultimedia.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist