China’s ICBC reaches agreement with Nigeria on yuan

BEIJING, April 12 (Reuters) – Industrial and Commercial Bank of China Ltd (ICBC) , the world’s biggest lender, and Nigeria’s central bank on Tuesday signed an agreement on yuan transactions, a Chinese Foreign Ministry official said.

“It means that the renminbi (yuan) is free to flow among different banks in Nigeria and the renminbi has been included in the foreign exchange reserves of Nigeria,” Lin Songtian, director general of the foreign ministry’s African affairs department, told reporters.
The agreement was reached following a meeting between Nigerian President Muhammadu Buhari and Chinese President Xi Jinping.