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The political economy of the Nigeria–China bilateral currency swap agreement: Asymmetric gains and in who’s best interest?

This paper examines the political economy of the 2018 [4] Bilateral Currency Swap Agreement (BCSA) between the Central Bank of Nigeria (CBN) and the People's Bank of China (PBoC), valued at RMB 15 billion (NGN 720 billion / USD 2.5 billion) and subsequently renewed in 2021 and late 2024.Positioned by policymakers as a strategic monetary tool to mitigate US dollar shortage pressures, decrease transaction costs, and stabilize foreign exchange reserves, the arrangement reflects deeper structural shifts in global monetary governance and South-South economic integration.Utilizing a political econom…

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