Chinese Traders Now Accepting Naira Instead of Dollars

Chinese traders now accept naira directly for transactions, bypassing the U.S. dollar. This shift follows Nigeria’s renewed $2 billion currency swap deal with China in December 2024. Peer-to-peer platforms have enabled direct naira-to-yuan exchanges, reducing reliance on banks. Presidential adviser Bayo Onanuga attributes the change to Tinubu’s economic reforms, noting that Chinese e-commerce platforms now accept naira cards. The naira recently appreciated to ₦1,526.09 per dollar, its strongest level in six weeks. Traders confirm reduced demand for dollars as naira becomes more widely accepted. With China as Nigeria’s top trading partner, this move could streamline imports, stabilize exchange rates, and boost bilateral trade.