ANALYSIS OF THE LOCAL CURRENCY SETTLEMENT AND BILATERAL INTERNATIONAL TRADE BETWEEN CHINA AND NIGERIA

With the vertical deep development of the ?Belt and Road?and the rising international status of RMB after its accession to the SDR, African countries such as Nigeria have now used the RMB as a settlement tool, which has far-reaching impact on international trade between China and African countries. This paper uses SWOT method to analyze the strengths, weaknesses, opportunities and threats of local currency settlement between China and Nigeria. Meanwhile, it uses comparative analysis method to compare the trade differences before and after the docking of RMB and Naira, and discusses the impact Sino- Nigerian local currency exchange caused on other African countries and their currencies.