My first rifle I just lubed the hinge and nut and worked it back and forth. Unfortunately, it probably wasn't on there right in the first place because all that motion stripped out the nut. I spent a weekend finding a hardware store solution and later found some replacement parts for less than a king's ransom, although the hardware store solution remains because it's still working well.
On the second rifle, I took it all apart. The retaining nut came off easily with some padded pliers. I cleaned all the grime out of it, lubed everything, then reassembled it. It's been working fine. If you take it apart, don't forget to put some blue loctite on the threads or you may eventually work the nut loose and strip it out. That's what happened to my first one and seems to by typical as finding replacement parts is very difficult.
On my third, I tried to disassemble it like the second, but the nut didn't want to budge. Some of these are staked properly and won't come off without destroying the threads. I soaked and sprayed it repeatedly and now it functions well, although not as smoothly as the first two that were taken apart. I can still feel a little grit when folding and unfolding the stock. So far, the nut hasn't moved and Century probably used red loctite on this one.
If yours comes apart easily, I recommend cleaning and lubing it thoroughly and reassembling. Don't forget the blue loctite.