China’s central bank announced on Friday that it has renewed a bilateral currency swap agreement with Nigeria’s Central Bank of Nigeria (CBN).
The People’s Bank of China disclosed the renewal in a statement on its website, with the total value of the agreement set at 15 billion yuan (approximately 2.09 billion U.S. dollars or 3.28 trillion Nigerian naira).
President Bola Tinubu’s media aide, Bayo Onanuga, shared the report on his official X handle, noting that the agreement is valid for three years and can be renewed upon mutual consent.
The renewal of the currency swap arrangement should strengthen financial cooperation between China and Nigeria, expand the use of both currencies, and boost bilateral trade and investment.
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