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CHINA’S central bank yesterday announced the renewal of a bilateral currency swap agreement with the Central Bank of Nigeria.
The agreement is valued at 15 billion yuan (approximately 2.09 billion U.S. dollars or N3.28 trillion), according to a statement from the People’s Bank of China on its website.
The Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, confirmed the development on the same day.
The agreement is set to last for three years and can be renewed by mutual consent.
The statement noted that renewing the currency swap arrangement will enhance financial cooperation between China and Nigeria, increase the usage of both currencies, and promote bilateral trade and investment.
