China’s central bank announced on Friday that it has renewed its bilateral currency swap agreement with the Central Bank of Nigeria (CBN).
The renewed agreement is valued at 15 billion yuan (approximately $2.09 billion or N3.28 trillion), according to a statement from the People’s Bank of China.
The development was confirmed by Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, who made the announcement on Friday.
The agreement, which is valid for three years, includes provisions for renewal upon mutual consent between both countries.
The statement further emphasized that the renewal of the currency swap arrangement is aimed at strengthening financial cooperation between China and Nigeria. It is expected to enhance the use of both currencies, promote bilateral trade, and facilitate investment between the two nations.
