China’s central bank announced that it has renewed a bilateral currency swap agreement with the Central Bank of Nigeria (CBN).
The People’s Bank of China made the announcement in a statement posted on its website on Friday.
According to the statement, the renewed agreement is valued at 15 billion yuan, approximately 2.09 billion U.S. dollars or 3.28 trillion Nigerian naira.
Bayo Onanuga, media aide to President Bola Tinubu, shared the update on his official X handle, noting that the agreement is valid for three years and can be extended by mutual consent.
The renewal of the currency swap arrangement is expected to enhance financial cooperation between China and Nigeria, increase the use of both currencies, and promote bilateral trade and investment between the two nations.
