Nigeria, China Renew Currency Swap Agreement

China’s central bank announced on Friday that it has renewed a bilateral currency exchange deal with the Central Bank of Nigeria.

The arrangement has a total value of 15 billion yuan (approximately 2.09 billion US dollars), or N3.28 trillion, according to a statement on the People’s Bank of China website.

Bayo Onanuga, President Bola Tinubu’s Special Adviser for Information and Strategy, confirmed the development on Friday.

According to the statement, the agreement is effective for three years and can be renewed with mutual permission.

It stated that renewing the currency swap agreement will strengthen financial cooperation between China and Nigeria, increase the use of both currencies, and promote and facilitate bilateral trade and investment.