China, Nigeria renew currency swap agreement

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China’s central bank announced on Friday that it and the Central Bank of Nigeria, CBN, have extended their bilateral currency swap deal.

The announcement was made on Friday by the People’s Bank of China in a statement posted on its website.

The announcement claimed that the deal was worth 15 billion yuan, or around 2.09 billion US dollars, or 3.28 trillion Nigerian naira.

According to the announcement, the deal is good for three years and can be extended with both parties’ assent. Bayo Onanuga, President Bola Tinubu’s media aide, posted the information on his official X handle.

It is anticipated that the currency exchange agreement’s renewal will improve China-Nigeria financial cooperation.

Additionally, it is anticipated to encourage and facilitate bilateral trade and investment between the two nations as well as increase the use of the two currencies.

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