China’s central bank confirmed on Friday, 28 December, 2024 that it has renewed a bilateral currency swap agreement with its counterpart in Nigeria, the Central Bank of Nigeria,(CBN).
The People’s Bank of China, which made the disclosure in a statement on its website on Friday, 28 December, 2024, added that the total value of the agreement was 15 billion yuan which is about 2.09 billion U.S. dollars, or 3.28 trillion Nigerian naira.
President Bola Tinubu’s media aide, Bayo Onanuga who shared the report on his official X handle, said the agreement is valid for three years and can be renewed upon mutual consent, according to the statement.
The renewal of the currency swap arrangement is expected to strengthen financial cooperation between China and Nigeria.
It is also expected to expand the use of the two currencies and promote and facilitate bilateral trade and investment between the two countries.
