China and Nigeria have renewed their bilateral currency swap agreement, as China’s central bank announced on Friday.
The People’s Bank of China disclosed on its official website that the agreement is valued at 15 billion yuan, equivalent to approximately $2.09 billion or 3.28 trillion Nigerian naira.
This renewed agreement will remain in effect for three years, with the option for further extension upon mutual consent.
According to the statement, the renewal aims to deepen financial cooperation between the two nations, promote the use of the Chinese yuan and Nigerian naira in trade, and bolster bilateral trade and investment.
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This move underscores the strengthening of economic ties between China and Nigeria, paving the way for enhanced financial integration and economic growth.
