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China, Nigeria Renew Currency Swap Agreement
On Friday, China’s Central Bank announced that it has extended its bilateral currency swap agreement with the Central Bank of Nigeria.
The People’s Bank of China announced on its website that the overall value of the agreement amounts to 15 billion yuan, which is approximately 2.09 billion U.S. dollars, or 3.28 trillion Nigerian naira.
The agreement remains in effect for a period of three years and may be extended through mutual agreement, as stated in the statement.
The statement indicated that renewing the currency swap agreement will enhance financial collaboration between China and Nigeria, increase the use of both currencies, and support the growth of bilateral trade and investment.
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