- The total value of the agreement is 15 billion yuan (about 2.09 billion U.S. dollars), or N3.28 trillion
A bilateral currency swap agreement between Nigeria and China has been renewed.
China’s central bank announced the renewal of the deal with the Central Bank of Nigeria on Friday.
In a statement on the website of the People’s Bank of China, the total value of the agreement is 15 billion yuan (about 2.09 billion U.S. dollars), or N3.28 trillion.
The Special Adviser Information and Strategy to President Bola Tinubu, Bayo Onanuga, confirmed the development in a statement on Friday.
According to the statement, the agreement is valid for three years and can be renewed upon mutual consent.
It said that the renewal of the currency swap arrangement will strengthen financial cooperation between China and Nigeria, expand the use of the two currencies, and promote and facilitate bilateral trade and investment
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