In a statement posted on its website on Friday, the People’s Bank of China announced that it had extended a bilateral currency swap agreement with its counterpart in Nigeria, the Central Bank of Nigeria, or CBN.
The agreement was valued at 15 billion yuan, or roughly 2.09 billion US dollars, or 3.28 trillion Nigerian naira.
Bayo Onanuga, President Bola Tinubu’s media aide, shared the report on his official X handle, stating that the agreement is valid for three years and can be extended with mutual consent.
The currency swap arrangement is anticipated to deepen financial cooperation between China and Nigeria.
Additionally, it should encourage and expedite bilateral commerce and investment between the two nations as well as increase the use of the two currencies.
