China’s central bank announced on Friday the renewal of its currency swap agreement with the Central Bank of Nigeria, aiming to bolster financial ties and boost trade between the two nations.
The agreement, valued at 15 billion yuan (approximately $2.09 billion or N3.28 trillion), will remain in effect for three years, with an option for further renewal based on mutual agreement, according to the People’s Bank of China.
The deal is expected to enhance financial collaboration, encourage the use of both the yuan and naira in transactions, and facilitate smoother trade and investment flows between China and Nigeria.
