Nigeria and China have renewed the currency swap agreement between both countries.
Naija News understands the renewal is valid for three years and can be renewed upon mutual consent.
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, who shared the information on his social media account, said China’s central bank confirmed on Friday that it has renewed a bilateral currency swap agreement with the Central Bank of Nigeria (CBN).
The total value of the agreement is 15 billion yuan (about 2.09 billion U.S. dollars), or 3.28 trillion Nigerian naira, the People’s Bank of China said in a statement on its website.
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.
Details later…
