China, Nigeria renew $2bn currency swap to enhance bilateral trade

Abdullateef Fowewe

China’s central bank has reportedly announced the renewal of a currency swap agreement with Nigeria, valued at 15 billion yuan (approximately $2.09 billion or 3.28 trillion naira).

The three-year agreement aims to strengthen financial cooperation, expand the use of both currencies, and facilitate trade and investment between the two nations.

This was obtained in a statement shared on Friday, by the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga.

It reads, “China’s central bank on Friday said that it has renewed a bilateral currency swap agreement with the Central Bank of Nigeria.

“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.

“The agreement is valid for three years and can be renewed upon mutual consent, according to the statement.

“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.”