China and Nigeria Renew $2.09 Billion Currency Swap Deal to Boost Trade and Investment

|By Adejumo Adekunle-

China’s central bank, the People’s Bank of China (PBOC), announced on Friday the renewal of a bilateral currency swap agreement with the Central Bank of Nigeria (CBN). The renewed agreement, valued at 15 billion yuan (approximately $2.09 billion or ₦3.28 trillion), aims to bolster financial cooperation between the two nations.

The three-year agreement, which can be extended with mutual consent, was highlighted by Nigerian President Bola Tinubu’s media aide, Bayo Onanuga, on his official X account.

This deal is expected to enhance the use of the yuan and naira in bilateral trade and investment, further strengthening economic ties between China and Nigeria.