Nigeria Renews Currency Swap Deal With China, See What Will Now Happen Between The 2 Countries After The Agreement
Nigeria has renewed its currency swap agreement with China, solidifying an ongoing partnership between the two nations. The renewal is valid for three years, with the option for further extension based on mutual consent. This announcement was made public by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, through his social media platform. According to Onanuga, China’ s central bank confirmed the development, stating that the bilateral agreement with the Central Bank of Nigeria (CBN) remains in effect.
The agreement, valued at 15 billion yuan (approximately 2. 09 billion U. S. dollars or 3. 28 trillion Nigerian naira), was highlighted in a statement released on the website of the People’ s Bank of China. The currency swap is expected to enhance financial cooperation between the two nations, facilitate the use of their respective currencies, and promote trade and investment. By eliminating the dependence on third- party currencies for transactions, the deal is poised to strengthen bilateral economic activities.
Nigeria Renews Currency Swap Deal With China, See What Will Now Happen Between The 2 Countries After The Agreement | image 4
The currency swap deal between Nigeria and China dates back to 2018, when it was initially signed following two years of negotiations. The agreement, originally valued at $2. 5 billion, was designed to address challenges faced by Nigerian and Chinese businesses in accessing foreign currency. Its primary aim is to ensure adequate liquidity in local currencies, thereby easing trade operations and fostering investment opportunities.
Nigeria Renews Currency Swap Deal With China, See What Will Now Happen Between The 2 Countries After The Agreement | image 10
This initiative supports broader goals of financial stability for both countries. By expanding the scope of the agreement, Nigeria and China are reinforcing their economic ties and mutual interests. The renewal also underscores the strategic importance of leveraging bilateral relationships to achieve sustainable development in trade and commerce.
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