With the approval of the State Council, the People’s Bank of China (PBOC) and the Central Bank of Nigeria (CBN) recently renewed the bilateral currency swap agreement. The size of the agreement is RMB15 billion (NGN3.28 trillion). The agreement is valid for three years and can be renewed upon mutual consent.
The renewal of the bilateral currency swap arrangement between China and Nigeria will help strengthen financial cooperation, expand the use of local currencies, and facilitate trade and investment between the two countries.
Date of last update
Nov. 29 2018
