China and Nigeria have decided to extend their currency swap agreement, which is a significant development in their financial relations. The People's Bank of China (PBoC) announced this renewal on Friday, stating that the agreement is valued at 15 billion yuan (which is about 2.09 billion U.S. dollars or 3.28 trillion Nigerian naira). This arrangement will remain in effect for three years; however, it includes the possibility of extension if both parties mutually agree.
The primary objective of this renewed agreement is to enhance financial cooperation between the two countries. It seeks to promote the utilization of their respective currencies and facilitate growth in bilateral trade and investment. Although the statement highlights these aims, it also reflects the broader goal of increasing economic interdependence between China and Nigeria, which could yield significant benefits for both nations in the long run.
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