China revealed Friday that bilateral talks on proposed currency swap between the two countries will resume.
The Peoples Bank of China (PBC) confirmed on its website that it is in talks with the Central Bank of Nigeria (CBN) to reach an agreement on a 15-billion-yuan (about $2.09 billion U.S.) or (N3.28 trillion) transaction valid for three years and renewable upon mutual consent.
PBC noted 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.
Bilateral relations between the Federal Republic of Nigeria and the People’s Republic of China were formally established on February 10, 1971— a decade after Nigeria gained independence from the British Empire.
In November Vice President Kashim Shettima while hosting a delegation from China led by Vice Chairman of the Standing Committee of the Chinese National People’s Congress, Mr Zhang Qingwei at the Presidential Villa in Abuja disclosed that the volume of trade between Nigeria and China, stood at $22.6 billion in 2023
