China, Nigeria Renew $2bn Currency Swap Deal to Boost Trade

China and Nigeria have renewed their bilateral currency swap agreement, worth 15 billion yuan (approximately $2.09 billion). This deal aims to boost trade and investment between the two countries by reducing their reliance on third-party currencies, like the US dollar.

The agreement, facilitated by the People's Bank of China, will enable Nigerian businesses to access Chinese yuan for transactions, eliminating the need for dollar conversions. This move is expected to increase trade volumes, reduce exchange rate risks, and promote economic cooperation between China and Nigeria.

By renewing this currency swap deal, both countries can deepen their economic ties, foster growth, and improve bilateral trade relationships. The agreement is seen as a significant step towards strengthening economic cooperation and reducing dependence on the US dollar in international trade

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