BEIJING, Dec. 27 (AGCNewsNet) – China’s central bank announced on Friday that it has renewed its bilateral currency swap agreement with the Central Bank of Nigeria. The agreement is valued at 15 billion yuan (approximately 2.09 billion U.S. dollars) or 3.28 trillion Nigerian naira, according to a statement from the People's Bank of China.

The agreement, which is set to last for three years, can be renewed upon mutual consent. The renewal of the currency swap is expected to strengthen financial cooperation between China and Nigeria, enhance the use of both currencies, and facilitate bilateral trade and investment.