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Nigeria and China Revitalize Local Currency Swap Agreement to Boost Trade and Financial Cooperation

Nigeria and China Revitalize Local Currency Swap Agreement to Boost Trade and Financial Cooperation

Nigeria and China have reaffirmed their commitment to strengthening monetary and financial cooperation, including local currency swaps, to facilitate trade and contribute to global financial stability. This agreement was reached during President Tinubu’s official visit to China, as outlined in a joint statement.

The two nations aim to revitalize the 2018 bilateral currency swap agreement between the Central Bank of Nigeria and the People’s Bank of China, worth $2.4 billion, which faced challenges due to trade imbalances.

Additionally, they agreed to enhance financial intelligence cooperation on anti-money laundering and counter-terrorism financing, support Nigeria’s efforts to maintain financial market order, and combat financial crimes.

The partnership also includes establishing friendly relations between provinces and municipalities, protecting citizens’ rights, and creating a favorable business environment.

China welcomed Nigeria’s expansion of trade and acknowledged Nigeria’s geographical and development advantage in West Africa. Both countries agreed to support Africa’s flagship projects on cross-national and cross-regional cooperation.

President Tinubu’s visit to China marked a new era in strategic cooperation, upgrading the China-Nigeria relationship to a Comprehensive Strategic Partnership.

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