China’s central bank on Friday said that it has renewed a bilateral currency swap agreement with the Central Bank of Nigeria.

The total value of the agreement is 15 billion yuan (about 2.09 billion U.S. dollars), or N3.28 trillion, the People’s Bank of China said in a statement on its website.

The development was confirmed by the Special Adviser Information and Strategy to President Bola Tinubu, Bayo Onanuga on Friday.

According to the statement, the agreement is valid for three years and can be renewed upon mutual consent.

It said 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.