Nigeria secures $2.4 billion currency deal with China

Nigerian President Muhammadu Buhari and Chinese President Xi Jinping shake hands at a meeting in 2016.

Lagos, Nigeria (CNN)Africa's largest economy has moved to boost trade with China.

Nigeria, China have announced they will conduct a currency swap amounting to nearly $2.4 billion, making trade between the two countries less reliant on the US dollar.
In a statement released by the People's Bank of China (PBoC), the deal was signed on agreement with the Central Bank of Nigeria (CBN) on April 27 and aims to facilitate "bilateral trade and direct investment, and safeguarding financial market stability in both countries."
    In local currencies the deal is worth 15 billion Renminbi or 720 billion Naira.
      The currency swap is valid for three years and can be renewed following the approval of both countries.

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