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If the link is sending actual clicks, it could be acceptable IF that's what you want.
If it's not sending traffic, there's no way it's acceptable in my opinion. The OP said it's not just nofollow, but also on a noindex page.
Nofollow links could be somewhat useful, but links on noindex pages are totally useless for SEO.
If it's a normal link exchange without any extra agreements, it's implied that the link's page can't be "noindex" and the link is dofollow, in my opinion.
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