Home Business Sino-Nigerian currency swap deal catalyst for economic development

Sino-Nigerian currency swap deal catalyst for economic development


Kano –  Bureau De Change operators in Kano on Tuesday said the proposed currency swap deal between Nigeria and China would shore up the value of the Naira when implemented.

Some of the operators told the News Agency of Nigeria (NAN) in Kano that the idea was timely considering the rising cost of dollar in Forex market across the country.

According to them. the agreement, if properly implemented, would not only enhance the value of Naira but would reduce the high demand of the dollar and other foreign currencies by Nigerians.

One of the operators at Wapa, Kano, Alhaji Sani Ali, said the recent agreement on currency swap between Nigeria and China would boost bilateral trade relation between the two countries.

According to him, the agreement will also reduce trade imbalance between the two countries in addition to creating an enabling environment for the benefit of both nations.

Another operator at the Grand Central Hotel, Kano, Alhaji Garba Rano, said the initiative would eliminate challenges arising from shady transactions with the dollar gaining the upper hand.

He said the deal would also promote businesses between Nigeria and China.

He called on the Federal Government to ensure effective implementation of the agreement for economic growth and development in the country.

The News Agency of Nigeria ( NAN) reports that President Muhammadu Buhari and the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele signed the currency swap agreement with the Industrial and Commercial Bank of China on April 12 in Beijing, China. (NAN)

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