Business
Nothing has been heard of that China-Nigeria currency swap again – Shehu Sani
The former senator representing Kaduna Central Senatorial District, Senator Shehu Sani has taken to his verified Twitter page to react to the China-Nigeria currency swap deal.
Recall in April 2018, the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC) executed a currency swap agreement on behalf of their respective countries. The agreement was to enhance trade between the two countries and enhance foreign reserve management.
According to the report, Nigeria is the third African nation to sign a currency swap deal with China. The other two African countries are South Africa and Egypt.
However, it’s been four years now after the Central Bank of Nigeria (CBN) signed a currency swap deal with the People’s Bank of China (PBoC), and Nigerians are yet to feel the impact of that arrangement, especially as the free fall of the naira, currently standing at N570/$1 at the parallel market persists.
While reacting to this today, the outspoken activist, Shehu Sani said nothing has been heard again about the Nigeria-China currency swap deal since the agreement was made between the two countries.
In his tweet, Shehu Sani wrote below:
“Nothing has been heard of that China-Nigeria currency swap again.”
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