Abuja Chamber of Commerce commends Nigeria, China currency swap deal
Its President, Adetokunbo Kayode, said Nigerians should applaud efforts by Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, at initiating financial policies that would improve and stabilise the country’s economy.
In a statement by the chamber’s Media and Strategy Officer, Gena Reuben Lubem yesterday in Abuja, Kayode pointed out that the initiative has further deepened the nation’s economic opportunities with China and eased payment issues that were hitherto associated with international trade.
“The deal has positively impacted Nigeria’s trade volume with China, which stood at $5.8 billion between January and May, 2018, representing an increase of 7.3 per cent over the previous year’s.
“I believe the swap deal will ease trade between Nigeria and China in local liquidity without the trouble of having to switch through an intermediary currency.
This, no doubt, will ease the mode of business transactions in the two countries. It is, therefore, a welcome development,” he said.
He argued that for the organised private sector (OPS), it would enhance China’s willingness to trade with Nigeria, West Africa and the African continent, adding that it would make the Renmimbi a free flow currency in Nigerian banks and would consequently be included in the country’s
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