Falana also revealed that using the Freedom of Information Act, he recently sent an inquiry to the Central Bank of Nigeria to verify the current status of the currency swap agreement between Nigeria and China.
He noted that despite confirmation that the agreement remains valid, the CBN still restricts Nigerians from engaging in transactions in China using naira. “I was recently compelled to exercise my right under the Freedom of Information Act by requesting the Central Bank to furnish me with information on the status of the currency swap agreement between Nigeria and China.
“In its reply to my letter, the Central Bank confirmed that the currency swap agreement will not be due for renewal until 2024. In spite of the confirmation of the currency swap, the Central Bank has not allowed Nigerians to transact business in China by paying Naira. However, since the currency swap is valid and subsisting, I call on the Nigerian business community to insist on transacting business in Naira, including payment for goods imported from China.”All rights reserved.