CBN Sensitises Stakeholders on Currency Swap Deal

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Following its release of regulations for transactions with authorised dealers in Renminbi, the Central Bank of Nigeria (CBN) wednesday commenced the sensitisation of exporters, regulators and other stakeholders in three locations across three locations in the country on the details of the deal between the CBN and the People’s Bank of China (PCoB).

The sensitisation exercise, commenced in Kano yesterday, will move to Aba on Monday, July 2, 2018 and will be rounded off in Lagos next Wednesday.

A statement from the CBN explained that the meetings with the stakeholders were aimed at educating them on the benefits of the currency swap agreement signed by the Governor of the CBN, Mr. Godwin Emefiele and the PBoC Governor, Dr. Yi Gang, last month

A statement earlier issued by the CBN spokesman, Isaac Okorafor had disclosed that the transaction is valued at Renminbi (RMB) 15 billion, or the equivalent of about $2.5bn.

The statement had also explained that the agreement aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses thereby reducing the difficulties encountered in the search for third currencies.