Currency Swap With China Will Boost Our Economy – Bureau De Change

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The currency swap agreement that Nigeria has signed with seems to be a step in the right direction, as it has been endorsed by a top Bureau de change operator.

A Sokoto-based bureau de change operator, Alhaji Ibrahim Yelwa, has said that the recent currency swap agreement between Nigeria and would boost bilateral trade between the two countries.

Yelwa, the Chairman of Mailabo Bureau De Change, told newsmen in Sokoto on Saturday that the agreement came at the time when Nigeria’s economy was in dire need of diversification.

“The agreement between and Nigeria means that the de facto currency — dollar — will no longer hold on the import and export deals between the two countries.

“The quest for dollar through our banks will definitely reduce, as all transactions between Nigeria and will be in Yuan instead of dollar,’’ he said.

He observed that oil sales from Nigeria to would be settled in currency, stressing that access to Yuan would also be easier.

“The swap will eliminate challenges arising from transactions with the dollar and promote business flexibility between and ,’’ Yelwa explained.

According to him, the agreement will reduce trade imbalance between the two countries and create an enabling environment for trade by barter.

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

The agreement will allow traders to transact business with currency instead of dollar.

With the agreement, Nigeria will become the clearinghouse for Yuan denominated transactions for the whole of Africa.

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