May 24, 2018

Nigeria working with China to stabilize dollar pressure – CBN

Nigeria working with China to stabilize dollar pressure – CBN

The Central Bank of Nigeria (CBN) yesterday, raised the hope that the lingering Naira-Yuan swap deal will be achieved as part of strategies to reducing the huge dollar demand pressure on the local currency. The CBN Governor, Godwin Emefiele, gave the indication at the ongoing International Monetary Fund/World Bank Group yearly meetings in Washington DC.

According to him, there is a lot of “networking meetings going on, and I can assure you that meetings are going on with some of our partners, particularly, China.” Expressing optimism that there would be positive outcome, he noted that some of the meetings included the Managing Director of IMF as well as the World Bank Group, in an effort to achieve some of the objectives.

“I believe in the course of time, we would achieve it. Nigeria happens to be one of the foremost countries in the world that adopted the Remimbi as a reserve currency. We would work together with China, to ensure that we also get our fair share of the benefit from this arrangement,” he said. Read more

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