Mr. Femi Falana, SAN, a human rights lawyer and activist from Nigeria, has advised Nigerian businesspeople to insist on doing business with Chinese in Naira because doing so will assist to strengthen the Naira. CONTINUE READING>>>>>
According to Vanguard Newspaper report, Mr Falana made this disclosure in a statement he released yesterday, noting that there is a subsisting agreement between Nigeria and China on currency swap as a means of transacting businesses until 2024.
Furthermore, the human rights lawyer made it known that he recently used the Freedom of Information Act in requesting the Central Bank of Nigeria (CBN) to provide information on the status of the currency swap agreement between Nigeria and China.
Some parts of the statement he released read: “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.”
In addition, the human rights lawyer recalled that Federal Government’s currency swap with China was aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses. He also noted that the said arrangement was also aimed at reducing the difficulties encountered in the search for the US dollars. CONTINUE READING>>>>>