‘We won’t become China’s dumping ground’: Central Bank of Nigeria quells fears over Chinese currency swap

‘We won’t become China’s dumping ground’: Central Bank of Nigeria quells fears over Chinese currency swap

The Central Bank of Nigeria has confirmed that the N720 billion Nigeria-China currency swap agreement will not extend to the importation of those items listed in 2015 as not valid for foreign exchange, which includes soaps and cosmetics, according to a report published by Punch.

In an interview with the News Agency of Nigeria, Isaac Okorafor, CBN’s Acting Director, Corporate Communications responded to those who claim that the deal would turn Nigeria into a ‘dumping ground’ for Chinese goods.

“The fear is unfounded and I’ll give you reasons why. The first one if that we are going to focus on exports to China… Also, I want Nigerians to know that the items that will come in are not necessarily finished goods so the issue of Nigeria becoming a dumping ground for China does not arise.

“This is because the 41 items that had initially been banned from the Nigerian Foreign Exchange Market will still not qualify under the deal.”

The Central Bank is predicting that the deal will ease demand for dollars, thus enhancing the value of the naira.

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