NANTS position on the recent Nigeria-China Currency Swap - The National Association of Nigerian Traders NANTS

The National Association of Nigerian Traders (NANTS) has examined the recent Nigeria-China currency swap deal which has been in the pipeline since 2016 and was finally consummated on April 27, 2018. WE recall specifically that that on April 13, 2016, the Central Bank of Nigeria (CBN) and the Industrial and Commercial Bank of China Ltd (ICBC) signed a currency swap deal on behalf of both Countries. NANTS believes that the final signing the deal worth $2.5billion by the Federal Government of Nigeria, is a significant exhibition of wisdom, high political will and courage on the part of the current administration to advance trade as a vehicle for economic growth and development in Nigeria, and must therefore be commended.