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

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

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A Sokoto-based bureau de change operator, Alhaji Ibrahim Yelwa,  has said that the recent currency swap agreement between Nigeria and China 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 China 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 China will be in Yuan instead of dollar,’’ he said.

He observed that oil sales from Nigeria to China would be settled in Chinese 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 Nigerian and Chinese,’’ 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 (NAN) 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 Nigerian traders to transact business with Chinese currency instead of dollar.

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

NAN

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17 Comments
  1. naggabo says

    I wish finx got right

  2. Larryflex says

    Abi he don boost am ni….let’s wait n see o

  3. harry says

    Let’s see… all ds promises

  4. Sharks says

    Ok o we are watching

  5. vin says

    i hope so oo

  6. Terence says

    Yer… Let me know Emi Bureau De Change

  7. Kwaraboi says

    Insane… D incomes is dancing in ur pocket.

  8. Kinns says

    Hoping.

  9. oracle says

    waitng

  10. oracle says

    una fr swap wit dollar

  11. Pospitips says

    Lets watch Out

  12. Quadrianho says

    Pray so

  13. amazing says

    I hope so

  14. Larkuz says

    A step to Greatness

  15. adeniyi says

    Good step

  16. labi says

    Hmm good one

  17. Daniel says

    Nice one, mr. President

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