CBN excludes substandard imports from currency swap deal .Says deal covers only goods from China

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CBN excludes substandard imports from currency swap deal

.Says deal covers only goods from China   

By Udeme Clement & Francis Chidiebere

The Central Bank of Nigeria, CBN, has declared that the currency swap agreement entered into recently with the People’s Bank of China, PBoC, would not cover importation of substandard goods into Nigeria’s economic environment.

The Governor of CBN, Mr Godwin Emefiele made this known through the Bank’s Acting Director, Corporate Communications, Mr Isaac Okorafor, during the Currency Swap sensitisation programme for North Central Zone, yesterday, in Abuja

Giving further explanation on economic benefits of the Currency Swap deal for Nigeria, he said, “The Currency Swap agreement has the potential to reduce importation of made-in-China substandard goods into the country.”

He added, “This is imperative because with the Currency Swap deal, only goods that are approved by regulatory agencies, such as Standards Organisation of Nigeria, SON, would qualify under this agreement”.

He emphasized, “Infact, if there is anyone who thinks he or she would collect Renminbi through this window and sell on the street, is sadly mistaken. All transactions under the Swap deal would be done electronically”.

He pointed out, “This Swap deal is only for products originating from China. It does not apply to any transaction in Asia, outside the Chinese territory”.

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