Olalekan Adetayo, Abuja

The Federal Government on Wednesday said the agreement reached with the Central Bank of Nigeria during the recent one-week official trip of President Muhammadu Buhari to China could not be described as a currency swap.

The Minister of Foreign Affairs, Geoffrey Onyeama, disclosed this while answering questions from State House correspondents at the Presidential Villa, Abuja.



Onyeama, accompanied by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, had briefed journalists of the benefits of the President’s visit when he was asked to give further details on the widely-reported currency swap.

He had said the trip which saw about five ministers, state governors and over 100 privately-sponsored businessmen accompanying the President was a successful one.

Apart from getting $50m to help the Nigerian military from China, he added that the country offered to help address security challenge in the Gulf of Guinea and the issue of oil theft.

He said China promised to help in diversification of Nigeria’s economy, adding that five agreements in critical sectors were signed during the visit.

Onyeama however said it would be wrong to report the agreement reached on currency as a currency swap.

He explained, “It’s not really a swap. What it takes is that as the Chinese economy goes strong, there is some pressure on them from the trading partners, international financial institutions.

“They agreed that the money should be internationalised. So, they started that for a while. They were protecting it also. They did not allow it to be fully exchangeable.

“But now, their economy is fully strong, they are looking for a way to internationalise the currency. Now, they are saying essentially that they wanted to segment it.

“For Southern Africa, South Africa is going to be the sort of a hub for the currency. So, they are going to be the focal point for the Chinese to make that available for trade in that area.

“In West Africa, they are looking for a hub. Ghana is interested in being the hub for the currency to circulate it for those who want to use it. It is not compulsory.

“But Nigeria is a bigger country with bigger economy. So that does make sense. And they became a kind of attracted to Nigeria to be the hub.”

The minister said it was beneficial for Nigeria to be the hub.

He said it would be in the nation’s interest to use Yuan when buying Chinese goods.

He said that did not foreclose the use of dollars.

http://www.punchng.com/no-currency-swap-deal-with-china-fg/

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Officially, this has to be the most unserious government and group of leaders I have ever seen. There are no words to describe these lot!!!

I believe it will help us in the long run it will reduce the need for dollar and reduce the cost of import

What they are saying in case you missed it is simply "we are still discussing with them". But they and their zombie supporters went to town with a messianic story about a superman Buhari who has conquered the world and now America is shaking!

It is obvious that we are going to spend the next 3 years talking about one propaganda or the other! I will like to move a motion on NL that all Buhari ministers and advisers statements be moved to the gossip section henceforth!

As usual, we will await the rebuttal to this before we get the final explanation of what took Bubu to China for 5 days

NO COMMENT FOR NOW

Whoever take this government serious, need a brain check.

The truth is coming out.

I feel for all the e-warriors who believed in the swap deal. How do you expect China to swap their currency with our devalued naira, receive sense na

Where are those zombies that have been jubilant of Bubu's trip to China. Zombies just got served. I can assure you that this Administration is an administration of media incitement.

I once told the zombies that the Chinese don't conduct international transaction in the Renmibi. A zombie cursed my father, mother and generation for that. He was so ignorant he doesn't even know the Chinese Renmibi is as unstable as the Naira. I even read a post of how phone prices will crash, with a malicious conversion of the yuan to naira.
APC followers are graduates without intellects.

I can't help but laugh at the zombies and APC e-warriors. They just got served

So it was just another LIE lie story from this federal administration led by an "incorruptible man of integrity"?
Any zombie that still associates Buubuu with integrity needs to have his head examined, walahi.
Chai, three more years of enduring this one chance.



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This man is simply twisting words

anonimi:
So it was just another LIE lie story from this federal administration led by an "incorruptible man of integrity"?
Any zombie that still associates Buubuu with integrity needs to have his head examined, walahi.
Chai, three more years of enduring this one chance.

Huh?! Do you have any sense at all?

Did the federal government openly state that it was a swap? The media got ahead divulging conjured up stories tinged with little facts, we all believed it.

Now the government comes out with a clearer picture and you want them vilified for it?

Technically, making a swap and being a hub don't mean the same thing, but in practice, their benefits are the same, with the latter being even more advantageous. That way, China plays even greater part in ensuring that there's enough Yuan to meet forex demands.

What has that to do with integrity or any sort?

na so buari dullard govt go dey contradict demsleves by demsleves. tufiakwa!!!!

Na wa o. After all the analysis by experts and non experts on Nairaland on the way currency swap will make the price of dollar at the parallel market lower than the official rate ...so all na wishy wishy

malton:
Huh?! Do you have any sense at all?

Did the federal government openly state that it was a swap? The media got ahead divulging conjured up stories tinged with little facts, we all believed it.

Now the government comes out with a clearer picture and you want them vilified for it?

Technically, making a swap and being a hub don't mean the same thing, but in practice, their benefits are the same, with the latter being even more advantageous. That way, China plays even greater part in ensuring that there's enough Yuan to meet forex demands.

What has that to do with integrity or any sort?

Why does this APCshit federal administration love the word TECHNICALLY so much
If it is not technically DEFEATING its own Boko Haram terrorists, it is technically doing a swap with the Chinese Yuan.
It is safe to conclude that everyone and everything associated with this federal administration is CONFUSION unlimited starting with its befuddled old geezer.



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Hahaha... The government is very funny, always caught in their own propaganda...


swap ko, WAP ni

this is it!! we are doomed!!!

May God give wailers the power to read and understand ( NOT)


lET THEM continue exposing their stupydity

The minister just gave a more detailed analysis on the currency deal reached with the Chinese. It is not a mere currency swap but Nigeria also become the main hub for yuan transactions in West Africa.

I can't see what the problem is here