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The long awaited Naira-Yuan swap deal will soon materialize, as the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, is presently fine tuning the deal with officials from China.
The development is coming at a time when most manufacturers and importers, are complaining of acute US Dollar shortage in the country, as it is presently exchanging at N470/dollar, having reached a record low of N500 to a dollar.
According to Financial Experts, the ‎Naira-Yuan swap deal, is capable of drastically reducing the ‎huge US Dollar demand, and pressure on the local currency.
Emefiele, who ‎gave the indication at the ongoing International Monetary Fund/World Bank Group yearly meetings, in Washington DC, said there is a lot of “networking meetings going on, and I can assure you that meetings are going on with some of our partners, particularly, China.‎
‎”I believe in the course of time, we would achieve it. Nigeria happens to be one of the foremost countries in the world, that adopted the Remimbi, as a reserve currency.

“We would work together with China, to ensure that we also get our fair share of the benefit from this arrangement,” Emefiele said. ‎
The CBN Governor, expressed optimism ‎that the meetings which include the Managing Director of IMF, as well as the World Bank Group, would achieve definite objectives. ‎
The deal is meant to assist in easing the pressure on Nigeria’s foreign exchange reserve, which has been declining rapidly.
Recall, that from a peak of over $50 billion, during former President, Olusegun Obasanjo’s era, when crude oil was selling at over $100 per barrel, to the present low of about $25 barrel, Nigeria foreign reserve, is presently below $26 billion.
‎With China having a swap arrangement with Nigeria, the implication of the deal when properly kick-started, ‎would allow Nigeria borrow Yuan, and lend Naira for purchases from China, by simply short circuiting the process of converting the Nigerian currency to US Dollar, before further conversion of the US Dollar to Yuan.‎

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