An economist, Dr Chijioke Ekechukwu, says the naira will gain strength against the dollar when the Nigeria -China currency swap takes effect. Ekechukwu, a former Director-General, Abuja Chamber of Commerce and Industry, expressed the view in an interview with the News Agency of Nigeria (NAN) in Abuja.
According to him, the exercise is expected to reduce pressure on the dollar as letters of credit and other valid payments for imports from China will be in the Chinese currency.
“Foreign currency availability will no longer delay or impede importation of goods and services, especially from China,”: he said. Ekechukwu explained that currency swap by its nature is an agreement to exchange currency between two foreign countries or parties.
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