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Vanguard – Currency Swap: NACCIMA calls for in-depth discussions

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Vanguard – Currency Swap: NACCIMA calls for in-depth discussions

By Naomi Uzor

THE Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), yesterday called for in-depth discussions on the immediate, short term and long term implications of the proposed Naira-Yuan Currency Swap deal. •Iyalode Alaba Lawson Speaking on the state of the nation, the president of NACCIMA, Iyalode Alaba Lawson, said the chamber has taken due cognisance of the proposed Naira-Yuan Currency Swap deal which is expected to facilitate improved trade between Nigeria and China, further stabilise the forex market, reduce demand for dollars, reduce cost of imports from China and improve Nigeria-China relations, amongst other projected benefits. “While this may be a major development, it is necessary for Nigeria’s Real Sector stakeholders to be invited for in-depth discussions on the immediate, short term and long term implications of taking this decision and the modalities attached. We look forward to receiving the guidelines to be sent by the Central Bank of Nigeria expected next week” she said. Lawson noted that the Central Bank of Nigeria, for the past 21 months, has kept the Monetary Policy Rate and Cash Reserve Ratio constant at 14 percent and 22.5 per cent and has been a major issue at the monetary policy Committee’s (MPC) meetings. “It’s a matter of concern to the Private Sector. The CBN Governor in a communiqué after the two-day meeting held from 21st -22nd May, 2018 revealed that the committee agreed to retain the MPR figure along with the Cash Reserve Ratio of 22.5 per cent alongside all other policy parameters with the optimism that with more time, key macroeconomic variables will continue to evolve in a positive direction.

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