41 Items Remain Restricted In The Nigeria-China Currency Swap Deal – CBN

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China and Nigeria sign Currency Swap Deal

The Central Bank of Nigeria (CBN) has declared that the Nigeria-China currency swap deal would not cover the importation of the 41 items restricted in its 2015 circular on items not valid for foreign exchange.

 

The CBN Acting Director, Corporate Communications, Isaac Okorafor, made this known in an interview with newsmen on Sunday in Abuja.

 

Okorafor further explained that the exemption of the 41 items will ensure that the currency deal does not stifle local companies and make Nigeria a dumping ground for Chinese goods.

 

“The fear is unfounded and I’ll give you reasons why. The first one is that we are going to focus on exports to China.

 

“Also, remember that we already export cassava products to China as well as leather, hides and skin amongst others.

 

“So, this deal will open further the export market to China. Also, I want Nigerians to know that the items that will come in are not necessarily finished goods.

 

“So, the issue of Nigeria becoming a dumping ground for China does not arise.

 

“This is because the 41 items that had initially been restricted from the Nigerian Foreign Exchange Market will still not qualify under the deal,” he said.

 

Amehnews  recalls that the CBN recently signed a bilateral currency swap agreement with the People’s Republic of China worth about N720 billion.

Meanwhile, on June 23, 2015, the CBN placed a restricted order on accessing foreign exchange in the official foreign exchange market for the importation of some goods and services to encourage local production of these items, conserve foreign reserves, resuscitate domestic industries and improve employment.

 

Some of the items restricted were rice, cement, poultry, tinned fish, furniture, toothpicks, kitchen utensils, table wares, textiles, clothes, tomato pastes, soap and cosmetics.

 

Along 41 restricted items are private jets, roofing sheets, metal boxes, wire rods, steel nails, security and razor nails, ceramic tiles, glass wares, cellophane, plastic and rubber products.


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