Home West Africa Chamber of Commerce, Central Bank of Nigeria to sensitize OPS on Naira-Yuan currencies swap deal
Chamber of Commerce, Central Bank of Nigeria to sensitize OPS on Naira-Yuan currencies swap deal

Chamber of Commerce, Central Bank of Nigeria to sensitize OPS on Naira-Yuan currencies swap deal

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The Abuja Chamber of Commerce and Industry (ACCI) in conjunction with Central Bank of Nigeria (CBN) has concluded arrangement to hold a 1-day sensitization town hall meeting to sensitize the Oragnised Private Sector (OPS) on the Naira-Yuan currencies exchange deal.

The chamber, according to official statement signed by its Media and Strategy Officer, Mr. Lubem Gena said the event is scheduled to hold at ACCI secretariat located on Km8 Airport Abuja on Wednesday, 15th August, 2018.

It could be recalled that, the President of the Chamber, Prince Adetokunbo Kayode, CON., SAN had earlier told the media that the swap deal will enable Nigeria and China to easily trade among themselves in local liquidity without the trouble of having to switch through an intermediary currency. This, no doubt, eased the mode of transaction of businesses across the two countries. It is therefore a welcome development.

It was also reported that: “For us in the Organised Private Sector (OPS), the essence is not far-fetched because it has simply made China willing trading hub by Nigeria, the West African sub-region and indeed the whole of Africa. This will make the Renmimbi a free flow currency in the banks in Nigeria and is consequently included in our external reserve.

“Let me emphasise that this currency swap means that the Chinese Yuan has the capacity and capability to stand shoulder-shoulder with other internationally recognised vibrant currencies such as dollar, Euro and pounds.

“It therefore behoves on us in the OPS to see this opening as a low hanging fruit that can easily help improve our business concerns. Now our banks can open letters of credit in Yuan instead of only the Dollar, Euro or Pounds”, Prince Kayode stated.

Prince Kayode also said while the deal has enhanced trade between the two countries, from a financial risk perspective, it should be restricted mainly for equipment, machines and raw materials procurement.

The event which is billed to commence 9:00am had every arrangement put in place to ensure its success.

“The objective of the townhall meeting is to adequately inform the Organized Private Sector (OPS) on the opportunities and essence of the arrangement and how beneficial it is to them”, the statement added.

He said participation is absolutely free and members of the OPS in the Federal Capital Territory (FCT) and around the entire North Central geopolitical zone are expected to be in attendance.

Those willing to participate or have inquiries are encouraged to call Lubem Gena on 08064453683 and Blessing Esua with phone number 07011110615 for further details.

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