Falana writes CBN, demands details of Nigeria-China currency swap

• Falana demanded details of Nigeria-China currency swap within 7 days of the receipt of his letter
• Falana to proceed to court if his request was not granted
  

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Human rights lawyer, Mr Femi Falana, SAN, has asked the Central Bank of Nigeria, CBN to disclose details of Nigeria’s currency swap deal with China which was designed to improve the speed, convenience, and volume of transactions between the two countries.

In a Freedom of Information, FoI, request dated June 26, 2023 and addressed to the Acting CBN Governor, Falana said that the currency exchange agreement sealed five years ago, and valued at 16billion Renminbi (N720billion) was aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby, reducing difficulties encountered in the search for the United States Dollar.

“In view of the ongoing devaluation of the Naira through dollarisation, we hereby request detailed information on the implementation of the dual currency swap between Nigeria and China.

“As this request is made pursuant to the provisions of the Freedom of Information Act 2011, you are required to accede to our request within 7 days of the receipt of this letter, ” Falana stated in the FoI request signed by Femi Adedeji, a lawyer in his law chamber.

Falana threatened to proceed to court if his request was not granted.

“Take note that if you fail or refuse to furnish us with the requested information before the deadline of 7 days we shall not hesitate to pray the Federal High Court to compel you to accede to our request.” he stated.

In a CBN response to Falana’s letter sighted on Thursday, the apex acknowledged the request and said that the requested details will be provided if available.

The response signed by Aminu Muhammed, Director and Secretary of the board, stated: “Please note that the Bank is in the process of checking its records and may accede to or decline the request, depending on the availability and status of the information being sought under the FOIA.”