By Femi Falana
About five years ago, the Federal Government of Nigeria and China entered into a currency exchange agreement.
The transaction, which was valued at Renminbi (RMB) 16 billion or N720 billion, 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. The swap was also designed to improve the speed, convenience and volume of transactions between the two countries.
