Human rights lawyer, Femi Falana, SAN, has written the Central Bank of Nigeria demanding details of the currency swap between Nigeria and China.

Falana, in a Freedom of Information request dated June 26, 2023, noted that he would drag the bank to court should it fail to honour his request.

He said, “About five years ago, the Federal Government of Nigeria and China entered into a currency exchange agreement. The transaction, which was valued at Renminbi 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.

411.7K

“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.

“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,” Falana added.

Meanwhile, the CBN, in a reply dated July 11, 2023, acknowledged that it received Falana’s request but noted that it may decide to honour or disregard the request.

“We write to acknowledge the receipt of your letter dated 26th June 2023 on the above subject. 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,” it read. (The PUNCH)

Update news