Prominent human rights lawyer, Femi Falana, SAN, has written a Freedom of Information request to the Central Bank of Nigeria (CBN), demanding details of the currency swap between Nigeria and China. In the letter, Falana expressed his intention to take the bank to court if it fails to provide the requested information.
The currency swap agreement between Nigeria and China was entered into five years ago and was valued at Renminbi 16 billion or N720 billion. The aim of the swap was to provide adequate local currency liquidity to Nigerian and Chinese businesses and reduce the difficulties faced in accessing the United States Dollar. The agreement was also intended to improve the speed, convenience, and volume of transactions between the two countries.
Falana's request for information on the implementation of the currency swap comes in light of the ongoing devaluation of the Naira and concerns about dollarization. He has asked for detailed information on the swap and its impact.
The CBN, in its reply to Falana's request, acknowledged receipt of the letter and stated that it is currently checking its records to determine whether to honor or decline the request based on the availability and status of the information sought under the Freedom of Information Act.
Falana has given the CBN a deadline of 7 days to provide the requested information, warning that he will seek the intervention of the Federal High Court if the request is not honored.
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