Falana writes to CBN and seeks information on Nigeria-China currency swap deal
Human rights lawyer, Femi Falana, SAN, has written to the Central Bank of Nigeria demanding details of the currency exchange between Nigeria and China.
Falana, in a freedom of information request dated June 26, 2023, said he would take the bank to court if it did not honor his request.
He said: "About five years ago, the Federal Government of Nigeria and China entered into a foreign exchange agreement. The transaction, valued at 16 billion renminbi or 720 billion naira, was aimed at providing liquidity in local currencies suitable for Nigerian and Chinese industrialists and other businesses, thus reducing the difficulties encountered in finding the US dollar.
"The swap was also designed to improve the speed, convenience and volume of transactions between the two countries.
"In view of the ongoing devaluation of the naira through dollarization, we hereby request detailed information on the implementation of the 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 comply with our request within 7 days of receipt of this letter.
“Please note that if you fail or refuse to provide us with the requested information before the 7-day deadline, we will not hesitate to request the Federal High Court to compel you to comply with our request,” Falana added.
Meanwhile, the CBN, in a response dated July 11, 2023, acknowledged having received Falana's request, but noted that it may decide to honor or ignore the request.
"We are writing to acknowledge receipt of your letter dated June 26, 2023 on the above subject. Please note that the Bank is currently checking its records and may grant or decline the request, depending on availability and the status of the information sought under the FOIA,” it read.
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Human rights lawyer, Femi Falana, SAN, has written to the Central Bank of Nigeria demanding details of the currency exchange between Nigeria and China.
Falana, in a freedom of information request dated June 26, 2023, said he would take the bank to court if it did not honor his request.
He said: "About five years ago, the Federal Government of Nigeria and China entered into a foreign exchange agreement. The transaction, valued at 16 billion renminbi or 720 billion naira, was aimed at providing liquidity in local currencies suitable for Nigerian and Chinese industrialists and other businesses, thus reducing the difficulties encountered in finding the US dollar.
"The swap was also designed to improve the speed, convenience and volume of transactions between the two countries.
"In view of the ongoing devaluation of the naira through dollarization, we hereby request detailed information on the implementation of the 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 comply with our request within 7 days of receipt of this letter.
“Please note that if you fail or refuse to provide us with the requested information before the 7-day deadline, we will not hesitate to request the Federal High Court to compel you to comply with our request,” Falana added.
Meanwhile, the CBN, in a response dated July 11, 2023, acknowledged having received Falana's request, but noted that it may decide to honor or ignore the request.
"We are writing to acknowledge receipt of your letter dated June 26, 2023 on the above subject. Please note that the Bank is currently checking its records and may grant or decline the request, depending on availability and the status of the information sought under the FOIA,” it read.
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