L
LequteMan
Guest
Governor of the Central Bank of Nigeria, Godwin Emefiele, has stated that plans are on ground for China to appoint Nigeria as its trading hub for the West African region.
“China has appointed South Africa as its trading hub for Remnibi transactions in the South African region, has appointed Kenya as its trading hub for East and Central Africa.
“And Nigeria, the mandate that we signed is for us to be appointed as the trading hub in West African. In all, we expect that it is going to be mutually beneficial.
“We are talking to China so that it would also be importing some of its items from Nigeria, so that the trading balance can be sort of reduced.
“Will Nigeria benefit from this? I want to say categorically that Nigeria benefits from this. It’s less pressure on the dollar and consequently on our reserves.”
He spoke at a press conference at the World Bank headquarters in Washington, on the last day of the 2016 World Bank/IMF spring meeting.
Vanguard
“China has appointed South Africa as its trading hub for Remnibi transactions in the South African region, has appointed Kenya as its trading hub for East and Central Africa.
“And Nigeria, the mandate that we signed is for us to be appointed as the trading hub in West African. In all, we expect that it is going to be mutually beneficial.
“We are talking to China so that it would also be importing some of its items from Nigeria, so that the trading balance can be sort of reduced.
“Will Nigeria benefit from this? I want to say categorically that Nigeria benefits from this. It’s less pressure on the dollar and consequently on our reserves.”
He spoke at a press conference at the World Bank headquarters in Washington, on the last day of the 2016 World Bank/IMF spring meeting.
Vanguard
