The Central Bank of Nigeria said importers will not be allowed to bring in substandard products into the country under the currency swap agreement with China.
CBN explains that measures have been put in place with regulatory agencies to check abuse of the terms of contract.
According to the Acting Director, Corporate Communications, CBN, Isaac Okorafor consumers will not be allowed to collect Renminbi through banks and sell on the streets.
Okorafor says the transaction which is valued at 16 billion Remnibi that’s about $2.5billion aimed at providing local currency liquidity to Nigerian and Chinese manufacturers.
