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Groups lauds FG over use of China Yan as alternative to dollar

By CALEB AYANSINA
ABUJA – The National Association of Nigerian Students (NANS) and the Empowerment for Unemployed Youth Initiative (EUYI), Monday, lauded the Federal Government over its decision close forex window and enlist China Yan as alternative to dollar in business transaction with China.

The groups said it is note worthy that the policy direction of the Central Bank of Nigeria (CBN) since the inception of the current Governor, Mr Godwin Emefiele, had been to strengthen Nigeria financial system thereby improving the economic.

A statement jointly signed by NANS President, Comrade Tijani Usman, and EUYI President, Mr. Solomon Adodo, in Abuja, maintained that the agreement recently signed by the President Muhammadu Buhari during his trip to China would no doubt reduce pressure on the naira and Nigeria foreign reserves.

“As intellectual organizations, we have seek experts opinion on this and have been assured that the motive behind all the bank’s decision in recent time were purely on national interest, we therefore give our supports and urged Nigerians to leave the bank out of it politics of bitterness and propaganda as every steps taken by the bank affects every aspects of the nation’s life.

“Analysts have assured that it was a necessary move towards ensuring that the naira stabilises and reflects demand and supply dynamics, and should assist in improving market depth and efficiency.

“The recently signing of currency swap deal to boost trade between Nigeria and China and the mandate Letter between the Central Bank of Nigeria and the Industrial and Commercial Bank of China on Renminbi (RMB) Transactions is a pointer that the current CBN management have excellent initiative on ways to bring the country’s economic back on line,” the statement reads.

The groups urged Nigerians to give the management necessary support in ensuring that they focus on revitalizing the financial system instead of causing unnecessary distractions.


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