The National Association of Nigerian Students (NANS) has applauded the outcomes of President Muhammadu Buhari’s trip to China especially the role played by the Central Bank of Nigeria in the various agreements signed between both nations.
The student body singled out the decision to close the forex window abd enlisting of China Yuan as alternative to dollar in business transaction with China and noted that it will reduce pressure on the naira and Nigeria foreign reserves.
The student body in a joint statement with the Empowerment for Unemployed Youth Initiative (EUYI) signed by NANS president, Comrade Tijani Usman, and EUYI president, Mr. Solomon Adodo said that the policy direction of the apex bank since the inception of the current Governor, Mr Godwin Emefiele, has been to strengthen Nigeria financial system thereby improving the economic.
According to them: “As intellectual organizations, we have sought 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 at FBN Capital 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 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.
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