Naira Crashes As FG Denies Currency Swap Deal With China

The naira took a downward swing on Thursday after federal government’s disclosure that there was “no yuan swap” deal signed by Nigeria and China.

The naira, which traded between 315 and 317 on Wednesday, sunk sharply to a position between 320 and 322 on Thursday after the disclosure at the federal executive council meeting on Wednesday.

Earlier, Nigeria was reported to have agreed a yuan-swap deal but this has since been denied by the government.