Udoma Meets Saraki over Budget Impasse Senate insists on supplementary bill N’Central senators vow to retain Senate presidency
Omololu Ogunmade in Abuja and Adams Abonu in Lafia The executive at the weekend kept up its pressure on the
Senate to renounce its stance that it would not reconsider the inclusion of Calabar-Lagos rail project in the 2016 budget. THISDAY learnt that the
Minister of Budget and National Planning, Senator Udoma Udo Udoma, visited Senate President Bukola Saraki to persuade the
Senate to change its mind. President Muhammadu Buhari is expected to formally communicate his position on the 2016 budget to the
National Assembly this week. The House of Representatives had resolved to revisit the controversial 2016 budget after a two-
hour closed-door session on Wednesday, but the Senate stuck to its guns, insisting Continued on page 9
NLC, Falana, CSOs Condemn Senate over Attempt to Amend CCB, CCT Act...
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Emefiele: Why Yuan Currency Swap Will Reduce Pressure on Forex Market FG proposes RMB50bn under deal CBN dollar sale to banks drops to $178m on IOCs’ direct forex sales to oil marketers
Obinna Chima Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele, has expressed optimism that the agreement reached between Nigeria and China last week on a currency swap will strengthen the naira
and help reduce the strong demand for the US dollar in the country. President Muhammadu Buhari last week travelled with a high-level government delegation to China where he signed a $6 billion deal to fund joint infrastructure projects.
NIGERIA’S TRADE VOLUME WITH MAJOR TRADING PARTNERS
1 2 3
COUNTRY China India USA
2014 ($’BN) 2015($’BN) 14.94 11.76 16.36 17.75 4.9 9.9
4
Britain
9.9
8.52
5
France
7.06
5.64
6
Japan
4.5
5.28
7
Italy
5.53
3.0
8 9
Germany Turkey
3.5 2.7
6.2
10 South Africa 6.0
2.5 Not Available
Source: Embassy Trade Missions; Chambers of Commerce
During Buhari’s visit to Beijing, the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions. “It means that the renminbi (yuan) is free to flow among different banks in Nigeria, and the renminbi has been included in the foreign exchange
reserves of Nigeria,” Lin Songtian, Director General of the African Affairs Department of China’s foreign ministry, told reporters. The agreement was reached following a meeting between Buhari and Chinese President Xi Jinping. The move came after Finance Minister, Mrs. Kemi Adeosun, said recently that
Nigeria's Trade Volume with China Relative to Other Countries in 2014
Nigeria was looking at Chinese panda bonds – yuan-denominated bonds sold by overseas entities on the mainland – adding that they would be cheaper than Eurobonds. Nigeria’s central bank has said it plans to diversify its foreign exchange reserves away from the dollar by switching a stockpile into
yuan. It converted up to a tenth of its reserves into yuan five years ago. Lin said a framework on currency swaps had been agreed with Nigeria, making it easier to settle trade deals in yuan. Throwing more light on the currency swap, Emefiele said Continued on page 9
Nigeria's Trade Volume with China Relative to Other Countries in 2015