*Says It Is Reviewing Records, And Would Respond Shortly
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
The Central Bank of Nigeria (CBN) has responded to the request for information on the currency swap between Nigeria and China, made by Falana & Falana’s Chambers on the 26th of June, 2023.
In a letter dated 10th July 2023 addressed to the law firm, the CBN stated that it is currently reviewing its records and will make a decision regarding the request based on the availability and status of the information sought under the Freedom of Information Act (FOIA).
The currency swap agreement between Nigeria and China was initiated approximately five years ago with a value of Renminbi (RMB) 16 billion or N720 billion. The objective of the agreement was to enhance local currency liquidity for Nigerian and Chinese businesses, thereby alleviating challenges faced in sourcing United States Dollars. Additionally, the currency swap aimed to facilitate faster, more convenient, and increased volume of transactions between the two countries.
Falana & Falana’s Chambers, in their letter to the CBN had expressed concerns over the devaluation of the Naira and sought detailed information on the implementation of the dual currency swap. They invoked the provisions of the FOIA, giving the CBN a deadline of 7 days to respond to their request. The law firm warned that failure to comply could result in legal action to compel the CBN to provide the requested information.
In the CBN’s response signed by one Aminu Mohammed for the Director / Secretary to the Board, the Apex bank said, “We write to acknowledge the receipt of your letter dated 26th June, 2023
on the above subject. Please note that the Bank is in the process of checking its records and may accede to or decline the request, depending on the availability and status of the information being sought under the FOlA.”
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