Nigeria, Sierra Leone Plan Currency Swap
January 2, 2020
8:22 am
The Chairman, Economic Community of West African States (ECOWAS) Committee of Governors of Central Banks, Prof. Kelfala Kallon, has disclosed a plan for currency swap between Nigeria and Sierra Leone.
Kallon, who is presently the Governor, Bank of Sierra Leone, also decried the increasing dollarisation of West African economies and subsequent depreciation of national currencies in the region.
Recall that the Central Bank of Nigeria (CBN), and Peoples Bank of China (PBoC), had in 2018, agreed on a currency swap worth $2.5 billion to reduce their reliance on the U.S. dollar in bilateral trade.
The agreement is aimed at providing …
