In a statement made under the umbrella of the Association of Capital Market Academics of Nigeria (ACMAN), experts have called upon the Central Bank of Nigeria (CBN) to reevaluate the currency swap agreement with China.

Their aim is to facilitate smoother payment processes for imports. Professor Uche Uwaleke, the President of ACMAN, stressed in Abuja that diversifying the economy should be a government priority.

Prof. Uwaleke expressed the group's concern that various government policies have not relieved pressure on the local currency. He stated that ACMAN is concerned that the forex market has remained illiquid, and exchange rate volatility persists despite the naira float policy introduced after the unification of exchange rates and to worsen matters, the parallel market premium continues to expand, seemingly undermining one of the objectives of the naira float.

Regarding imports from China, he suggested that the CBN reconsider the currency swap arrangement, reducing dependence on US dollars for Chinese imports. On the supply side, he emphasized the need to diversify the export base and recommended that the government support the CBN in implementing the RT 200 program, particularly concerning port reforms. He also called for an improvement in the ease of doing business to attract more foreign investments.

While commending the administration of President Tinubu for recognizing the capital market as a means to stimulate economic growth, Prof. Uwaleke proposed the privatization of government-owned enterprises through the capital market. He emphasized the importance of transparent and inclusive privatization processes, including exploring asset securitization as a method for financing developmental projects.