The Nigeria-India upfront oil
payment deal will help the Federal Government to tackle the foreign exchange
(forex) crisis in the country. The Minister of State for Petroleum Resources,
Dr. Ibe Kachikwu, initiated the deal during a three-day working visit to India.
In an exclusive interview with The Guardian in August, the minister had
disclosed his intention to search for a market, particularly in Asia and other
oil-consuming nations, with a view to shoring up the naira, while guaranteeing
revenue to the government. The success of the deal would also be a huge help
for the Central Bank of Nigeria (CBN), which has made efforts to attract
foreign inflows to support foreign exchange market, including the pursuit of a
naira-yuan swap.
Read more at: http://guardian.ng/
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