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The impact of Nigeria’s currency swap deal on SMEs

The Central Bank of Nigeria met exporters, regulators and other stakeholders to enlighten them on the details of the $2.5 billion currency deal between the CBN and the People’s Bank of China on Wednesday. But how will this deal impact small and medium enterprises in the country? Listen to Chizoba Iheme, Head Liabilities Emerging Businesses at Diamond Bank.

On the negative side, there will be alot of cheap chinese goods in the country in competition with locally home made goods. Also there will be fake goods coming in which is going to be a challenge but one good thing about the currency swap is that, there would be many made-in-nigeria goods because alot of technology will be brought into the country to enhance production.

With the recent currency deal between the Central Bank of Nigeria and the People’s Bank of China, what will be the impact on SMEs?

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