Analysts in international diplomacy and currency logistics are still divided on why the federal government apparently abandoned its highly publicized currency swap agreement between it and China one year after.
One year after the agreement was signed, nothing much has been heard about it.
But more pundits argue that the emergence of President Donald Trump in US elections seems to have changed the calculations and permutation of the federal government on which international currency to rely on.
The scenario has forced analysts to begin to look at several possibles.
One; that the federal government slowed action to watch Trump’s African foreign policy to avoid losing out or, two; Another case of policy inconsistency on the part of the present government after all.
Another source along the corridors of power confided in Business Hilights that the deal had a packaging error before the signing and has to be jettisoned on discovery of the error which international observers say cannot be corrected again.
Business Hilights can recall that President Muhammadu Buhari last year travelled with a high-level government delegation to China, during which the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, and Nigeria’s central bank signed a deal on yuan transactions.
The understanding between Nigeria and the bank was reached after a meeting between Buhari and President Xi Jinping.