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Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
By: Michael Mike
The Nigeria-China Strategic Partnership (NCSP) has said with the renewal of the currency swap arrangement with China valued at 15 billion yuan (about $2.2 billion), the present administration of President Bola Tinubu has secured a significant milestone in Nigeria’s economic development.
Director-General and global liaison for the Nigeria-China strategic partnership the Nigeria-China Strategic Partnership (NCSP),
Joseph Tegbe said on Sunday said this landmark deal strengthens economic ties between the two nations, facilitating bilateral trade and investment, reducing reliance on the US dollar, and mitigating financial risks.
He noted the agreement, worth NGN 3.28 trillion, is a testament to the growing relationship between Nigeria and China, with trade value hitting N7.38 trillion as of June 2024. This makes China Nigeria’s number one trading partner, and the partnership is expected to boost bilateral trade and investment, creating new opportunities for economic growth and development.
He said the currency swap agreement is a crucial step towards achieving these goals, and it signifies a deeper financial collaboration between the two central banks, enhancing financial market stability and providing businesses with more financing options and convenience, adding that by enabling direct settlement of transactions in CNY and NGN, Nigerian businesses will benefit from lower transaction costs and reduced exchange rate risks. This is a significant step towards achieving President Tinubu’s vision for a more prosperous and economically independent Nigeria, as outlined in his Renewed Hope Agenda.
He said the establishment of the Nigeria-China Strategic Partnership (NCSP) has been instrumental in fostering bilateral relations and promoting partnerships between the two nations. This development is a testament to President Tinubu’s commitment to expanding Nigeria’s foreign policy thrust. Specifically, it
underscores the importance which the President gives to the comprehensive strategic partnership with the People’s Republic of China.
He said overall, President Tinubu’s administration deserves commendation for this significant achievement, which is expected to contribute to a more prosperous and economically independent Nigeria.
Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
Troops Arrest Suspected Military Impostor in Katsina
By Zagazola Makama
Troops of 17 Brigade have arrested a suspected military impostor during a fighting patrol in Malumfashi Local Government Area.
Security sources told Zagazola Makama that the suspect was apprehended at about 1:30 p.m. on July 4 by troops deployed at the Forward Operating Base (FOB) Malumfashi while conducting routine patrols within Malumfashi town.
According to the sources, the suspect was intercepted while wearing a woodland camouflage three-quarter short, raising suspicion among the troops.
A search conducted on the suspect led to the recovery of a fake Nigerian Army identity card, four Automated Teller Machine (ATM) cards, one woodland camouflage three-quarter short, a wristwatch and the sum of ₦17,000.
The suspect and the recovered exhibits are currently in military custody pending further investigation.
Military sources said the arrest forms part of ongoing efforts to curb impersonation of security personnel and other criminal activities within the area.
Troops Arrest Suspected Military Impostor in Katsina
Troops Recover 50 Rustled Cattle, Repel Suspected Rustlers in Kaduna
By Zagazola Makama
Troops deployed at the Forward Operating Base (FOB) Kankomi have recovered 50 rustled cattle after repelling suspected cattle rustlers during an ambush operation in Chikun Local Government Area.
Security sources told Zagazola Makama that the troops responded to a distress call at about 9:55 a.m. on July 4 over the activities of suspected rustlers at Ungwan Gontu community.
According to the sources, the troops swiftly laid an ambush and made contact with the fleeing suspects, forcing them to abandon the stolen livestock and escape into the surrounding area.
During the operation, the troops recovered 50 rustled cattle, which were subsequently identified and handed over to their rightful owner.
Military sources said efforts are ongoing to track down the fleeing suspects as security operations continue to combat cattle rustling and other criminal activities across Kaduna State.
Troops Recover 50 Rustled Cattle, Repel Suspected Rustlers in Kaduna
Troops Arrest Suspected Terrorist in Kogi, Suspect Confesses to Group Membership
By Zagazola Makama
Troops of 12 Brigade, in collaboration with Office of the National Security Adviser (ONSA) Hybrid Forces, have arrested a suspected terrorist during an operation in Lokoja Local Government Area.
Security sources told Zagazola Makama that the troops responded at about 1:00 p.m. on July 4 to reports of a confrontation between local residents and a suspected terrorist at a Ruga settlement behind Obajana community.
According to the sources, the troops swiftly intervened and arrested one suspect at the scene.
During preliminary interrogation, the suspect reportedly confessed to being a member of a terrorist group led by an individual identified as Haruna, which allegedly operates within the Okene general area.
The suspect is currently in military custody and is undergoing further investigation to establish the extent of his involvement and identify other members of the group.
Military sources said the arrest forms part of ongoing security operations aimed at dismantling terrorist and criminal networks across Kogi State.
Troops Arrest Suspected Terrorist in Kogi, Suspect Confesses to Group Membership
Troops Arrest Suspected Military Impostor in Katsina
Troops Recover 50 Rustled Cattle, Repel Suspected Rustlers in Kaduna
Troops Arrest Suspected Terrorist in Kogi, Suspect Confesses to Group Membership
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