In the letter, dated June 26, 2023, Falana emphasized that he expects the CBN to comply with his request, warning that legal action will be pursued if the information is not provided.

Falana highlighted that approximately five years ago, the Nigerian government and China entered into a currency exchange agreement valued at Renminbi 16 billion or N720 billion. The primary objective of this agreement was to enhance local currency liquidity for Nigerian and Chinese industrialists and businesses, thereby easing the challenges associated with obtaining United States Dollars.

“The swap was also designed to improve the speed, convenience, and volume of transactions between the two countries.

“In view of the ongoing devaluation of the Naira through dollarisation, we hereby request detailed information on the implementation of the dual currency swap between Nigeria and China.”

“As this request is made pursuant to the provisions of the Freedom of Information Act 2011, you are required to accede to our request within 7 days of the receipt of this letter.

“Take note that if you fail or refuse to furnish us with the requested information before the deadline of 7 days we shall not hesitate to pray the Federal High Court to compel you to accede to our request,” Falana added.

Meanwhile, the CBN, in a reply dated July 11, 2023, acknowledged that it received Falana’s request but noted that it may decide to honour or disregard the request.

“We write to acknowledge the receipt of your letter dated 26th June 2023 on the above subject. Please note that the Bank is in the process of checking its records and may accede to or decline the request, depending on the availability and status of the information being sought under the FOIA,” it read.