Nigerian human rights activist and lawyer Femi Falana has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Speaking to The Punch, Falana accused the Nigerian Central Bank and the two global financial institutions of helping to perpetuate "the dominance of the United States dollar in Nigeria." The claims follow news that Nigeria's currency swap arrangement with China has not benefited the nation, with some experts believing a trade imbalance has been the root cause of its failure. In his statement, Falana acknowledged that the swap arrangement had not achieved its objectives, but claimed that collusion between the two international financiers and the CBN made the arrangement impossible to work. Falana also criticised the country's dollarisation policy and failure to follow in the footsteps of other nations joining the BRICS bloc. He recommended the government renew the currency swap arrangement with China, as well as form similar swap arrangements with other friendly nations.
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