CFCfan: Good move by the CBN. The only problem I see is a future crash of the Chinese currency itself.

kizito047: End tym tinz






Mod what r we going to do to this idiot ..






































































Na wa. Ooº°˚ ˚°ºoo.































































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BRB

cherriex: .
You are right I understood it better when I read the novel "confessions of the economic hit man" it says everytin abt how the american government enslave governments the modern way nd how they destroy thr ones who refuse their offers.

cap28: The handwriting is on the wall for the US dollar, .....

Underground:

You took the words right out of my mouth...Well said. Also watch this video:


https://www.youtube.com/watch?v=iFDe5kUUyT0

kizito047: Wanna build







1 plot
2plots ☀̤̣̈̇f land
3plots

Still buyin

Ikeja land. Ȋ̝̊̅§ xpensive
Travellin by bus 2 V

N̶̲̥̅̊☺ cash


N̶̲̥̅̊☺ insult plz

kliverpool: THE WORLD IS THINKING AND MAKING MOVE UNDERGROUND
WHY IS NIGERIA GOING TO BE THE ONE COMING OUT PUBLICLY ABOUT THIS.
ITS HASTY AND RECKLESS.

kizito047: Wanna build







1 plot








































2plots ☀̤̣̈̇f land














































What does it take to ban people like you I mean this is just too childish. Doesn't make any sence. I think its time age become a factor in this forum.







































3plots



















































Still buyin






























































































Ikeja land. Ȋ̝̊̅§ xpensive














Travellin by bus 2 VI












































































N̶̲̥̅̊☺ cash


































N̶̲̥̅̊☺ insult plz

CFCfan: Good move by the CBN. The only problem I see is a future crash of the Chinese currency itself.

cap28: The handwriting is on the wall for the US dollar, it is now in its final death throes, no amount of printing of money by the Federal Reserve will save the US dollar from its imminent crash.

Nigeria is not the only country that is trying to dump the dollar, there are many other countries doing that behind the scenes and I can only imagine the level of panic going on now with the US govt.

This is definitely a good move by Nigeria and it indicates that many other country may already be doing the same thing.

For those who keep sayign that the crash of the US dollar will pull down the Remnimbi with it please be aware that China is currently trading with other far east asian countries, the EU , Australia and many african countries using its own currency , therefore its loss of the US market will not be as detrimental as many think,.

Many keep talking about how the Remnimbi is manipulated by the Chinese - so ? isnt the US dollar manipulated by the Federal Reserve? Why does the Federal Reserve keep printing money in order to assist the US govt in paying its bills - is it normal for a country that spends more than it earns to print money in order to pay its debts - is that not a form of currency manipulation and anyway the Chinese do not manipulate their currency they simply peg its exchange rate to the dollar in order to keept its exports cheap and affordable for its export market.
Which is worse? - printing your currency because you dont earn enough money thereby artificially inflating the value of your currency or keeping the true value of your currency low in order to increase exports of your products?

This situation was predicted about 2 years ago by many leading US economists and it is happening just the way they said it would.

Why should China and the rest of the world continue to trade with a country that purchases most of its imports on credit ? The US has been cheating the world and growing fat off the sweat of other countries of the world simply because the dollar is the world reserve currency and that is now going to be brought to an abrupt end.

The US is just going to have to learn to cut its coat according to its cloth, you cant keep buying things on credit and expect the world to keep you afloat, the US is simply not earning enough to keep up with its ridiculous spending sprees and now many of its creditors are finally coming to their senses and they are saying hey, enough is enough, if you dont earn enough then we are going to cancel your credit card until you learn to conduct your affairs like a responsible adult.

It will be interesting to see how the US reacts to Nigeria's move - i forsee extreme hostility on the part of the US govt.

slap1: China? I hope the money will last.

kizito047: End tym tinz


You are an agbero... Why waste the space LOL










































































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BRB

omenka:

Leave that thing. Much as I don't understand your english, I would say the consequences of "pulling out" could be dire!

[s]Most african countries survive hugely on aids from the US and EU[/s] and understand they can't bite the finger that feeds them lest they starve to death.

In the distant future, this could be possible but given the ongoing dynamics we have in the continent, from corruption to socio political unrest, and bad leaderships, it would be nearly impossible to attain the kind of independence you are suggesting.

2ndOGA:

My thoughts exactly. The Remnibi has been allowed to float since 2005 (around a margin referenced from a basket of other currencies).

stagger: I laugh in Chinese. All central banks hold their foreign reserves in several currencies, and the CBN is no exception. The CBN probably only wants to increase the size of its RNB holdings and scale down its USD foreign reserves.

The topic of the thread is grossly misleading.

Ugosample: Bad move! China is a known currency manipulator. Your foreign reserves will lose value. But if it's say 10% of your foreign reserves, it's okay. Afterall, the USA keeps foreign reserves of Pounds and Euros too.

RoyPCain: whoever is advising the nigerian treasury [foreign reserve] to convert usd to chinese rembi does not know how usa can sink china in just one huge financial operation, be it merely currency swap or trade as in projection. chinese and their currency cant be trusted. both lack proven records.


if nigeria needs currency other than usd, it should be the bps, a currency that is old enough as mother of usd and america will never go against britain, while it [bps] does hold steady not only against usd, but other currencies, including other valuables like gold, silver, etc.

maybe somebody in the financial organs of nigeria is working hard to ruin nigeria more than she is already. if we had not changed so early in the 70s from pound sterling to naira, we would have held a better financial strength throughout the 1980s. it would have been difficult for babangida to think of allowing the free fall of naira in circa 1985. there were just a few wrong moves including the looters like diko and others who passed the reserves from one account to another starting from mid 70s for the overnight interests. these and other few unregulated currency exchanges were what brought the collapse of the naira.

naira that was 1 to 2 usd in the 1970s is now 160 almost to 1 usd. each time i think about this, its difficult to imagine how it happened with all the brain power and the can do attitude that typified the nation.

somebody needs to stand up and force some of the rulers into unexpected retirement. if you are not for nigeria and her citizenry, leave and dont pretend you love both. go back to your former life. i wonder will they not consider indian rupees if chinese rembi is good enough since both are emerging economies? this is a horrible decision by those that are deciding to do it. no one wants chinese currency. no one that knows currency that is.

ochukoccna: The Americans are the one's digging the greenback's grave with their endless political squabbling
I'd have said good move by the CBN but anyone with a little economic knowledge knows the Chinese heavily manipulate their currency
Because of the economic troubles of Europe, the Euro is a no no
Can't we hold some of our reserves in gold, silver and other precious metals


Yes,China is becoming a heavy hiter but can they dominate like America has this century?
Militarily they still lag behind Russia in spending and resources
Economically, do they have/can they match the finance America has spent over the years globally?
Recall also that their economy and economics still has heavy goverment control and manipulation
Like I said, they are a heavy hitter but can they dominate like America has done so far?

ochukoccna: The Americans are the one's digging the greenback's grave with their endless political squabbling
I'd have said good move by the CBN but anyone with a little economic knowledge knows the Chinese heavily manipulate their currency
Because of the economic troubles of Europe, the Euro is a no no
Can't we hold some of our reserves in gold, silver and other precious metals


Yes,China is becoming a heavy hiter but can they dominate like America has this century?
Militarily they still lag behind Russia in spending and resources
Economically, do they have/can they match the finance America has spent over the years globally?
Recall also that their economy and economics still has heavy goverment control and manipulation
Like I said, they are a heavy hitter but can they dominate like America has done so far?