Learned folks in the house, this question is for you : Why does the Chinese government want us to pay back the $2 billion loan in $$$$ instead of Yuan? Will this not decease our dollar reserve and increase theirs? Why don't they want us to repay in Yuan?

If they intend flooding our market with their currency why is the loan documented in dollars instead of Yuan, I was expecting the agreement to be signed and the figures stated in Yuan instead of in dollar currency, am I missing something?

Did they give us the loan in yuan

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China want to borrow us 2 billion dollars, but they want to give us in Yuan and not the dollar itself.

They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.

The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.

Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.

Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD?

Has anyone asked why China hasn't built any refinery in Nigeria?? They have the money, they want the profit, but never did it.

If China does anything against Washington interest in Nigeria, USA have too much political power over China, they will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.

I don't blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China. I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in Chinese version of Trojan horse.

We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow

donmoz:
Did they give us the loan in yuan

If we are borrowing from the Chinese whose currency is the Yuan, explain why they intend flooding our market with Yuan and expect us to pay back in dollars

abeg no vex go ask President Buhari of the year

it's as if we've been scammed o

I don't get it too

castroevans:

[color=#006600][/color]
China want to borrow us 2 billion dollars, but they want to give us in Yuan and not the dollar itself.

They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.

The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.

Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.

Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD?

Has anyone asked why China hasn't built any refinery in Nigeria?? They have the money, they want the profit, but never did it.

If China does anything against Washington interest in Nigeria, USA have too much political power over China, they will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.

I don't blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China. I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in Chinese version of Trojan horse.

We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow

U r extremely clueless. I was actually reading and understanding ur post until i got to "USA have too much political power over China, they will just tell them not to do it".

The only possible positive of loan is (1) low interest rate (2) bypass of our corrupt system in awarding major contracts.
Imagine Fashola being handed that money and he decides to start awarding website project for N78m.

Thanks to all the Contributors above, but does it mean that nobody can answer this question? No learned fellows who know why, the Chinese want to be paid back in dollars, but flood our market with Yuan?

Sibrah:
The only possible positive of loan is (1) low interest rate (2) bypass of our corrupt system in awarding major contracts.
Imagine Fashola being handed that money and he decides to start awarding website project for N78m.

Chinese may not be saints o, especially as they will dictate the tune of the piper on this. But we hope it works

if you have worked with a chinese or chinese company before, you will see reason why fg should becareful in their dealing with china

myola:
if you have worked with a chinese or chinese company before, you will see reason why fg should becareful in their dealing with china

I have worked with Indians, I believe they are no different. What they do is take all the managerial positions while leaving the low level ones for us. Trust our people, instead of uniting against them, I am sorry to say one particular tribe known for back biting, started an eye service campaign. We were paid stipends but worked our asses out all day long. It was an experience I pray will never happen again.

peacengine:


I have worked with Indians, I believe they are no different. What they do is take all the managerial positions while leaving the low level ones for us. Trust our people, instead of uniting against them, I am sorry to say one particular tribe known for back biting, started an eye service campaign. We were paid stipends but worked our asses out all day long. It was an experience I pray will never happen again.

that is my fear about them dominating our economy