Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,586 members, 7,955,161 topics. Date: Saturday, 21 September 2024 at 06:21 PM |
Nairaland Forum / Nairaland / General / Business / Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association (56914 Views)
41 Items Still Banned Under Nigeria-china Currency Swap Deal / What Happened To Nigeria China Currency Swap Deal? / Nigeria – China Currency Deal – The Biggest Winners And Losers (2) (3) (4)
(1) (2) (3) (4) (5) (6) (Reply) (Go Down)
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Sainttops(m): 10:21pm On Apr 17, 2016 |
Another one is talking from ogogoro joint ooooooo AheadMarket: |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by najib632(m): 10:23pm On Apr 17, 2016 |
AheadMarket:No worry naso change go discard you |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by amtaken(f): 10:26pm On Apr 17, 2016 |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by amtaken(f): 10:28pm On Apr 17, 2016 |
You guys think itks cool to believe everything hook, line and sinker without proof. Well, that's not my training. ZuzuMan: |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by amtaken(f): 10:33pm On Apr 17, 2016 |
I only asked where the proof is and many people started to insult ... Gone are the days when people believe everything hook, line and sinker without any proof or evidence. It was quite baffling that none of you could come up with any proof, instead you resorted to insults. Tomorrow we will see the exchange rate and you guys will swallow your words. I don't believe hear-says. I need proof. If you ain't got any proof please don't quote me. 2 Likes |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Nobody: 10:51pm On Apr 17, 2016 |
najib632:Buhari change has snatched common reasoning from young men |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by gbaby4live: 11:01pm On Apr 17, 2016 |
ChoCandyDiamond: Lol... See Orubebe daughter o... |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Larryproff(m): 11:14pm On Apr 17, 2016 |
amtaken:go ask Google na. Mtwche |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Nobody: 11:20pm On Apr 17, 2016 |
989900 Hi, I've had some dollars. Do you think I should sell it now that dollar is crashing? Got dollar for schooling in Canada but was denied visa. So I had to transfer it to my domiciliary account. |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by vivaciousvivi(f): 11:49pm On Apr 17, 2016 |
As a fledging entrepreneur, I would like to know what d currency exchange rate would be btw Yuan and Naira jeje. |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by amtaken(f): 12:52am On Apr 18, 2016 |
1 Like |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by 19naia(m): 2:09am On Apr 18, 2016 |
Nothing wrong with having Yuan circulate in Nigerian banks. Of course the change in the Naira rate is simply the common speculative shift that occurs around any major change in currency flow. People have another option now, but the true end result is still yet to set in as currency trade practices in Nigeria are known to consistently sell out the Naira and abuse it like a donkey. The way dollar was traded with all the schemes that saw dollars being bought up by insiders at a discount and then sold on the open and black markets for a very high naira price, is still a factor waiting in the shadows to pounce on the Yuan once the demand for Yuan and availability of Yuan rises to significant levels. Its one thing to see the Naira devalue against the Dollar, but when the Naira begins to Devalue against the Yuan, it could lose sight of the dollar and go a route thay will make the current value of Naira to the dollar look like a very good deal. The issues with Naira is Nigeria's productivity. No one wants Naira except in West African countries and these are places Nigeria can develop exports towards and they will be happy to trade with the Naira. Nigerias currency will only see true rock solid strength when it has viable local made products to export at a growing rate. Nigeria is on this productivity path but not significantly enough to out pace the extreme demand for imports in Nigeria. When refineries expand in Nigeria, will the instabilty of prior refineries expand also? Stability. That is the main product that all other products wil rely on in Nigerias rise to greater productivity. Stabilty sabotaged by bad practices and disregard for human life. This Nigerian Yuan circulation situation may have a small momentary speculator caused advantage given to the Naira, but the whole point of the Yuan in Nigeria is the same as the dollar in Nigeria. It is to feed Nigerias Import frenzy. Where is the Yuan going to come from? Are the Chinese going to take Naira and give Yuan in return? No! Not unless Nigeria signs over huge resources and rights to access or even control the resources on Nigerian soil. Then they will accept Naira in exchange for Yuan to use to purchase Nigerian resources for very cheap. The Chinese are Buying dollars from Nigeria. Eventually when enough dollars are bought out of Nigeria in exchange for Yuan, the dollar will be scarce and cause a rise in the cost to purchase dollars. Then the Yuan will become so available that it will become cheap to buy Yuan. End result is a higher Dollar value against the Naira. Using all that money to drive the import heavy economy of Nigeria will not help the economy. But it is very possible to work imports from china into the productivity of Nigeria even if it is simply through buying a better electric power supply for Nigeira, rail way infrastructure for cargo resulting from increased productivity, potable water supply, and industrial outfitting to enhance productivity. That is the only way to make Yuan work well for Nigeria. And all those things installed and functioning in stability will make the economic gains stable. Nigeria's issues with stability in all sectors is serious and has to be focused on seriously for any thing to prosper. The cost of dollar can also be handled by Nigerians making for themselves the primary thing they spend the dollar on. Refined petrol products for fuel. This is already in progress. Refineries are going in and new ones are being planned and i only hope china is in the deal to help expand refineries in Nigeria to exceed Nigeria's fuel needs such that Nigeria can export refined fuel across west Africa and beyond(as long as Nigeria will not have china make refineries in Nigeria only for china to demand the surplus for china at low or no cost). Nigeria with a surplus refined petrol production, would eventually make the dollar not as useful as before and maybe also crude oil sales will still bring in dollars which will not have to be spent on buying ready made imported fuels. That could create a dollar surplus and make dollar cheap for Nigerians who will not need it so much as to pay what the exchangers are asking, The changers will be forced to devalue the dollar at that point. Thats how you strengthen your currency. Make what you need in your country to be paid for in your currency so that people are not so hungry for another country's currency. When people stop looking at the dollar or Yaun and stop concerning about what it cost to buy it, then you will know they have faith in their own currency and are able to buy what they need in their country with their currency because they produce it themselves. The down fall of the Naira is rooted in those who live and spend in Naira economy but are so concerned about hiw much a dollar cost to buy using Naira. That is a sign of coveting another man's currency and that is where your own currency begins to devalue. 1 Like |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by ProGSM(m): 5:53am On Apr 18, 2016 |
This is not really. It is not true at all! |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by dnapstar(m): 6:18am On Apr 18, 2016 |
modath:you are right but don't forget that the news/information is enough to create an effect. just like in forex trading. |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by BrainnewsNg(f): 6:45am On Apr 18, 2016 |
SamuelAnyawu:Thats it. Thank you |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by 989900: 6:49am On Apr 18, 2016 |
Avalon316: Well, Brent's been staying above $40 for a while now, our refineries and pipelines are coming back on stream (no matter how small they input . . . it's something) we are moving toward trading directly in Yen, the Black market would most like move from N320 towards the official rate of N199; how close, I don't know. However, if the CBN and the FG makes any positive move towards a stronger Naira, even if it's N1-N2 gain, and people 'panic-sell', we might see a somewhat similar repeat of what happened last year when the Black market came crashing hard. People are hoarding the dollar, and if it should slide for 3-5 days on the bounce, people will 'panic-sell'. My 'thoughts' are, the dollar is not likely to sell higher than N320-N330 to a dollar for now, so it's up to you to either cash in now at N310-N320, or risk it! If I were you, I'd cash in now to be on the safer side, especially if you got it for a bit less than how much you're selling it now, or if the loss is minimal -- I won't want to be caught in having to sell during a 'dollar slide' -- you might be caught in the N220-N280 to dollar range, or less. Hey, but what do I know, we can only speculate. 'cause OTOH, the budget if signed, might increase the demand for dollar, albeit temporarily (the budget once signed, on the long run, will bring direction to the economic environment, bringing in foreign currencies into the system). P.S. sorry I've not helped much, #humanlimitation, but think safety first, especially if you have no need to use the dollar any time soon. The BM rate will crash eventually. |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by gentyolu(m): 7:00am On Apr 18, 2016 |
engrflames:oga u av 2 mouth....i will cut one myself..... |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by banchuz: 7:25am On Apr 18, 2016 |
laurel03:Lwkmd |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by youngweb(m): 7:29am On Apr 18, 2016 |
kudos to Ifanyi uba for such brilliant ideas we need to guide this ideas, and implement it with immediate effect . |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Bonnywest: 7:33am On Apr 18, 2016 |
[quote author=amtaken post=44787753]Where's the proof? You are asking for proof? U no dey listen to news. Sit there and be waiting for proof. Well, PMB try sha, there'll be less dependence on dollar & business men will hav a bit relieve. |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Arewa12: 8:19am On Apr 18, 2016 |
SamuelAnyawu:nice one jare. Are u 4rm Ukwale |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Arewa12: 8:22am On Apr 18, 2016 |
ChoCandyDiamond:re u married |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Arewa12: 8:25am On Apr 18, 2016 |
gentyolu:i think say na only me see am |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Ijaya123: 9:01am On Apr 18, 2016 |
masterblogger: I had to go read the story again in case I missed where Uba was mentioned. Now I understand where you're coming from. One of those sentimental tribal lots suffering from inferiority complex who always at any slightest opportunity engages in needless boasting and empty chest-beating and when that is not possible, they play the victim card. |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by dhesmond(m): 9:16am On Apr 18, 2016 |
Good development let me chill before paying for my masters in dollars..m.. 1 Like |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Nobody: 9:22am On Apr 18, 2016 |
989900: Thanks |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by toseman(m): 9:44am On Apr 18, 2016 |
masterblogger: you dont need to play mind games to make anyone click like,no b facebook u dey.....ifeanyi uba also wants something frm government ,of which e no go tell anyone...na gv me i gv u thing are you trying to praise |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by amtaken(f): 9:56am On Apr 18, 2016 |
Has the price of dollar gone down? [quote author=Bonnywest post=44802721][/quote] |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Bonnywest: 11:19am On Apr 18, 2016 |
[quote author=amtaken post=44806623]Has the price of dollar gone down? Dollar dropd by N10 after d news, it'll likely drop further gradually |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by amtaken(f): 11:41am On Apr 18, 2016 |
Did you buy dollar today? [quote author=Bonnywest post=44808866][/quote] |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by masterblogger(m): 1:16pm On Apr 18, 2016 |
Ijaya123: Abeg this yiur grammar too much. No vex |
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by LionInZion: 3:00pm On Apr 18, 2016 |
StainlessH:Exactly, it's also funny when people say Chinese products are fake, what they dont know is that the Chinese have products for you according to the size of your pocket. As it stands today, there hardly any successful economy in the world without the involvement of Chinese products and experts. Let the deal materialise jare. |
(1) (2) (3) (4) (5) (6) (Reply)
Enugu Housewife Returns ₦14m Erroneously Paid Into Her Bank Account (Photos) / Coronavirus: Access Bank Closes Branch After Visitor Tested Positive To COVID-19 / The 21 Richest People In Nigeria 2013: The Full List
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 86 |