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Nairaland Forum / Nairaland / General / Business / Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday (14501 Views)
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Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Adesiji77: 8:12pm On Apr 18, 2016 |
Last week’s signing of a Yuan swap agreement between Nigeria’s Central Bank (CBN) and the Industrial and Commercial Bank of China (ICBC) – the world’s biggest lender, may not ease the current backlog of unmet dollar demand and attendant pressure on the naira. http://businessdayonline.com/2016/04/nigeria-china-currency-swap-wont-fix-fx-demand-backlog/ lalasticlala, dominique, Mynd44, Seun 2 Likes 1 Share |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 8:20pm On Apr 18, 2016 |
We shouldn’t stop with China; we should reach out to India. Look at Dubai as well; we have a lot of Nigerians importing from the Dubai. We can have a currency swap with these countries and this will be a clever way of relieving the pressure on the dollar,” Bukar said.Only two months back, the Reserve Bank of India (RBI) and Central Bank of the United Arab Emirates, signed a Memorandum of Understanding (MoU) of bilateral swapping of the Indian Rupee with the UAE Dirham. How i wish the saudis and the iranians will just stop fighting and lock that tap for oil price to go up a little And then will have enough reserve for currency swap Buhari still has alot of travelling to do. 15 Likes 2 Shares |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by hopilo: 8:25pm On Apr 18, 2016 |
Ok ooo, Economists in the house come and debate this one ooo. Because my own na make Nigeria better. 3 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Seun(m): 8:34pm On Apr 18, 2016 |
"Lend us a lot of dollars", said Nigeria, "so we can squander it on wasteful subsidies" "Sure, but first you must sign this agreement to hold our currency", said China. "No problem", said Nigeria. "We'll say it's part of our brilliant Economic plan" 66 Likes 11 Shares |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by TPAND(f): 10:44pm On Apr 18, 2016 |
I told the zombies... They kept celebrating and calculating cost of phone prices. They lack understanding of how international trade works 25 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Feshizzy(m): 10:49pm On Apr 18, 2016 |
Seun:Sir, I do want to request a username change. Thank you. |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by hungryboy(m): 11:36pm On Apr 18, 2016 |
Seun:abeg make una talk true, Our Oga Seun dey make any sense so? 5 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by kennyman2000(m): 7:10am On Apr 19, 2016 |
ohh boy! This's one chance! |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by millhouse: 1:39am On Apr 20, 2016 |
Not yet uhuru... A lot still has to be done 1 Like 2 Shares |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Kekekenny(m): 3:18am On Apr 20, 2016 |
Economist.. Where re u guys? |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 6:26am On Apr 20, 2016 |
Ok |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by oribi(m): 6:28am On Apr 20, 2016 |
Hmmm |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by ajoskele(m): 6:28am On Apr 20, 2016 |
hungryboy:Capital NO. 10 Likes 1 Share |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Sunnycliff(m): 6:31am On Apr 20, 2016 |
Its unfortunate that our myopic economic view of forex and international trade has blinded us to see that this swap currency deal is a subtle way of import allegiance to the undoing of this nation! The green back pressure on the naira can't be taken away with this swap deal! So we are totally in for a long ride of widened parallel market differential from the official exchange rate! 6 Likes 1 Share |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by bennie1980(m): 6:36am On Apr 20, 2016 |
APC deceiving Nigerians since the death of Adam Smith 11 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by chigozie391(m): 6:36am On Apr 20, 2016 |
Yea |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by tobyemmanuel(m): 6:37am On Apr 20, 2016 |
Nigeria has to start exporting to balance our imports. Buhari gat lots to do. Signing Yuan or Dollar or Even Pounds will not raise our Naira. Let's wait and see. 3 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by gbrown(m): 6:38am On Apr 20, 2016 |
hungryboy:he is not making any sense,he is wailing 7 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by yhemsy62(m): 6:39am On Apr 20, 2016 |
Seun:Boss why na 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by blym4real: 6:41am On Apr 20, 2016 |
Seun: Seriously? 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by sanandreas(m): 6:41am On Apr 20, 2016 |
when will this government get things right? |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 6:42am On Apr 20, 2016 |
This is someone's theory. Let's wait and watch if things would happen. |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Ucheosefoh(m): 6:43am On Apr 20, 2016 |
I stopped reading half way but my question is, does it mean that the online mini importers will now import with yuan instead of dollar from sites like Alibaba and co. I need answer 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Reference(m): 6:45am On Apr 20, 2016 |
Seun: Hmmm....which Seun is this. Nairaland CEO? 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by charsobodo(m): 6:46am On Apr 20, 2016 |
Ok |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by decode55(m): 6:47am On Apr 20, 2016 |
Educate the zombies. 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by 989900: 6:48am On Apr 20, 2016 |
We had this discussion earlier, and I posted the below some days back: What the Yuan deal affects directly is, the artificial pressure on the dollar in Nigeria, especially BM and parallel market rates (such as you will see the BM rate move closer to the CBN rate -- it won't automatically make the Naira gain more than 5-10% against the Yuan at the CBN rate, until the Naira appreciates against the dollar for real at official rate (that takes more than a Yuan deal to achieve, that takes earning more from exports,and reducing imports by manufacturing, refining our own oil, and smart-out-of-the-box monetary policies). OTOH, the whole China deal (total package) with the little we know from it so far will do the below (I posted this on another link earlier): It means some of them factories we import from, from China, will establish here -- meaning you don't have to need forex for importing, the products will be cheaper, the finished Chinese products from here, can be exported to other countries from Nigeria. Then you need to factor-in the Chinese inputs in power plants, railways, refineries, roads, and other infrastructure that will generally overhaul and re-ginger our economy as a whole -- tilt us on the path to a trillion dollar economy! 5 Likes 1 Share |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 6:48am On Apr 20, 2016 |
It's disheartening the way some have lost their reasoning in this regime. How on earth with a sane individual believes that killing your local production and deminishing your ability to export, will boost economy. Seriously, we are gradually losing it 12 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Reference(m): 6:50am On Apr 20, 2016 |
hungryboy: Yes, he is making a big, big lot of sense. The government is just running round in circles evading the real issues. 8 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by DickDastardly(m): 6:50am On Apr 20, 2016 |
Seun: My oga, don't tell me that buharinomics has hit you hard too 10 Likes 1 Share |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by jamesbanjo(m): 6:53am On Apr 20, 2016 |
It will be a good step to do d same with other countries....... #BUSINESS_DAY BEST MEDIA HOUSE *once-worked-there |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 6:54am On Apr 20, 2016 |
Make I book this space...I'll be right back 1 Like |
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