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Nairaland Forum / Nairaland / General / Business / Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday (14487 Views)
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Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 8:36am On Apr 20, 2016 |
Seun: Seun made a lot of sense but most dumb Nigerians like hungryboy aren't intelligent enough to understand. 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by 9jatatafo(m): 8:40am On Apr 20, 2016 |
Ucheosefoh: Dollars is world currency |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by zheroes(m): 8:43am On Apr 20, 2016 |
Everyone turning economists!!!! There is nothing you will do that people will not complain. The issues on ground as far as I can see is very enormous, it can't be solved in 3- 4years so what the government is trying to do is simple: while economic diversification and increased exports remain the permanent solution, all of that won't happen overnight. So the best thing to do in the interim is look for measures to ease pressure on the foreign exchange asleast in the interim(currency swap) while we hope that oil prices appreciates and then diversify to other areas. 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by murmee: 8:53am On Apr 20, 2016 |
Saintp:I want to believe that the Nigerian Government would have made the building of factories part of the agreements. What remains is to ensure that the agreements are implemented! |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by 989900: 8:55am On Apr 20, 2016 |
Saintp: Read my posts again about the same reason Iphones are made in China, and Samsung phones are made in China and now Vietnam. BTW, there are already some Chinese factories here, in Ethiopia, Kenya, and other parts of Africa. |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by drss(m): 8:56am On Apr 20, 2016 |
Seun:i am accutely broke sir, any goodies for d boys |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 8:57am On Apr 20, 2016 |
zheroes: Sounds funny though: 1* What is the government doing to enhance local capacity building? 2* What is this government doing to revamp agricultural production? 3* China / Nigeria currency swap: who benefits more Nigeria or China? 4* How can MSMEs be empowered to create jobs? 5* Must we be import dependent without a road map to reduce import dependency.? 6* And many facts begging for answers. The moment government thinks production rather than senseless consumption subsidy, the faster our economic recovery. Any fire brigade approach towards tackling our poverty mentality of leadership that has brought us to our knees in the midst of economic abundance would still lead us to the same point where we are now. Our leaders should always think the future rather than immediate economic pain reliever approach. China is in business and would count their gains before entering any deal. Is Nigeria thinking future.? Only time will tell. |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by myhotbrain: 9:08am On Apr 20, 2016 |
989900: Thank you for your brief announcements. PLEASE ADD THE BELOW: The take-aways from the China Forex swap deals are: 1) Allows for fixed exchange rates between the two countries, this will prevent forex demand/supply fluctuation. 2) Nigeria will benefit from foreign direct investment from Chinese Investors and contractors who are already in Nigeria and those who are eager to bring to Nigeria, critically needed, technology transfer and development in the areas of a) refining of crude oil (building 3 refineries in Bayelsa, Kogi and Lagos States), refining and mining of other mineral resources that are abound in Nigeria. These two items alone will help us reduce our dependence on importing of refined petroleum products--petrol, kerosene and diesel thereby allowing us to save our Dollars earning from sale of crude oil. PLEASE DO NOT FORGET THAT THE BIGGEST LENDER IN THE WORLD (CHINA INDUSTRIAL AND COMMERCE BANK) IS THE ONE FINANCING THE DEALS AT A LESSER INTEREST RATES. THIS IS A WIN-WIN SITUATION FOR NIGERIA BECAUSE, FOR A STARTER, NIGERIA CANNOT AFFORD THE $21B PRICE TAGS TO BUILD THE REFINERIES ( OUR YEARLY BUDGET IS A PALTRY SUM OF $25B). NOT TO TALK OF THE MASSIVE CONSTRUCTION OF ROADS INFRASTRUCTURE WHICH SOME OTHER CONTRIBUTORS ALREADY ALLUDED TO. 4) JUST BECAUSE WE HAVE A FOREX SWAP WITH CHINA DOES NOT MEAN THAT THE CBN WILL STILL ALLOW THE IMPORTATION OF ALREADY BANNED ITEMS FROM CHINA--THAT IS, DON'T EXPECT FOREX FOR THE IMPORTATION OF TOOTHPICKS. 5) MOST MAJOR IMPORTERS WILL STILL NEED TO OPEN LETTER OF CREDIT WITH THEIR CHINESE TRADING PARTNERS THEREBY DISCOURAGING THOSE IDIOTIC CURRENCY MANIPULATORS--ROUND TRIPPERS. PLEASE LEARNED BROTHERS AND SISTERS IN ECONOMICS, ADD YOUR OWN TAKE TO THE ONES ENUMERATED ABOVE. LET US ENDEAVOR TO EDUCATE OUR UNINFORMED MASSES AS TO THE BENEFITS OF THE RECENTLY CONCLUDED FOREX SWAP DEALS BETWEEN NIGERIA AND CHINA. BTW--THE JONATHAN ADMINISTRATION INITIATED THIS FOREX DEALS 5YRS AGO BUT UNABLE TO SEE IT THROUGH. #NIGERIAGOTITRIGHTWITHCHINAFOREXSWAP 2 Likes |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Saintp(m): 9:09am On Apr 20, 2016 |
murmee: I hope so. However i know how our government behaves. Do not be surprised they were just in a hurry to sign deals with the Chinese without due diligence in order to be seen as working. It will be good if the details of the deal is made public. Citizens need to know instead of speculation. I rather be cautious than swallow everything that is speculated |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by prinsam30: 9:17am On Apr 20, 2016 |
one way or the other Nigeria will be great again by God's grace 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Built2last: 9:21am On Apr 20, 2016 |
Seun: Boss you are not an economist but you have economic sense. We have 4 other currencies weakening our currency because of international trade inbalance but those who lack elementary economic sense rejoice that we signed with China. However, I commend the fact that you speak up in this trying times.people are terribly hungry and suffering. The last thing we need now is clap for our government when they go astray. That's why I love Falana. He understands Nigeria is bigger than an individual. If Naija works, it's for our collective good 1 Like |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by igboboy3(m): 10:01am On Apr 20, 2016 |
989900: What doesn't he get? As long as there is upward pressure on the dollar, what he is saying could work. |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by igboboy3(m): 10:02am On Apr 20, 2016 |
Flets: Suprisingly, I agree. |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 12:06pm On Apr 20, 2016 |
Seun: Please say something else. In case you have nothing positive to say, keep mute. Must you comment? |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by judondasylva(m): 12:39pm On Apr 20, 2016 |
thank God there are still few reasonable people in this country. |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by spymaster(m): 1:00pm On Apr 20, 2016 |
Dudeweedlmao: How I wish the Saudis can fire a short range missile at Tehran and the Iranians respond with a Farh Missile at Medina. Then the GCC attack Iran and Iraq fire scud missiles at Doha, Dubai and Al Kuwati. And watch how oil prices will shoot up to $200 and we can have enough reserve for currency swap |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by Nobody: 1:16pm On Apr 20, 2016 |
Reference: Can you expanxiate on the bolded, i hear it all the time but i dont think people reallize just how heavy tthat phrase is |
Re: Nigeria, China Currency Swap Won’t Fix FX Demand Backlog-Businessday by ideylaff: 2:31pm On Apr 21, 2016 |
Seun: So glaring but a lot of people are thinking the reverse way, all they see is Alibaba and the cheap imports they could do with the Chineses currency. My people perish for lack of knowledge. So sad |
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