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Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by maestro2000(m): 4:53pm On Apr 19, 2016 |
Thanks OP In as much as this deal looking yummy, we should take a caution here, have we ever thought on how this will impact our [/i]made in nigeria goods[i] and our small and medium scale manufacturers, because its going to be cheaper to ship in goods now, even before this deal there has been masssive inflow of china goods in nigeria with no standard ( fake) and there is no body or govt board/ parastatal checkmating and censoring our market, now that its easier to lay our hands on yuan easily, what will happen to our local made products? Although this deal is cool but i personally think there should be a strict law to checkmate the spending and the disbursement of the loan. I personally think there should be minimum amount to be spend monthly, and i think they should make it more accessible to registered manufacturers and raw material merchants than the whole entire populace, and there should be a list of what we can buy and what we can't buy from china, they should place an embargo on importation of what we produce locally becuase at the end of the day china will smile home with their achievement and we might come out worse at the end of this deal than we went in. Pardon my composition and this is just my view and take so be lenient on your bashings 8 Likes 1 Share |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by joxiri: 4:56pm On Apr 19, 2016 |
I think we just have to wait and see, no one really needs the true details of his deal. Logically just the announciation of the deal should boost the naira in the market, yet dollar has appreciated to 322 So Na to wait and see sure pass |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by babaarewa(m): 4:56pm On Apr 19, 2016 |
Now tell me who benefits most from this deal? |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Almajiri1: 4:58pm On Apr 19, 2016 |
franciskaine:Sophisticated minds already know the long term negative effects of this will take atleast 20 years to correct. We are even yet to talk of mining concessions dashed to the Chinese. This deal shows how comatose and desperate the economy and buhari are. |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by salusworth(m): 4:58pm On Apr 19, 2016 |
And Yahoo boys can no scam China directly too. Lol |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Icon4s(m): 5:01pm On Apr 19, 2016 |
leksmedia: O you just made my day. This is what our hopeless president and his mumu finance minister could not explain to us. Oya, na made in China things all the way now. 1 Like |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Nature129(m): 5:01pm On Apr 19, 2016 |
How come OP is not talking about the impact of excess imports from China on our local industries? I thought Nigeria had a plan to stimulate her economy by strengthening local industries - not killing them with excessive imports from China! Economics teaches that excess importation results in unfavourable balance of trade which in the long run hurts the local economy. I thought we could encourage local industries to spring up and allow healthy competition to take place among them which will subsequently make prices of goods to come down without compelling our local industries to close shop. As it is now, importers can now import "just anything" from a China that has comparative advantage over Nigeria in manufacturing. Who's thinking in this direction?! 8 Likes |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by oseiwe(m): 5:01pm On Apr 19, 2016 |
The scary thing is that China will give Dangote "DOLLARS", but they want Nigeria to trade and keep fx in yuan! 1 Like |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Lilimax(f): 5:02pm On Apr 19, 2016 |
To me in all honesty, this move will further weaken Small Scale Manufacturing business because locally manufactured goods may not be able compete effectively with imported goods from China. As we know, the cost of Labour is very cheap over there... 2 Likes |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Nobody: 5:08pm On Apr 19, 2016 |
leksmedia: falsehood borne out of ignorance. If you are buying your dollar on the black market, you are still going to buy your yuan on the black market or (more likely than not, there wont be yuan available on the black market and you still have to buy dollars to convert to Yuan) The 1 Yuan is N30.80 naira is only applicable to forex obtained from CBN, most traders dont obtain forex from CBN. If the Yuan becomes freely available in Nigeria it will probably trade around 1 Yuan is N45 naira, you'll find out in the end there is no difference The only advanbtage in this deal is you dont have to pay the inherent commission in converting currencies twice. I repeat the only advantage from this deal is not having to pay for conversion twice, when you work it out your purchases will still be equivalent to !99 to dollar or 320 to dollar, the only difference is as it is now, the source of your forex, CBN or black market. The government did not tell you dollar will fall, govt did not tell you imports will be cheaper. It is the uninformed, ignorant, overzealous supporters of the govt and APC that are peddling false hope. Please I want ths govt to succeed so stop peddling falsehood because when dollar doesn't come down (as it won't) people will turn around and say govt said this, govt promised that. Govt did not promise anything!!!!!! 4 Likes 2 Shares |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by justmenoni: 5:08pm On Apr 19, 2016 |
oga curse me..who ur cure don epp..u dey curse u never balance yet u dey blame ur village peole..oga reason ur life ooo and free mine.. tempest01: |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by KingMoskiano(m): 5:09pm On Apr 19, 2016 |
PMB all the way. |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by winterfell007(m): 5:09pm On Apr 19, 2016 |
i'm yet to see the benefits. even Chinna relys on the greenback for global transaction. |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by tolustx(m): 5:11pm On Apr 19, 2016 |
All dis benefits still boil down to "imports". I thought we are working on reducing to d bearest minimum our imports. This step does more of encourage imports from China. So 70% of Nigerian imports is from China? Damn it! So what do we export to China? 4 Likes |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by fejicruz(m): 5:12pm On Apr 19, 2016 |
Pls wail into a paint bucket. Person fit use am flush... Lol elmisti: |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by TPAND(f): 5:14pm On Apr 19, 2016 |
elmisti: Thumbs up! A lot of Nigerians are living in fallacious assumptions of how the China - Nigeria currency swap will boost the economy without even looking at the recitals of the agreement. The major reason China offered Nigeria the currency swap deal is to protect her foreign reserve. The Chinese government tightened her foreign exchange policy 2wice in the last 6months. They made accessing dollar so tough in China to combat dollarization, manufacturers are all groaning at their excessive losses. China's foreign reserve is fast depleting as it expands to be the worlds center for cheap labor and production. China's foreign reserve is in dollars not Yuan It is even dumber when you see people say Yuan will outscale the dollar and will be the most traded currency in the world. A lot of our youths spend time watching HipTV. Even the ones working at CBN and the Banks have no clue about how the world economy runs and World Trade works. The world bank is situated in Switzerland, still it operates the US Dollar as the base for its transaction Nigeria is paying back her yuan loan in dollars, see how smart China is, which means even if the Yuan losses value, it is at the detriment of Nigeria. I have seen quite a lot of person wake up and dream that prices of goods and commodities will become cheaper with a malicious way of converting the Yuan to Naira. Let me give you a lame man counter to how people talk about the Yuan. "Are you saying I could walk to a Nigerian bank or Bureau de Change get the Yuan, fly to China and convert to dollars, fly back to Nigeria and recycle in the parallel market for gains". Don't get me wrong I am not saying the Nigeria-China swap deal is not good. But the impact is not as purposeful as it is being projected 10 Likes 1 Share |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Nayok(m): 5:16pm On Apr 19, 2016 |
And I wouldn't surprise if US tomorrow go against PMB and Nigeria |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by onatisi(m): 5:17pm On Apr 19, 2016 |
The honest truth about this deal is that Nigeria has taken 50 steps backward ,except there are things which the FG isn't telling Nigerians . All the policies of obj,yar adua and gej on improving the nation manufacturing base is about to be wiped off all because of 6billion dollars 3 Likes 2 Shares |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Infinitikoncept(m): 5:17pm On Apr 19, 2016 |
The writer forgot a few points. It also means I will rather buy vegetable oil imported from china at #700 for five litres instead of buying from naija manufacturers whose cost price is more than #700 & have to sell for #900 so as to make profit. It also doesn't provide any job since most manufacturers will have to fold up if the first point is not well curbed. D writer claiming usa will lose is a comic, even china is storing USD. They want to get back USD not even yuan plus the FG is yet to tell us who pays the interest on the swap & how much exactly was swapped & how it will be circulated 3 Likes |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by kazyhm(m): 5:19pm On Apr 19, 2016 |
elmisti: you know ? when the differences are the same its very difficult to explain that Jesus is the Christ, not a Christian but the followers are to an intelligent church attender. |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by robinsoncrosoe: 5:19pm On Apr 19, 2016 |
A deal has just been made. It has not yielded anything positive and the zombies have started singing praize songs for their god Last bullet Pls zombies let's see the benefits of this deal before you start clapping your hands in praize |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by musicwriter(m): 5:21pm On Apr 19, 2016 |
USA – The US is gradually losing its international market share to China, this is because China is gradually becoming more daring and eating deep into their market. China has succeeded in eating deep into their share of the market as a result of several deals with the United Kingdom, Russia, India, and many other countries. This's what I've saying ever since to educate my fellow Africans that the IMF and world bank need us more than we need them. Western powers are scared now, they're literally fighting for their survival. That's the reason Ms. Lagarde has been frequenting Nigeria. NB: The article forgot to add the world bank as major losser- it's a US instrument though. |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Abugab(m): 5:21pm On Apr 19, 2016 |
Well articulated. Our prayers is that enemies of progress do not hijack the prices and turn it inside out just to same they know it was a scam. The CBN and FG have to be firm in implementing this as soon as the budget comes astream. |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Abugab(m): 5:23pm On Apr 19, 2016 |
robinsoncrosoe: Doubting Thomases Una no go tire? Do you even believe in your existence? 1 Like |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by alfsalami: 5:27pm On Apr 19, 2016 |
And yet PMB is an illiterate. ? The clueless black market phd holder was there for 5 yrs not knowing this . God bless PMB |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Nobody: 5:27pm On Apr 19, 2016 |
Until then. Hopefully people will be sending their children to chinese university |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Saintp(m): 5:29pm On Apr 19, 2016 |
In order to praise the govt, you guys just to quick to exaggerate things but forget that these are just assumptions. If these don't work few years from now, you will start pointing blames here and there. |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Royals1st: 5:31pm On Apr 19, 2016 |
All this make sense if it work our as plan but it does not make any sense when it come to cleaning or pay customs duty in nigeria, e.g buy goods 1000 from chinco counrty and getting to 9ja the customs duty is 2000 does that make any sense? The Govt should do something with the customs duty |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by igwegeorgiano(m): 5:37pm On Apr 19, 2016 |
good as it may seems, the end shall justify the means. and untill this parley with China starts having direct positive bearing on me and my fellow country men, i choose to remain a doubting thomas. God bless Nigeria. |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Lawcurrent(m): 5:37pm On Apr 19, 2016 |
eyah
hopefully eh go better |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by Jacko1(m): 5:38pm On Apr 19, 2016 |
Explain to me how USA loses because we using yuan as exchange rate Dollar is most accepted form of exchange bar pounds It is stable.... Time trusted.... D greenback make sense Look at jus some business terms associated wit dollar greenback Usa loses nothin say we choose yuan U make it sound as if nigeria is a mover and shaker in d world China is greedy.... At least usa are nt only bout their personal gain China is all about their personal gain trust me.... Hold ur country ransom so dat a time will come wen u can kidnap taiwan citizens hand dem straight to china jus lik kenya recently did |
Re: Nigeria – China Currency Deal – The Biggest Winners And Losers by elmisti(m): 5:40pm On Apr 19, 2016 |
TPAND: It is jst sad that with all our intellects, d common man is still in d dark..... 1 Like |
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