it obvious the op is mischievious and lots of ppl didn't even read b4 commenting....d main pt is dat nigerians can now buy chinese goods with yuan instead of dollars,which is d same thing d cbn gov stated earlier.

sonnie10:


You own better say na 198.... Some people have be passing through this experiment since 1914.

ahhaahhahah..yours is better....my land lady has bin suffering this since the time of moses

I smell opportunity here. If I can buy 500k yuan at 30 naira per yuan, I can take it to the Chinese Fx market and exchange it for about $77,360. Then come back and sell at 315 to the dollar. I should realize about 24 million naira. A cool 9 million in profit from round tripping alone

This we why we need smart people as government officials.

Sciencs:


To be honest I feel disappointed hearing we never had any swap deal with China after previously announcing to the public we did.

I think it's better u don't announce at all in the 1st place if you're not certain about it. Denyin it later on is so annoyin and disappointing. If u want the masses to take u seriously then u will have to do away with double mouth.

#I still stand with Mr President Nevertheless.

Why disappointed? God just saved you all. Nigerians cannot maintain a university hostel's toilet they want to handle a major collaboration with an economic giant. Ok. Not to talk of the corruption levels in the country. Fix one problem at a time. Nothing positive can happen till corruption is reduced to the bare minimum in the country.

A govt of real change,I don't think they are lying,they are only changing what they said,that's the change thay have 4 us.

If the last administration was clueless, I wonder the words that will be used to describe this Buhari led government

This Govt is really confused, I sold one of my best property to send my younger brother overseas for MSc last year before Jonathan administration left office,thank God I got government rate for his tuition fees , I was only able to pay for 10 months accommodation stay for him at 600 euro per month, now I have 8 more months to pay at a terrible rate of 368 to a euro as against 205 under president Jonathan.
Jonathan God will continue to bless you in Jesus name

All Progressive Clowns

Is that daft CBN governor of in a better position to address the press than a minister who knows not much about the whole deal?

If you're allowing free flow of Yuan into Nigeria.... what is that called? Does it or does it not function same way as currency swap?

These people sha

With time Nigerians will start taking Gov. Fayose serious..he don't just talk, he see before he talk unlike Ameachi and oshiomole that just criticize for power

Stelvin101:
People will just open their useless brain and be commenting rubbish without thinking. If govt has not come to terms with the Chinese about using Yaun to trade instead of dollar, it is because there is no mutual agreement yet and negotiations is still going. Our government is just being careful so as not to jump from frying pan to fire. Nigerian youth stop fooling yourselves and think before you people open y'all stinky mouth.

will you shut your fücking mouth.. can't you see how we are suffering in the land called Nigeria, and you have the guts to open ya septic tank you call mouth to defend this SCAM govt of APC.. or are you a zombie .. if you're .. then SMH

Wen govt just dey so commitd 2frustrating its citizen in every way....smh

May the lives and destinies of all those that campaigned and voted for this apc government be as inconsistent and may all good things in their lives be inconclusive as this government policies are .

The wailers at it again, Wailing thir lungs out,
the article has said nothing different from what has been in the news since PMB went for his great China Trip.

whatalife:
This Govt is really confused, I sold one of my best property to send my younger brother overseas for MSc last year before Jonathan administration left office,thank God I got government rate for his tuition fees , I was only able to pay for 10 months accommodation stay for him at 600 euro per month, now I have 8 more months to pay at a terrible rate of 368 to a euro as against 205 under president Jonathan.
Jonathan God will continue to bless you in Jesus name

its Ok to Bless the People that cursed you. The bible's greatest teaching

Stelvin101:
People will just open their useless brain and be commenting rubbish without thinking. If govt has not come to terms with the Chinese about using Yaun to trade instead of dollar, it is because there is no mutual agreement yet and negotiations is still going. Our government is just being careful so as not to jump from frying pan to fire. Nigerian youth stop fooling yourselves and think before you people open y'all stinky mouth.

You are the one that is fooling yourself, stop defending stupidity. No coherent government will do what this APC government are doing, please call a spade a spade. If they know that this agreement was still on going, why will they come out publicly with it in the first place. How many times will they put out information and retract it, Is this a new system of governance...

richidinho:
Deny swap deal again?, Fayose said it

Fayose, ever focused at the right point. He grabs liars at the scrotum.

kinibigdeal:
With time Nigerians will start taking Gov. Fayose serious..he don't just talk, he see before he talk unlike Ameachi and oshiomole that just criticize for power

You can make Fayose your mentor if his ways appeal to you,

This type of forward and backward move is not good for the APC led Givernment. They are constantly eroding whatever remaining confidence the Nigerian people have in them. This swap deal could very well have been the biggest gamechanger for the Nigerian economy. I know a lot goes on behind but i wish Buhari will take a firm stand once and for all for the deal.

Partisan politics aside, you're thanking someone who added to our problem?

We are currently facing this issue now because of the following

1. Low oil revenue - Not caused by Jonathan
2. Not saving excess oil revenue when price was very high above budget benchmark - Caused by Jonathan and all greedy governors then
3. Trying to defend the Naira against the dollar so the people would not face the reality resulting in the foreign reserve depletion - Jonathan to be blamed here
4. Mis-managing of the little foreign reserve left - Again Jonathan and crew to be blamed (Dasukigate evidence)

In the face of the scenarios listed above, the presentation to government has refused to defend the Naira because doing great so would have led to the country going bankrupt and not credit worthy to suppliers of critical imports.

What many do not understand is that the current fuel scarcity is a direct result of the foreign reserve issues we've been having. It only subsides when government is able to save enough to import in bulk so as to flood the market.

Conclusion, the issue would have been worst under Jonathan had he continued causecause, they would have continued defending the Naira until no more foreign reserve left.

whatalife:
This Govt is really confused, I sold one of my best property to send my younger brother overseas for MSc last year before Jonathan administration left office,thank God I got government rate for his tuition fees , I was only able to pay for 10 months accommodation stay for him at 600 euro per month, now I have 8 more months to pay at a terrible rate of 368 to a euro as against 205 under president Jonathan.
Jonathan God will continue to bless you in Jesus name

If Fayose talk APC supporters will attack him not knowing that the man knows what he's saying. Right from the day this government asumed office, it has been policy of denial. This is what I call "hit and run policy"
Anyways, the bible said that "be not deceived God is not mocked, for what a man soweth that he shall reap..."
APC sowed lies and they are reaping confusion, they sowed propaganda and they are reaping unrest in their government calling GEJ who is having his rest @Otuoke.
Nigeria will be great but it's not from this government that is my optimistic view.

The naira took a downward swing on Thursday after federal government’s disclosure that there was “no yuan swap” deal signed by Nigeria and China.

The naira, which traded between 315 and 317 on Wednesday, sunk sharply to a position between 320 and 322 on Thursday after the disclosure at the federal executive council meeting on Wednesday.

Earlier, Nigeria was reported to have agreed a yuan-swap deal with China, although it has not been finalised.

Godwin Emefiele, governor of the central bank of Nigeria (CBN), had spoken about the deal, adding that it would be concluded by the People’s Bank of China, with the Industrial and Commercial Bank of China (ICBC), the world’s biggest lender, as CBN’s representative.

He said the deal will take pressure off the dollar in Nigeria and help conserve Nigeria’s foreign reserves.

However, Geoffrey Onyeama, minister for foreign affairs, said the deal was not a currency swap, but a deal for the flow of the yuan into Nigeria, adding that the dollar is still in use for international trade.

“It’s not really a swap. What it takes is that as the Chinese economy goes strong, there is some pressure on them from the trading partners, international financial institutions. They agreed that the money should be internationalised,” he said while briefing the press after FEC meeting on Wednesday.

“They started that for a while. They were protecting it also. They did not allow it to be fully exchangeable. But now, their economy is fully strong, they are looking for a way to internationalise the currency.

“They were saying essentially that they wanted to segment it. For Southern Africa, South Africa is going to be the sort of a hub for the currency. So, they are going to be the focal point for the Chinese to make that available for trade in that area.

“In West Africa, they are looking for a hub. Ghana is interested in being the hub for the currency, to circulate it for those who want to use it. It is not compulsory. But Nigeria is a bigger country with bigger economy. So that does make sense, they became a kind of attracted to Nigeria to be the hub.”

He said the currency gives Nigeria flexibility in buying Chinese goods with yuan rather than dollars, corroborating Emefiele’s stance.

“We still use the dollar. But if it not enough and there are some people who want to invest in the country, instead of crying that they cannot take dollar out, there might be yuan that they would be happy to take out because it is now internationalized as a currency and they can use it. So, it gives us a much larger option.

“As you know, a lot of importers now are complaining that they are not able to access the dollars to buy good and things like that. So, if we have in addition to dollar, we have yuan, then they can also have that available.”

The deal has not been totally consummated by all parties involved, but the prospects are bright for Nigeria as remnibi hub in West Africa.



A lot of folks here have comprehension problems..

Jamiubond009:
I smell opportunity here. If I can buy 500k yuan at 30 naira per yuan, I can take it to the Chinese Fx market and exchange it for about $77,360. Then come back and sell at 315 to the dollar. I should realize about 24 million naira. A cool 9 million in profit from round tripping alone

Are you through or you need lecture?

Make them sell this country make we share the money make we all find our way individually.

An old man is an old man; everything is getting corroded and rusted. He is simply dazed. Nigeria of the twenties is different from Nigeria of the nineties; Nigeria is much more complex than Buhari imagined. The pressure is already overwhelming him - only eleven months o. You had better resign - my candid advice; you have a choice though.

diegwu01:
The naira took a downward swing on Thursday after federal government’s disclosure that there was “no yuan swap” deal signed by Nigeria and China.

The naira, which traded between 315 and 317 on Wednesday, sunk sharply to a position between 320 and 322 on Thursday after the disclosure at the federal executive council meeting on Wednesday.

Earlier, Nigeria was reported to have agreed a yuan-swap deal with China, although it has not been finalised.

Godwin Emefiele, governor of the central bank of Nigeria (CBN), had spoken about the deal, adding that it would be concluded by the People’s Bank of China, with the Industrial and Commercial Bank of China (ICBC), the world’s biggest lender, as CBN’s representative.

He said the deal will take pressure off the dollar in Nigeria and help conserve Nigeria’s foreign reserves.

However, Geoffrey Onyeama, minister for foreign affairs, said the deal was not a currency swap, but a deal for the flow of the yuan into Nigeria, adding that the dollar is still in use for international trade.

“It’s not really a swap. What it takes is that as the Chinese economy goes strong, there is some pressure on them from the trading partners, international financial institutions. They agreed that the money should be internationalised,” he said while briefing the press after FEC meeting on Wednesday.

“They started that for a while. They were protecting it also. They did not allow it to be fully exchangeable. But now, their economy is fully strong, they are looking for a way to internationalise the currency.

“They were saying essentially that they wanted to segment it. For Southern Africa, South Africa is going to be the sort of a hub for the currency. So, they are going to be the focal point for the Chinese to make that available for trade in that area.

“In West Africa, they are looking for a hub. Ghana is interested in being the hub for the currency, to circulate it for those who want to use it. It is not compulsory. But Nigeria is a bigger country with bigger economy. So that does make sense, they became a kind of attracted to Nigeria to be the hub.”

He said the currency gives Nigeria flexibility in buying Chinese goods with yuan rather than dollars, corroborating Emefiele’s stance.

“We still use the dollar. But if it not enough and there are some people who want to invest in the country, instead of crying that they cannot take dollar out, there might be yuan that they would be happy to take out because it is now internationalized as a currency and they can use it. So, it gives us a much larger option.

“As you know, a lot of importers now are complaining that they are not able to access the dollars to buy good and things like that. So, if we have in addition to dollar, we have yuan, then they can also have that available.”

The deal has not been totally consummated by all parties involved, but the prospects are bright for Nigeria as remnibi hub in West Africa.



A lot of folks here have comprehension problems..

So its Nigerians that forced them to spit shithole claiming they signed a currency swap just to score cheap political point abi? Gerrahere

Tomorrow they'll deny denying the swap deal

franciskaine:
Many will just comment without consummating the news, nawao!

I tell you. They are all eager to criticise the government, whether good or bad, just give them a misleading headline, and that's it.

Jamboreessssssssss as usual. Don't worry I know my people, they will believe whatever we tell them.

Lies and super denials as usual.
God punish devil.

Sciencs:


To be honest I feel disappointed hearing we never had any swap deal with China after previously announcing to the public we did.

I think it's better u don't announce at all in the 1st place if you're not certain about it. Denyin it later on is so annoyin and disappointing. If u want the masses to take u seriously then u will have to do away with double mouth.

#I still stand with Mr President Nevertheless.

Evrything about this government is inconlusive...why now. GMB is completely surrounded by werey people. Anyway God is on his side, l believ Nigeria is going to be developed.

sinistermind:
Hehehe... dis country sef, we really don't know what we want. Everyone will come with his or her own policy. This crisis would have been averted if we had switched to anoda hard currency... I pray we get out of dis in one piece cos I don dey plan move to Ghana.

Oboy no think am ohh Ghana hard pass Sudan....if you knw wetin we dey face for hia lol