.

only the Chinese benefited from the arrangement, Nigerians don't look at terms and conditions before signing document

...

Raiders:
US dollars is the world currency. A chinese exporter will not even accept your payment if you try to pay them in their chinese currency. everybody wants the US dollars when it comes to intl trade

stop talking what you don't know. US dollars is not world currency but preferably world reserve currency due to confidence in their economy and world power.

gratiaeo:

you are lying

i do business with some chinese importers and trust me when i say they only accept payment in dollars. why do you think most of our Nigeria manufacturers are having problem sourcing for materials abroad due to the dollars scarcity. no serious suppliers or country will accept your payment if its not in dollars.even Nigeria only accept payment for their crude oil in dollars only

Exactly what we should be doing. There are so many things we let just lying down. No questions asked and the matter fizzles away.
What happened to that bloody propaganda?
Where is Farouk Lawan?
Where is Maina?
Who was punished for the massacre ad Odi and Zakibiam?
What happened with the remaining of MTN's fine?
Who is always burning government houses and offices especially in the South?
Hundreds of unanswered questions and no one talks about them anymore. And the same issues will continue.

I have asked this question several times and no one is giving me any answer including the BMC guys that were masturbating all over the place when the deal was announced.

During that period, anyone who tried to ask some real questions were labeled haters, wailers etc. Today, no one is talking about it including the BMCs. in fact, it has entered Voicemail.

AngelsAndStars:
stop talking what you don't know. US dollars is not world currency but preferably world reserve currency due to confidence in their economy and world power.

the US dollars is the world currency. Th US dollars is the only way you can pay for goods and services in international trade. why is it that Nigeria government accept only dollars for payment of our crude oil sold abroad. Also almost all the countries in the world including Nigeria have their reserve in US DOLLARS

I think Nigeria is still waiting for China to give the approval so Nigeria can become the clearing hub in West Africa for Chinese Yuan.



www.thenationonlineng.net/deal-china-not-currency-swap-minister/

A caveat was put there by the Chinese Government that the beneficiaries would only be Chinese citizens only trading in Nigeria.

This contributed to killing the swap. I also believe that the US government contributed as well.

if the deal went through i would have been a dissaster nigeria would have been in debt to china in the end china would have ended up owning every thing in nigeria including our airports, land ports and other Government owned institutions and infrastructures because of nigerias inability to pay the chinese back. i may be wrong though some one can correct me if i am. i am here to learn also.

hobermener:
Propaganda happened!!! It was a stupid deal from inception, lies told to gullible zombies to increase the popularity of the old terrorist. It never happened cos there wasn't any such deal in the first place!!!!

Can't you educate people without insults (gullible zombies). Justify your points that's all we zombies need from you -the wise . That gullible zombie might be financially balanced/capable than Solomon like you.

gratiaeo:

you are lying

Kindly expatiate. Why would a Chinese like to receive payment in Yaun?

Gentle2015:



Kindly expatiate. Why would a Chinese like to receive payment in Yaun?

Dont mind that guy. its just like saying Nigerian government will accept payment for our crude oil in Naira or Yuan. Everybody including Nigeria and Chinese government want payment in dollars.

APC government have been gambling with economy from inception. No verified policies.

whether it worked or not, it was a temporary and artificial solution. Same way Osinbajo pumping dollar into the system is not a sustainable solution.

make our export balance with our import - that's long term solution.

make we go into agriculture, make we try produce more with our resources, make me refine our own oil etc etc - that is long term solution.


This is ABC economics.

Bhai went to see Obama some weeks later, and Obama told him not to do it, that the USA, which owns the dollar, is going to do something to fix Nigeria''s FOREX crisis. That was how Baba forgot about the Naira-Yuan Swap Deal and kept waiting for Obama's help till Donald Trump arrived.

Nigeria is not a serious country. Buhari that was alarmed that GEJ abandoned the unbelievable Rail Deal which China offered Nigeria, he too has abandoned the incredible Naira-Yuan Swap Deal. His successor will come on TV and be alarmed too, yet that one will still abandon the amazing deal China will offer Nigeria. All this, because America said so.

Very soon, China could take that Yuan Swap Deal to Ghana, and we may end up going through Ghana to buy Yuan before heading to China for imports. Thereby also strengthenning the Cedi, and spending on flights and hotel in Ghana, boosting their GDP.

Nigeria is not a serious country!

All was just for show op cos after like some weeks even the government stopped talking abt it........ I think it was all part of the initial gra gra these useless government wanted us to believe they were working.. Na Buhari return we dey celebrate now nothing like China deal swap.

gratiaeo:

you are lying

stop saying thing u don't know hw do u know he is lying? Chinese people don't hv raw materials so they also buy from other
countries. if u giv them naira hw r they gonna buy from other countries? let me tell something u don't know in a Chinese persons product is.valid for hundred naira. n u come with dollars they will sell it ninety seven naira to u but if u come up with naira u wil buy they same goods hundred and five naira under abeg yet they will not sell much quantity to u for fear of exchange

let me ask u one question china is not buying much from nigeria if we flood their market with naira hw r they going to return or spend it since other countries wil not accept it from them think well it never gonna happe

common togo n ghana can't accept naira n u believe might China can do so your government don't hv brain at all

Raiders:
US dollars is the world currency. A chinese exporter will not even accept your payment if you try to pay them in their chinese currency. everybody wants the US dollars when it comes to intl trade

I think you are very correct because its like saying foreign countries wants to start buying Nigerian oil in naira, which I'm certain CBN will never agree to. Everyone wants dollar

And why should common Ghana accept useless naira from common nigeria?

mormoney85:
stop saying thing u don't know hw do u know he is lying? Chinese people don't hv raw materials so they also buy from other
countries. if u giv them naira hw r they gonna buy from other countries? let me tell something u don't know in a Chinese persons product is.valid for hundred naira. n u come with dollars they will sell it ninety seven naira to u but if u come up with naira u wil buy they same goods hundred and five naira under abeg yet they will not sell much quantity to u for fear of exchange

let me ask u one question china is not buying much from nigeria if we flood their market with naira hw r they going to return or spend it since other countries wil not accept it from them think well it never gonna happe

common togo n ghana can't accept naira n u believe might China can do so your government don't hv brain at all

The usual scam

if two-thirds of our imports are from china and yuan is adopted to the demerit of the dollar, the dollar would lose value globally if almost one continent out of 7 abandons it considering other african countries would use nigeria for yuan clearing.

yomibelle:
politics happened!
Thère isnt any economic decision without a political intuition
There isnt any political decision without an economic intuition
Btwn d Nigerian, Chinese & U.S govt, d deal failed to fall thru

It actually fell through.

Raiders:
the US dollars is the world currency. Th US dollars is the only way you can pay for goods and services in international trade. why is it that Nigeria government accept only dollars for payment of our crude oil sold abroad. Also almost all the countries in the world including Nigeria have their reserve in US DOLLARS

Only way? like its a world wide statutory tender? false.

you need to know how you apply your words for proper communication.

i see this act dropping the dollar to pre elections rate. politically however, the us might see this as an affront or an act of economic warfare by nigeria and china. remember intl news started to bad mouth bubu when the deal was first mentioned.

AngelsAndStars:
Only way? like its a world wide statutory tender? false.

you need to know how you apply your words for proper communication.

Seriously, you won't stop thinking what future awaits Nigeria. Its so called tomorrow's leader are just too daft.

Number one, Chinese will never accept Naira neither will Nigeria accept Yaun. What are they going to do with it? So, China will also have a foreign reserves in Naira? Why can't our youth think or read? Seriously, it is disheartening.

The deal is all about service swap and this happens sometimes. The deal is about paying for Chinese services in their own currency.

Example:
If a Chinese company is about building an international airport for Nigeria, the Nigerian government will now pay for the material to be used from China in Yaun. It will be two government deal. All materials to be used will be supplied for and it will be charged in Yaun...period.


This has nothing to do with import-export from individuals or companies. This is just like a mutual agreement between two governments. Why all this fuss?

Though, temporary remedy, IT WAS A BRILLIANT IDEA, but the d.umb nomad trashed it as usual!

That was d ''FIRST AID'' a bleeding nigeria urgently NEEDED before the arrival of doctors for PROPPER treatment!
I regret voting CHAINge.

It is Yuan not Yen.

[quote author=jejemanito post=54505074][b]Fantasize about the miracle of currency swaps, pump in artificial cash all you want.

At the end of the day, we all will go back to ECN 101

IF Import >> Export THEN

Economy = "Recession and Doom"

END
disp("Recession and Doom"

Why are you people always talking about swap swap swap, fixed exchange rate among countries died with Nixon in 1970.

Give me one good reason for China to commit to swap deal. What does China need your naira for? Eh?

Your naira is useless to even you, so what do the Chinese need it for.

You only have one thing the Chinese need, oil. The Chinese however, can always buy your oil with dollar since even your crude oil sales are usually denominated in US dollars.

Please the swap deal was dead from the beginning.
Have you seen any other country that swap?

Even EU countries under the ERM II have to keep their currencies within a speculated margin by providing the difference from their reserves.

Gentle2015:



Seriously, you won't stop thinking what future awaits Nigeria. Its so called tomorrow's leader are just too daft.

Number one, Chinese will never accept Naira neither will Nigeria accept Yaun. What are they going to do with it? So, China will also have a foreign reserves in Naira? Why can't our youth think or read? Seriously, it is disheartening.

The deal is all about service swap and this happens sometimes. The deal is about paying for Chinese services in their own currency.

Example:
If a Chinese company is about building an international airport for Nigeria, the Nigerian government will now pay for the material to be used from China in Yaun. It will be two government deal. All materials to be used will be supplied for and it will be charged in Yaun...period.


This has nothing to do with import-export from individuals or companies. This is just like a mutual agreement between two governments. Why all this fuss?

you quoted the wrong person probably? check properly