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Nairaland Forum / Nairaland / General / Business / CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week (16225 Views)
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Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by Dolarman(m): 11:23am On May 23, 2018 |
Gucciboss: Why are you so BITTER!!!!!! People like you feel so disgruntled once you read or hear any thing positive about the present dispensation. Learn to appreciate something GOOD and criticize only if its BAD, hence that's the only way we can make progress in this country. 1 Like |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by SIRTee15: 11:37am On May 23, 2018 |
dryakson: But yuan against the naira will also rise Maybe triple than what it is now.... The pressure will simply be transferred from dollar to yuan... On the long run frustrated importers who can't get their hands on enough yuan will still purchase dollar... I don't really see any remarkable gain.... Except immunity of our foreign exchange reserve to dollar shock.... Remember CBN will need to start building a yuan reserve to meet the demand... And I really don't know how cbn will do that unless we begin to sell our oil in yuan.... And selling oil in any other currency apart from dollar is inviting trouble from America..... Jonathan tried that and all he got was boycott of nigerian crude oil, boko haram insurgence, blocking of arms sales n chibok scam.... American simply frustrated his govt until it collapsed..... The long term target for naira rise n stability should be diversification of our export.... Thus measure will only result in short term gain due to panic selling n buying.... Right now I heard abokis are desperately trying to dispose the dollars in their hands n are refusing to buy pound/dollar except at below market value.... America fustrated 2 Likes |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by killuminati(m): 11:37am On May 23, 2018 |
Dolarman:no mind the enemy of progress |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by AngelicBeing: 11:57am On May 23, 2018 |
dryakson:
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Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by dryakson(m): 12:09pm On May 23, 2018 |
SIRTee15:Many NIGERIA banks will be seeking to have their representative office in China like first bank who saw to the future and already have office in China. |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by CODEEATER(m): 12:11pm On May 23, 2018 |
People wey de wait to enter aliexpress..m b prepared to b disappointed |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by ClintonDal(m): 12:38pm On May 23, 2018 |
Isn't this the same Yuan swap deal they celebrated like 2015 abi 2016?? |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by Gucciboss: 12:45pm On May 23, 2018 |
Dolarman: You must be a dullard that is why you can't read nor comprehend. Pls enrol yourself in any primary school near you. |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by mukthar2000(m): 1:11pm On May 23, 2018 |
Allihamdulillahi, sai baba nagodee for the great achivement |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by Didi2d(m): 1:17pm On May 23, 2018 |
Our Igbo brothers will benefit more from this deal... But trust them ( Igbo brothers) they will still sell to Nigerian on a high rate, claiming they've spent so much on importation |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by gabbie77: 1:26pm On May 23, 2018 |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by Osgilliat(m): 1:53pm On May 23, 2018 |
IJOBA2: Which one be Yoruba Muslim again? Yoruba will always be one irrespective of religion, politics or whatever. |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by IJOBA2: 2:01pm On May 23, 2018 |
Osgilliat:https://www.nairaland.com/4520134/ekiti-2018-fayemi-should-pick#67808761 |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by APCsupporter: 2:04pm On May 23, 2018 |
SIRTee15: The America of today cannot really bring down Nigeria. At least not like the way they have been doing before cos the world is now wiser. Gone are those days when America will support terrorism and still be seen as saints. China won't fold their arms cos its a trade war between the 2 of them. Anyways i don't know much about economics so I can't argue with you on the other issues you raised |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by APCsupporter: 2:06pm On May 23, 2018 |
Didi2d: I pray that they do it. I will go back to my mini importation business and sell my goods at way lower prices |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by bayulala(m): 2:14pm On May 23, 2018 |
dryakson: This just the right sense in the currency swap Must commend this administration for this great move 1 Like |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by ZeOptimist(m): 2:29pm On May 23, 2018 |
chisure:And what's bad in trying the Yuan |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by laydoh(m): 2:51pm On May 23, 2018 |
guys,pls wat z d benefit of the deal.explain to a lay man. |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by laydoh(m): 2:58pm On May 23, 2018 |
ritababe:seriously,i am overwhelmed with joy at d moment.i just pray it cums to fruition and works.i cant but wonder that this 9ja. |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by Zane2point4(m): 3:07pm On May 23, 2018 |
Chibuzoc: pls i never really understand this, pls can you take out a little time to explain how this will help importers, thanks. |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by DabuIIIT: 4:08pm On May 23, 2018 |
APCsupporter: so you had a mini importation business that you ABADONED,huh? Did you abadon it because of govt's bad and retrogressive policies and bad economy? I bet your arsse you did and are proud cos you are always quick to tell whoever cares to listen to your warped rants that the Igbos do not control any part of the economy. And again,your small time importation kinikon remains dead until we have a good and working system in place,kachiko? Lzaa immhotep pointzerom 1 Like 2 Shares |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by LZAA: 4:11pm On May 23, 2018 |
DabuIIIT: 1 Like
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Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by Dolarman(m): 4:29pm On May 23, 2018 |
Gucciboss: I can see how foolish you are.... Pained FL______T HEAD. The more reason you people cant progress but ride on other peoples hustle to claim cheap glory. Go and have a life online warrior (Children of Hate ). |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by PointZerom: 5:07pm On May 23, 2018 |
DabuIIIT:LMAO 1 Like 1 Share |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by PointZerom: 5:16pm On May 23, 2018 |
APCsupporter:Lol, importation of human skulls is prohibited in Niger Area that's why we source it locally in Ogun, Ogbomosho and Oshogbo. Cc Dabulllt Immhotep Lzza 1 Like |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by Toni19: 5:18pm On May 23, 2018 |
The deal is laden with pitfalls In a swap deal expected to provide local currency liquidity for both Nigerian and Chinese businessmen, the Central Bank of Nigeria (CBN) and the Peoples Bank of China (PBoC) recently signed an agreement on a transaction valued at Renminbi (RMB) 16 billion, the equivalent of about $2.5bn. Both the CBN Governor, Godwin Emefiele, and the Director General of the African Affairs Department of China’s foreign ministry, Lin Songtian, spoke glowingly about the deal. “The essence of the mandate is to ensure that Nigeria is designated as the trading hub with China in the West African sub-region for people who want the Renminbi as a currency denomination,” argues Emefiele while Lin contends that the deal “means that the Renminbi (Yuan) is free to flow among different banks in Nigeria and has been included in the foreign reserves of Nigeria.” For sure, a currency swap deal means that the Chinese Yuan would begin to rank with dollar, Euro and to a little extent, pounds sterling as a second currency in Nigeria. It also means that Nigerian banks can open letters of credit in Yuan instead of the dollar, euro or sterling. Theoretically, this deal will enhance trade between the two countries. From a currency risk management perspective, by including the Yuan in our foreign reserve basket, we reduce the exposure of our foreign reserve to the volatility risk of any single currency, especially the dollar. Aside the fact that the deal shields Nigerian businessmen from the vagaries of third currency fluctuations, it is now also easier for Chinese manufacturers seeking to buy raw materials from the Nigerian market to obtain naira from Chinese banks to pay for their imports. Many countries now have this kind of agreement with China in what can be described as a win-win situation in an increasingly interdependent global market situation. Notwithstanding, there are genuine fears that Nigeria might still not enjoy the benefits of this deal under the current prevailing environment. As we stated in an earlier editorial on the issue, there are too many questions left hanging. China has historically been accused by Western nations of artificially weakening the Yuan to encourage export, implying that a weaker Yuan gives China an undue advantage over other stronger currency nations. The converse will also be correct: a weaker Yuan will discourage import of foreign goods into China as their prices would become uncompetitive. Therefore, on this swap deal, will Nigeria also fall prey to a relatively weaker Yuan especially given the current balance of trade in favour of China? China is a trading partner in the purchase of our crude oil, which is responsible for over 80 per cent of our foreign exchange earnings. If China now pays for that with Yuan, our stock of Yuan increases while our dollar receipts will decrease by the same amount. But the relevant question here is: given the balance of trade between China and Nigeria of over US$14billion and growing, will the Yuan supply gap in Nigeria not imply an upward rate push eventually of the Yuan thus bringing us back to square one? Besides, from where are we going to get enough Yuan to stabilise the naira and keep it strong since that appears to be the main economic objective of the administration? Put differently, we must do something to earn Yuan except we are borrowing from China and if we borrow, we must pay someday. If we don’t, then we must sell something to China to be able to trade in that currency. The point we are making is that other than oil, we have nothing more to sell to China but we buy so many things from China. Therefore, in implementing the Swap, we hope the authorities will take t 1 Like |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by Chibuzoc(m): 5:33pm On May 23, 2018 |
Zane2point4: Instead of using a Chinese agent who normally helps in payment, you will have the opportunity to pay the manufacturers or sellers by yourself if the operate with any nigerian bank presently in China. 2 Likes |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by APCsupporter: 5:39pm On May 23, 2018 |
PointZerom: One thing that I can give credit to igbos for manufacturing is babies from their factories. And so many of their products are on NL 1 Like |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by APCsupporter: 5:49pm On May 23, 2018 |
DabuIIIT: I wonder what you guys smoke I left mini importation because BETTER opportunities came up elsewhere. I'm not a lazy dependent guy that cries to the govt all the time But that doesn't mean I wouldn't occassionally go back to it for a quick cash when I see opportunities. Ask anybody who is into mini importation whether he lost or made profit when dollars was getting more and more scarce. The igbos don't control any part of the economy other than exports of hard drugs and weed if they do then mention it |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by DabuIIIT: 6:05pm On May 23, 2018 |
APCsupporter: no need to sweat in the arsse to explain,be a man and accept the truth,ur dullarpo yaff rendered yua mini gworro importation bizness comatose. Dollar aint that scarce,its on a high side...you had hoped your President Buhari would fulfil his #1 to $1 campaign promise,gagani ko? Lzaa pointzerom 1 Like 1 Share |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by DabuIIIT: 6:09pm On May 23, 2018 |
APCsupporter: the hausa almajiris that litter the entire country,what a they product of? The north is a curse to 9ja! Good4nothing.. |
Re: CBN To Unveil Naira-Yuan Swap Deal Operational Framework Next Week by APCsupporter: 6:13pm On May 23, 2018 |
DabuIIIT: The hike was only felt by consumers and not importers cos we still made profits and when the Nigeria-china deal kick-starts The cost will go down. Instead of buying at 320 per dollar it will be somewhere around #60 per yuan so go and cry |
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