Central Bank of Nigeria Officially Signs Currency Swap Deal, What it Means

I know Most of You don't know the meaning of Nigeria dollars, yuan swap with China. And why the American government is desperately smoothing the relationship with Nigeria.

Let's me get it clearer to you before the enemies of Progress twist it for you.

Soon you will be buying that techno phone you bought at N80,000 for N12,000.

This is why even the oppositions, haven't said anything about it.

The Central Bank of Nigeria has finally signed the currency swap deal we have been expecting for the past 2 years into existence with the Chinese government.

The importance of this is that since almost 70% of the goods we import come from China and Asia and 12% America why must we use Dollars to transact with China? from now instead of using dollars at N350 to 1dollar to import those goods, we can now buy Yuan at 47 nairas to 1 Yuan and import those stuff directly.

Instead of buying these goods in dollars in China, we will now buy them in Yuan which is 5times cheaper than dollars.

As usual, another giant stride which Print Media, Electronic Media and Nigerian looters will not report or allow you to understand this victory over supremacy of dollars in our daily lives and economic activities.

Upcoming reality is that from now, try to monitor exchange rate. Some of those guys who hoarded foreign currencies to make gains will offload them in order not to have a heart attack over their huge loss arising from the currency swap deal with China.
Dollars and pounds will flood everywhere with no buyers, as the buyers will draw naira from their accounts in banks with a presence in China.

Many Nigerian banks will be seeking to have their representative office in China like First bank who saw to the future and already have an office in China.

Inflation will go down drastically because of the price of commodities that will drop.

Please share your thoughts

See Everything You Need to Know about Currency Swap between Nigeria, China : https://www.millitime.com/everything-you-need-to-know-about-currency-swap-between-nigeria-china/?wpam_id=1

@OP...just one question...
Is 1 US Dollar equal to 1 Yuan?

Nice deal

I pray it shld be so.

I cross my leg, waiting for the sign... pray it walkout has expected..