The Central Bank of Nigeria sold yuan at a range of N49-51 at its first auction of the Chinese currency last week, traders said yesterday.

The auction, which is part of an attempt to encourage the use of an alternative trading currency, particularly given the high level of imports from China, sold the yuan for immediate value and for 15-day settlement, traders said.

Some lenders got as much as 60 per cent of the volume they applied for, while one bank got just five per cent. They said the volume sold was based on the price quoted for the yuan at the auction.

China is Nigeria’s biggest trading partner after the U.S., with trade volumes between the two totaling $9.2 billion in 2017, according to data compiled by Bloomberg. Nigeria runs a deficit, importing $7.6 billion of goods including textiles and machinery from China and exporting just $1.6 billion, mainly oil and gas.

http://www.akelicious.net/2018/07/yuan-sale-by-cbn-excites-traders.html

That's good atleast for the betterment of the country.The cost of every china product will be reduce...God bless PMB.

Systermatically handing our production to china hence killing our own industries

It's a welcome development.

make them let us know the rate na.. chai 49 to 51? nawao no be 57 those agents to China dey collect before by the time banks add their own the price with jump almost to the same thing so what's the benefits

Redoil:
Systermatically handing our production to china hence killing our own industries

which industry we get

when the rate hit 500 wake me up so we can encourage our Yahoo boys to import more yen..

yo

good one for nigeria

Should I call it a bad news or a good news. It will help reduce the cost of importation and the cost of imported items but will gradually kill our Local industries and discourage local production. The Government should look for a way to exploit the enormous potential of this country and encourage Local production. We have all it takes to be like China and other country will import from us.

Redoil:
Systermatically handing our production to china hence killing our own industries

No matter what move this government makes, you people will always criticize and complain...

Have you thought that this policy will benefit those who trade with China (international trade is inevitable sir) and also encourage local producers to sit up instead of sitting their lazy ass down and ripping off the populace because of lack of alternative I just weak for u sha

Redoil:
Systermatically handing our production to china hence killing our own industries

Let not the hate in your heart blind your vision.

since this will systematically kill us and you're not happy with that, never buy imported products from China. You ought to contribute as a PATRIOT.

which site can I order for goods and pay with China yuan because majority of these sites used dollars as their tag price.

Good and Bad

WAILERS RIGHT NOW!

Until the exchange rate of dollar to naira comes down then I will take this deal serious. Check the exchange rate for naira today then you will understand that deal has no positive impact for now

Redoil:
Systermatically handing our production to china hence killing our own industries

yes with the dollars they handle our production to america, list how many american and its allies products are in Nigeria compare to China product ? am sure your Phones are China product.

There is need to balance our trade with China. The margin is very wide.

Nogodye:
That's good atleast for the betterment of the country.The cost of every china product will be reduce...God bless PMB.

believe me this will not better anything for the country. It's only a temporary solution to a long term problem.just wait until large chunk of naira start chasing a few Chinese Yuan. Remember Nigeria only export oil to China,to the tune of 1billion dollars and important over 7billion dollar wort of good from China. This a serious trade deficit that will definitely defeat the so called benefit in the long run.
Nigeria really need to start thinking of how to Change things and stop being overdependent on foreign made product.we can produce our own things and grow our economy. People just need to sit down and think and stop chasing shadows

Pls extend the sale to small traders like us too

Redoil:
Systermatically handing our production to china hence killing our own industries

US is even placing trade embargo on Chinese goods because China gives US market same quality at lower cost

BlackAfrican:


No matter what move this government makes, you people will always criticize and complain...

Have you thought that this policy will benefit those who trade with China (international trade is inevitable sir) and also encourage local producers to sit up instead of sitting their lazy ass down and ripping off the populace because of lack of alternative I just weak for u sha

I am a local content manufacturer and I am not lazy. The only obstacles we face are power, soft loans and accessibility of raw materials!

Say what you know!

technuel:
Should I call it a bad news or a good news. It will help reduce the cost of importation and the cost of imported items but will gradually kill our Local industries and discourage local production. The Government should look for a way to exploit the enormous potential of this country and encourage Local production. We have all it takes to be like China and other country will import from us.

what of people like me who want to go into mechanised farming and importation of equipment to ptoduce goods in Nigeria? am sure you now see how it will be of benefit to us

okay, good

princeade86:
which site can I order for goods and pay with China yuan because majority of these sites used dollars as their tag price.

1688.com

Redoil:
Systermatically handing our production to china hence killing our own industries

Imports is inclusive of raw materials and machinery for the local Indo.
Let me tell u how it works:
1.Identify wat u want to import e.g fertilizer blending equipment.
2.Get the promoma invoice from the Chinese seller/Manufacturer
3.Take the invoice to your bank to bid for u at the auction day
4.your bank wires the money Tru formQ
5.. Seller ships the equipment
7.With this smes gradually get boosted in Nigeria.

Hope this helps.

Watch dollar come crashing like a back of cards

Redoil:
Systermatically handing our production to china hence killing our own industries

Hypocritically blindfolded!

If China is just be handed over our production industries, then who have been manning that for years?

Check the frequency of China product within you anywhere you are right now. Your phones, electronics, fabrics, wears to say but few, they're all Chinese products. So China literally own production industries. Majority of electronics in the world is of Chinese Origin.

Meanwhile,

Economy is just about to get better, decentralising our demand on dollar when we deal with Chinese Yuan directly..

Don't tell me you don't know that the scarcity of dollar is responsible for the high exchange rate.

Hence, if there's little demand for it, the price will gradually fall.

Moreover, I hate how people complain about everything as if the the government does not know anything or has ever done anything right, if Government act, you see them complaining. If government shuts off, you see them as renowned critics...

"Since God can't even satisfy human, then who could?"

That's my chill pill!

**proof my grammar at your peril**

Hoping china will get it's payment gate gateway like visa and master so that the currency price index on Alibaba and AliExpress will now be quoted in Yuan.