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Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association - Business (3) - Nairaland

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Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by justmenoni: 6:50pm On Apr 17, 2016
Your gullibility ia factory fitted.


quote author=Heffalump post=44789662]Association of Wailers will hear this and suddenly develop Heart attack!

#IstandwithBuhari

Wailers can go to jail!! undecided[/quote]
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by haibe(m): 6:51pm On Apr 17, 2016
SamuelAnyawu:
Might be true tho..

If demand for dollar decreases surely naira will appreciate...

Simple Econs101

Did you say surely? Don't be too sure though. For the naira to dollar exchange rate to really rise, then the cumulative demand for dollar around the globe should drop by a reasonable percentage while naira maintaining its value or appreciate. If other factors driving demand for dollar is more significant than the decrease in dollar demand in Nigeria, don't expect any appreciation in the naira to dollar exchange rate.

The most important thing is increasing the demand for Naira.., the dollar would hardly fall sustainably without our naira having a reasonable demand. In order words, we really need to cut down our imports and focus more on export.

1 Like

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by EmmaOgbu(m): 6:52pm On Apr 17, 2016
That is a good move at the right time.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Mayflowa(m): 6:53pm On Apr 17, 2016
ChoCandyDiamond:
This wont work, it will surely backfire because Yuan is not a stable currency like dollar, some people will get their fingers burnt at the end of the day, even China have the biggest dollar reserve in world with US

Did they say, we are going to do away with dollar reserve? It's just a fraction of our reserve that will be in Yuan. This is so good to create option and dampen the anxiety of naija-china import which is huge.

My only encouragement would be Chinese buying our mineral resources and crude oil to great a corresponding balance of trade between the two country.

In true sense, the policy will lower dollar value
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by 989900: 6:53pm On Apr 17, 2016
modath:


I know nah, na today... wink

Just reiterating that the BM rate that some "experts" have been using as point of ref when calling for devaluation is not devoid of myriads of speculative & sharp practices...

Probably, if we didn't have billions in septic tanks & bedroom safes, maybe it would have been at 220-250 band? My 2k.

I was reading this ^^ then I stopped to check who was photocopying my mind . . . voila, Mo'! #mytelepathictwin

Profiteers, racketeers, speculators, and hoarders are largely responsible for the aberration happening . . . from individuals to corporations, banks and the CBN.

1 Like

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by modath(f): 7:01pm On Apr 17, 2016
989900:


I was reading this ^^ then I stopped to check who was photocopying my mind . . . voila, Mo'! #mytelepathictwin

Profiteers, racketeers, speculators, and hoarders are largely responsible for the aberration happening . . . from individuals to corporations, banks and the CBN.

Yes boss!! cheesy
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by 989900: 7:02pm On Apr 17, 2016
When people say the Yuan is unstable, I wonder if the Dollar or any currency for that matter is totally immune to instability.

Look at what happened to the dollar some years back, or what is happening to the Euro now.

And since the yuan reserves will be largely for yuan purchases, I don't think we have any major issues there if it depreciates, actually it works in our favour when making purchases, it may not work in our favour if we have to pay back yuan debts in dollars (if we have a strong dollar).
However, if we have a strong economy and a strong Naira it still works in our favour.

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by ChoCandyDiamond(f): 7:03pm On Apr 17, 2016
LAGOS PARALLEL MARKET RATES


Quotes: * morning **midday ***evening

NAIRA DOLLAR POUND EURO
(NGN) (USD) (GBP) (EUR)
BUY / SELL BUY / SELL BUY / SELL
15/04/16 320 / 323*** 445 / 450*** 361 / 365***
15/04/16 320 / 323** 445 / 450** 361 / 365**
15/04/16 320 / 323* 445 / 450* 360 / 365*
14/04/16 320 / 323 445 / 450 360 / 365
13/04/16 320 / 323 445 / 450 360 / 365
12/04/16 320 / 323 445 / 450 362 / 365
11/04/16 319 / 322 445 / 450 360 / 365
08/04/16 320 / 323 445 / 450 355 / 362
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Nobody: 7:05pm On Apr 17, 2016
This is a great news,am loving it...wailers can rot in hell for all I care.

1 Like

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by miqos02(m): 7:09pm On Apr 17, 2016
ok
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Flets: 7:10pm On Apr 17, 2016
What will china be doing with a swapped naira? What market will they trade the swapped Naira? What is our volume of export to reciprocate supposed chinese yuan import?

In its simplest term, Nigeria needs yuan but does china need naira?

Behind the answer to this question lies the gullibility of Nigerians.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by loomer: 7:11pm On Apr 17, 2016
Wetin concern me and dollars? When na euro me dey deal on.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by 989900: 7:13pm On Apr 17, 2016
Flets:
What will china be doing with a swapped naira?

Behind the answer to this question lies the gullibility of Nigerians.

You've not been following, have you?
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by erico2k2(m): 7:14pm On Apr 17, 2016
laurel03:
"You know more than 50 percent of foreign businesses in Nigeria is with China and before now, Nigerians doing business in China have to change their money to dollar, then from dollar to Yuan"
"Instead of the headache of dealing with 3 currencies, the dollar element is now removed and we have a normal 2"
#PMB Nagode 4 ds 1..... chilled fura 4 u as u no dey drink ogogoro like our ex oga..
This where the vast majority of you get it wrong, In China you buy in DOllars not yuan,
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by 989900: 7:17pm On Apr 17, 2016
erico2k2:

This where the vast majority of you get it wrong, In China you buy in DOllars not yuan,

Just ask them you want to pay in Yuan.

I do it anytime I have to.

1 Like

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by hardeydara213(m): 7:18pm On Apr 17, 2016
Naa tru oooo DOLLAR Don enter wan chance, CHINESS yen will do the magic
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by laurel03(m): 7:18pm On Apr 17, 2016
erico2k2:

This where the vast majority of you get it wrong, In China you buy in DOllars not yuan,
u can buy in dollar anywhere in the world

1 Like

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by ChoCandyDiamond(f): 7:22pm On Apr 17, 2016
Mayflowa:


Did they say, we are going to do away with dollar reserve? It's just a fraction of our reserve that will be in Yuan. This is so good to create option and dampen the anxiety of naija-china import which is huge.

My only encouragement would be Chinese buying our mineral resources and crude oil to great a corresponding balance of trade between the two country.

In true sense, the policy will lower dollar value
what will be the outcome at the long run and the benefit, will they buy our crude oil in yuan, who will buy excess yuan, dollar will end up been more expensive for other users because the forex market which is traded in dollars will collapse, in flow of dollar to Nigerian economy will stop, only people living abroad will be sending dollar home, Zimbabwe that try that how far for them, at the end of it, if Yuan fluctuate as usual inflation will skyrocket in Nigeria.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by vigasimple(m): 7:25pm On Apr 17, 2016
You have been buying fake goods before now will be buying fake currency.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by ChoCandyDiamond(f): 7:27pm On Apr 17, 2016
Flets:
What will china be doing with a swapped naira? What market will they trade the swapped Naira? What is our volume of export to reciprocate supposed chinese yuan import?

In its simplest term, Nigeria needs yuan but does china need naira?

Behind the answer to this question lies the gullibility of Nigerians.
Chinese businesses dont even want yuan because they dont trust it, they prefer USD
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Nobody: 7:28pm On Apr 17, 2016
LionInZion:
I will be so happy if all the news about Nigeria-China deal becomes reality, as a fabricator and other artisans who depend majorly on products from China, we have a lot to gain. Honestly, anything that will relief us of this dollar dependency is highly welcome.

Right on bro! When people talk about we import from China as bad, stating that we need to also export they mostly forget the fact that we don't import only consumables but as Fabricators and related businesses we import machines for production and can move on to export the end product.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by FOLLEY20(m): 7:28pm On Apr 17, 2016
SamuelAnyawu:
Might be true tho..
If demand for dollar decreases surely naira will appreciate...
Simple Econs101
Thank u! U are very correct.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Boss13: 7:31pm On Apr 17, 2016
masterblogger:
This is a very good move. Though am not from any political party, I support Buhari and Ifeanyi Uba on this.

From what I heard from reliable source, it was IFEANYI UBA (CAPITAL OIL) that single handedly initiated and made sure the idea was implemented by Buhari. He said he was ready to risk his investment if the idea did not work.

I think he should appoint Ifeanyi Uba as one of his special adviser especially on economic issues thats if he will accept it. He did brilliantly with the advise.

Let's all give kudos to him.

Click like if u agree and share if you disagree

This man that is yet to pay AMCON
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Kingspin(m): 7:32pm On Apr 17, 2016
For how long will it last?
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by solacong: 7:38pm On Apr 17, 2016
Let it go down fast, and may God disgrace all the saboteurs
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Nobody: 7:39pm On Apr 17, 2016
its true oo! one dollar is now 199 naira. shocked
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by sanusidabo: 7:42pm On Apr 17, 2016
Breaking News USD has further crashed as to USD $1 is #210 sourced BDC Lagos suppose by Zenith.

1 Like

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by erico2k2(m): 7:43pm On Apr 17, 2016
989900:


Just ask them you want to pay in Yuan.

I do it anytime I have to.
The you are talking about goods under 1M naira.Cos they don't get tax breaks,they pay more tax wen you pay i n local currency, just don't take my word for it ask them this too.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by globalresource: 7:44pm On Apr 17, 2016
ChoCandyDiamond:
This wont work, it will surely backfire because Yuan is not a stable currency like dollar, some people will get their fingers burnt at the end of the day, even China have the biggest dollar reserve in world with US

Here they come. Prophet of doom shocked
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Bgorgeous: 7:46pm On Apr 17, 2016
This is real change.see economic policies that gets to the middle class table right from the top.not the robost economy on paper.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by erico2k2(m): 7:46pm On Apr 17, 2016
laurel03:
u can buy in dollar anywhere in the world
Not at all, try and buy in Dollars in the UK or EU.no deal and this is fact.your money get converted
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by erico2k2(m): 7:47pm On Apr 17, 2016
Bgorgeous:
This is real change.see economic policies that gets to the middle class table right from the top.not the robost economy on paper.
How does this effect you and more so gets to the middle class table?wanna face reality

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