Where are those who came out to tell us about the currency swap and how it will benefit Nigerians especially importers, they wrote a whole text book defending this matter, now where are they, their favorite APC have once again denied it.

Even though we don't like Fayose's unprofessional attitude in this whole China thing, he actually may have proved that this government is unserious.

The value rise was speculation based and now the value fall is reciprocation of the speculation event. Balance returning in the face of further information.
Speculation will come and go but only truth will take hold or the malevolent forces of corruption during the time that truth slumbers/cowers.

DonMaxxy:
Really...so this people went to China for a five day excursion. Chisoooooooooooooooos! why cant this people be open, tansperent and true for once.

For God's sake China knows that Nija is an unstable economy for now. Therefore what was signed was an "oil-services" swap and nothing more.

Tell the people the truth. And now lemme warn you people, "we are tired of this new day new denial" you people cannot continue playing with over 140 million people. This will be our last warning before something does you people there.

this is worst than i earlier thought. an administration without direction. a goverment speaking ftom both sifes of their stinking mouth. who could ever imagine that this administration is more clueless than the previous ones. perharps they are beginning to see the danger signal and are now singing a different brand of music. cluelessness is a bad attribute of any goverment.

I no talk am? ..And dia useless supporters are still suffering and smiling,refusing to accept dey av been conned..Apc=Scam...

richidinho:
Deny swap deal again?, Fayose said it

the man na prophet ooii

... His prophecies for the govt in 2016 is coming to pass. Fuel crises etc

sanusidabo:
BREAKING NEWS the reality of the forex market is quite impressive due to the government efforts to prevent speculators from further deliberate destroying the economy. At the moment USD$1 is #223 at black greedy market BDC sourced Financial institutions.

Where did you get that from ?
Are you related to CBN governor ?

Buhari is incompetent! He's a disaster!

adeyemi97:
It's so sad, it's always bad news about my country . Smh, iam so scared of withdrawing my money because this exchange rate stuff is killing , I'm sure you understand me better if you are also outside the Country , the only thing Nigerians are saying here now is " I regret being a Nigerian" Our parents are complaining from home about the exchange rate , Buhari stopped the use of Western union to any country outside Nigeria , this same buhari reduced the daily withdrawal limit to just 30k, it takes me over a month at times to withdrawal the whole of my school fee , we can't even pay our school fee anymore through direct deposit from Nigeria , imagine your tuition fee is like 400k , you can only withdrawal 30k everyday and the bank charge is like 6k per withdrawal , that's different from this exchange rate again o , definitely if your school fee is 400k , your parents most send you like 700k just because of bank charges and exchange rate and it's going to take you over a month to withdraw your school fee.

Firstly, your text is misleading and not true.

Buhari didn't stop transfer out of the country. Western union and Moneygram still works (I made a transaction last week) though with a limit. The issue is a compounded one as the banks also have some troubles.

Secondly, I advise you focus on your studies as you clearly can make good use of your time in learning logical reasoning, maths and grammar. If your tuition is 400k and withdrawal limit is 30k, it would take you less than 2 weeks to withdraw all and your charge would be only 80k. This, again, is against your 'over a month' and '700k' story. It'll do you much good in the end. It's much better to reason with logic and be very close to facts than to reason with emotions and closer to lies.

Please think about my advice and I hope you follow it. It'll do you good in the end.

Goodluck with your schooling.
Cheers.

Bubu be in that pic like 'anything una talk abeg, this heat don too much'

drnairalov:
choi!!! Wish we gained our indepenence in 1992 or something... we cant rule ourselves

What Buhari and APC promised us vs What we got..

LOL
dis ur post says we see sumtin chop, my plate still dey empty oh

DonMaxxy:
Really...so this people went to China for a five day excursion. Chisoooooooooooooooos! why cant this people be open, tansperent and true for once.

For God's sake China knows that Nija is an unstable economy for now. Therefore what was signed was an "oil-services" swap and nothing more.

Tell the people the truth. And now lemme warn you people, "we are tired of this new day new denial" you people cannot continue playing with over 140 million people. This will be our last warning before something does you people there.

The Govt cannot tell EVERYBODY the Truth because everybody cannot MANAGE the truth.

Currency management is as dangerous as Water management, it can cause WAR between countries.
Trust me, the Americans have put a call t our Ambassador and foreign Minister to WARN them not to even think about replacing the Dollar.
You think America will fold it hands and watch other countries replace the Dollar as a global currency of trade?


How do you think America will survive, when all it does to "create wealth" is to phone their Printer to print more "Dollar Papers" ...which it sells to other countries


Think about it for a minute. Read that "denial" again and you will see all the elements of "fear and pressure" in it.

There is a 'deft' way of achieving our aim, all the same.

Six Ways to kill a Cat.

Fayose no need barking now! Our arrogant nigerian, are living a shameful life and we enjoy it! let Ghana be the hub now, we don't care! let people talk anyhow we don't care, let naira hit 500 per usd, we don't care!

This APC govt want to turn the masses to Almajiri. HOLY GHOST FIRE!!!!!

Your mouth stinks more for referring to Nigerian youths in that manner. A goat you are!!!!

Stelvin101:
People will just open their useless brain and be commenting rubbish without thinking. If govt has not come to terms with the Chinese about using Yaun to trade instead of dollar, it is because there is no mutual agreement yet and negotiations is still going. Our government is just being careful so as not to jump from frying pan to fire. Nigerian youth stop fooling yourselves and think before you people open y'all stinky mouth.

Good morning to you my fellow nairalanders. To be honest after seeing this news I have totally lost faith in this government of propaganda & lies. Now I'm beginning to see what this government is going to be all about till 2019. It's all about lies! Lies! Lies! . I've lost faith in this change.

Na wa na wa. One fake step forward and 10 backwards. I guess Aisha Buhari is laughing to the bank with the current dollar supremacy over the naira. *smh*

Shinyjay:
Good morning to you my fellow nairalanders. To be honest after seeing this news I have totally lost faith in this government of propaganda & lies. Now I'm beginning to see what this government is going to be all about till 2019. It's all about lies! Lies! Lies! . I've lost faith in this change.

Beautiful

Next please!

bayusch246:


Firstly, your text is misleading and not true.

Buhari didn't stop transfer out of the country. Western union and Moneygram still works (I made a transaction last week) though with a limit. The issue is a compounded one as the banks also have some troubles.

Secondly, I advise you focus on your studies as you clearly can make good use of your time in learning logical reasoning, maths and grammar. If your tuition is 400k and withdrawal limit is 30k, it would take you less than 2 weeks to withdraw all and your charge would be only 80k. This, again, is against your 'over a month' and '700k' story. It'll do you much good in the end. It's much better to reason with logic and be very close to facts than to reason with emotions and closer to lies.

Please think about my advice and I hope you follow it. It'll do you good in the end.

Goodluck with your schooling.
Cheers.

Hmmmm... Whether it takes a month or a day, it doesn't change the fact that the policy is stifling our economy which is more than logical. Just imagine withdrawing 400k @ the rate of 30k maximum daily withdrawal... That's going to take you about 14days.... Now how does that encourage the economy?

diegwu01:



Earlier, Nigeria was reported to have agreed a yuan-swap deal with China, although it has not been finalised.


[b]He said the currency gives Nigeria flexibility in buying Chinese goods with yuan rather than dollars, corroborating Emefiele’s stance.

“We still use the dollar. But if it not enough and there are some people who want to invest in the country, instead of crying that they cannot take dollar out, there might be yuan that they would be happy to take out because it is now internationalized as a currency and they can use it. So, it gives us a much larger option.

“As you know, a lot of importers now are complaining that they are not able to access the dollars to buy good and things like that. So, if we have in addition to dollar, we have yuan, then they can also have that available.”

The deal has not been totally consummated by all parties involved, but the prospects are bright for Nigeria as remnibi hub in West Africa.[/i]



A lot of folks here have comprehension problems..

Yes they do have serious comprehension issues. I bet they didnt read the statements above . All they saw was "no yuan deal".


These people make me feel I dont understand english sometimes.

I just dey laugh! Thot u guys needed CHANGE? And d negative changes have u beheld. Una never chee chomching,

bigtt76:
Partisan politics aside, you're thanking someone who added to our problem?

We are currently facing this issue now because of the following

1. Low oil revenue - Not caused by Jonathan
2. Not saving excess oil revenue when price was very high above budget benchmark - Caused by Jonathan and all greedy governors then
3. Trying to defend the Naira against the dollar so the people would not face the reality resulting in the foreign reserve depletion - Jonathan to be blamed here
4. Mis-managing of the little foreign reserve left - Again Jonathan and crew to be blamed (Dasukigate evidence)

In the face of the scenarios listed above, the presentation to government has refused to defend the Naira because doing great so would have led to the country going bankrupt and not credit worthy to suppliers of critical imports.

What many do not understand is that the current fuel scarcity is a direct result of the foreign reserve issues we've been having. It only subsides when government is able to save enough to import in bulk so as to flood the market.

Conclusion, the issue would have been worst under Jonathan had he continued causecause, they would have continued defending the Naira until no more foreign reserve left.

This government is without plan.... No amount of palliative, fanciful and populist distraction like Dasuki detention and trial will substitute for a proper plan of action.. We hear diversification but can't see or feel any work plan for it.... What we see is a bullheaded defence of the naira against it true value.

Jonathan didn't just defend the naira, he was at the same time encouraging practical diversification with written down policies that could be obtained, read and critiqued.. Eg the automobile policy, the power road map, the agricultural revolution policy under Adewumi.

We noticed his technology driven fight against corruption and waste... TSA, public sector worker verification... We noticed his push in the rail sector with the Kaduna 164km modern rail at &205m.

We saw his YOUWIN projects, scholarship for 1st class graduates and the rest.

Buhari's is yet to launch a policy even against malaria, one year after.... The policies he inherited, he has implemented in ways that has thrown Nigerians out of their jobs.

Fuel scarcity is not as a result of foreign exchange scarcity but this government early disposition to populist expectations.... When they released their reversed Template for importation of PMS, the business people told them it wasn't possible to do it with such a template but they insisted and gave the entire allocation to NNPC and the depot owners resorted to buying from Nnpc... That is why we are where we are now. We hop they do the needful, this quarter even though they have made the marketers lose credibility with their foreign creditors through delays in subsidy claims.

The fear of United States is the beginning of wisdom

Shinyjay:
Good morning to you my fellow nairalanders. To be honest after seeing this news I have totally lost faith in this government of propaganda & lies. Now I'm beginning to see what this government is going to be all about till 2019. It's all about lies! Lies! Lies! . I've lost faith in this change.

The truth is that United States has threatened Buhari with prosecution for his crimes if he dares. That's d reason for their reversed statement. That's politics for u

Infinitikoncept:

So its Nigerians that forced them to spit shithole claiming they signed a currency swap just to score cheap political point abi? Gerrahere

No you read but you dont understand...

Thanks for this very apt and no insults. This is how NLders should behave. Lovely day and weekend ahead

Themandator:



This government is without plan.... No amount of palliative, fanciful and populist distraction like Dasuki detention and trial will substitute for a proper plan of action.. We hear diversification but can't see or feel any work plan for it.... What we see is a bullheaded defence of the naira against it true value.

Jonathan didn't just defend the naira, he was at the same time encouraging practical diversification with written down policies that could be obtained, read and critiqued.. Eg the automobile policy, the power road map, the agricultural revolution policy under Adewumi.

We noticed his technology driven fight against corruption and waste... TSA, public sector worker verification... We noticed his push in the rail sector with the Kaduna 164km modern rail at &205m.

We saw his YOUWIN projects, scholarship for 1st class graduates and the rest.

Buhari's is yet to launch a policy even against malaria, one year after.... The policies he inherited, he has implemented in ways that has thrown Nigerians out of their jobs.

Fuel scarcity is not as a result of foreign exchange scarcity but this government early disposition to populist expectations.... When they released their reversed Template for importation of PMS, the business people told them it wasn't possible to do it with such a template but they insisted and gave the entire allocation to NNPC and the depot owners resorted to buying from Nnpc... That is why we are where we are now. We hop they do the needful, this quarter even though they have made the marketers lose credibility with their foreign creditors through delays in subsidy claims.

diegwu01:
No you read but you dont understand...

Maybe you go back to read exactly what femi Adesina signed on behalf of presidency. From denying the fact they borrowed any loan to we only signed a currency swap to we didn't sign a currency swap. So those guys collected estacodes for visiting china in five days going to forbidden city, taking selfies with our money only to come back & tell me they didn't sign the swap.
Mr know it all kindly answer the question since you are one of the special assistant on new media, they said pressure on the USD is high so they will get yuan for us through what means exactly? Buying with USD stored up & selling to us or telling the Chinese government to borrow us 1BN yuan which we'll use to trade. I need answers on that aspect.

tzoracle:
Everyday naira just dy crash like that malaysia plane
Issorite




Ps the headline should have been

'Naira crashes AGAIN...'
Nonsense

I just pray it doesn't crash and lost like that....... And never found. Anyways ; the worst of APC is better than the best of PDP.

Shame shame shame on all of you dollarrised dullards who believe that without American dollars they are dead and buried for them the Nigerian Naira is meant to be used as toilet rolls while American dollars should be the only local exchange transaction in the country and that they should go to any length by crook or by means to make it happen. What the govt. says is that because nearly 85% of consumable imported goods in Nigeria are from China that importers can source their foreign exchange in Chines Yuan which is very low compared to the dollar but what these dollarised idiots do is bastardise the Naira inform of Naira to dollar exchange and only to go to China to buy their goods at cheap dollar rate and launder the remaining balance in their foreign accounts. To them it does not concern them whether the Naira is used as toilet rolls or paper tapes.

How we ended up with this ridiculous government is beyond my comprehension.

Shame shame shame on all of you dollarrised dullards who believe that without American dollars they are dead and buried, for them the Nigerian Naira is meant to be used as toilet rolls while American dollars should be the only local exchange transaction in the country and that they should go to any length by crook or by means to make it happen. What the govt. says is that because nearly 85% of consumable imported goods in Nigeria are from China that importers can source their foreign exchange in Chines Yuan which is very low compared to the dollar but what these dollarised idiots do is bastardise the Naira inform of Naira to dollar exchange and only to go to China to buy their goods at cheap dollar rate and launder the remaining balance in their foreign accounts. To them it does not concern them whether the Naira is used as toilet rolls or paper tapes.

This country sucks!