FriendNG:
Not well explained. Where is the role of commercial banks? Lalasticlala over to you. Blue3k

AUTHORISED DEALERS!

%

couragemurphy:
A little bit too late....imo

When would have been the right time in your opinion?

Funny country

lastempero:
Long process, everything in Nigeria is Complicated.I thought this was targeted on business men, which businessman will have time for this kind of beaucracy.

if they don't restrict It,Nigeria can say goodbye to it's manufacturing sector.

AroOkigbo:
Not excited until I see the dollar fall.

Dollar will never fall if (1) you don't produce and patronize your local products (2) you keep sending your children abroad for schooling (3) you keep jumping on the next available plane to travel to countries not better than yours

salbis:
Bunch of confused idiots leading bunch of confused and gullible idiots.

You just identified a confused and gullible idiot! YOU!

rhames:
Our policy makers think like monkeys struggling for bananas. How does a currency swap help a desperate and disadvantaged country like Nigeria achieve its full potentials? In my opinion, this move will only help importers import more from China at the detriment of our industries whicch can produce if given the necessary incentives and protection.

Our policy makers tend to protect foreign industries at the detriment of our own. Thats why most of these political leaders and their economic policies have not had any impact on our economy.

That's why there's a separate window for raw materials

If well implemented, it will lesson the pressure on the dollar as most goods comes from China.

flyca:
I just exchange at 57, so kini big deal
This government wayo! Always telling lies

How much will it have been if you 1st changed Naira to Dollar and then Dollar to Yuan?

Guk:


How much will it have been if you 1st changed Naira to Dollar and then Dollar to Yuan?

57 rmb

32 in 2014

nwanneni:
if they don't restrict It,Nigeria can say goodbye to it's manufacturing sector.

The process is rigorous and open to some form of racketeering and no businessman will have time for all these process. I have been their before and I know how it feels.

Base on my findings, i discovered that its advantage is more than the disadvantage and can atlease be tackled if ready for business,
DISADVANTAGE
This development will cause great influx of imported product into the country, so there for we have to strengthen our Organizations like SON,NAFDAC,CUSTOM and the like to check in for fable or fake product
This will cause foreign products to compete with our local product here in Nigeria

ADVANTAGE,
on its way coming

AroOkigbo:
Not excited until I see the dollar fall.

True talk!!!

CBN offers to yuan for Nigerian business wishing to important machinery and agricultural goods. The benefit for nigerian business is they get it at better price and they wont need to source dollars. It could help naira appeciate and strengthen bilateral trade with China.

The authorized dealers are the ones that deal directly with CBN. You go to bank and bank submits the bid.

FriendNG:
Not well explained. Where is the role of commercial banks? Lalasticlala over to you. Blue3k

israelmao:
Let's see how it eases pressure on foreign exchange.

I think that's the essence, but let's wait and see how it goes.

BruncleZuma:


Regime change don dey hungry them...

Hahahaha
You sef dey reason that thing?

The US, UKvand Europe won't like this at all.

Good development. Let's see how it plays out.

naijaguy123456:
[Part copied]
What makes a currency strong ?

1. Interest rates. High interest rates help promote a strong currency, because foreign investors can get a higher return by investing in that country.

2. Economic policies. Tight fiscal discipline and anti-inflationary monetary policies help promote a strong currency.

3. Stability. A strong government with a well-established rule of law and a history of constructive economic policies are the type of things that attract investment and thus promote a strong currency.

4.Reduce inflation. If inflation is relatively lower than competitors, then the countries goods will become more attractive and demand will rise.

Chinas plan is to rule the world and Nigeria is helping them achieving this. When China sell goods and services to you, you pay them in dollars, it doesn't help Chinese economy as they have to take the dollars to the Americans in exchange for gold for example, but with this move they boycott the Americans.

So what would be our benefit?

lastempero:


The process is rigorous and open to some form of racketeering and no businessman will have time for all these process. I have been their before and I know how it feels.

enlighten me please

Emokai3:
Nothing good will ever come from Buhari

What good has ever come out from your family?

AroOkigbo:
Not excited until I see the dollar fall.

Did the dollar offend you?

Printerscanner:


What good has ever come out from your family?

a lot of things your family will never achieve

naijaguy123456:
[Part copied]
What makes a currency strong ?

1. Interest rates. High interest rates help promote a strong currency, because foreign investors can get a higher return by investing in that country.

2. Economic policies. Tight fiscal discipline and anti-inflationary monetary policies help promote a strong currency.

3. Stability. A strong government with a well-established rule of law and a history of constructive economic policies are the type of things that attract investment and thus promote a strong currency.

4.Reduce inflation. If inflation is relatively lower than competitors, then the countries goods will become more attractive and demand will rise.

Chinas plan is to rule the world and Nigeria is helping them achieving this. When China sell goods and services to you, you pay them in dollars, it doesn't help Chinese economy as they have to take the dollars to the Americans in exchange for gold for example, but with this move they boycott the Americans.

How does high interest rate stimulate growth or make your currency strong ?As a manufacturer , I want interest rate on my borrowings to be low . While high deposit rates which is what you mean is okay for an investor which he sees as high return on equity , it is a lazy man’s way of making which doesn’t stimulate growth in anyway. I would rather just plunge my money in TBills or Time deposit doesn’t really add value to the economy by creating jobs or anything .

If I am not mistaken ,taxation and government spending ,when the government spends less and taxes More which is tight , how does that strengthen the Naira??

Mayb I am missing something ??

salbis:
Bunch of confused idiots leading bunch of confused and gullible idiots.

I thank God you are also one of the idiots following. God bless you confused and gullible idiot.

naijaguy123456:
[Part copied]
What makes a currency strong ?

1. Interest rates. High interest rates help promote a strong currency, because foreign investors can get a higher return by investing in that country.

2. Economic policies. Tight fiscal discipline and anti-inflationary monetary policies help promote a strong currency.

3. Stability. A strong government with a well-established rule of law and a history of constructive economic policies are the type of things that attract investment and thus promote a strong currency.

4.Reduce inflation. If inflation is relatively lower than competitors, then the countries goods will become more attractive and demand will rise.

Chinas plan is to rule the world and Nigeria is helping them achieving this. When China sell goods and services to you, you pay them in dollars, it doesn't help Chinese economy as they have to take the dollars to the Americans in exchange for gold for example, but with this move they boycott the Americans.

Don’t worry,dollar is the focal point of all international currency.

If u deal directly with yuan,dollar will come down ,if dollar reduces drastically it will improves the naira.

naijaguy123456:
[Part copied]
What makes a currency strong ?

1. Interest rates. High interest rates help promote a strong currency, because foreign investors can get a higher return by investing in that country.

2. Economic policies. Tight fiscal discipline and anti-inflationary monetary policies help promote a strong currency.

3. Stability. A strong government with a well-established rule of law and a history of constructive economic policies are the type of things that attract investment and thus promote a strong currency.

4.Reduce inflation. If inflation is relatively lower than competitors, then the countries goods will become more attractive and demand will rise.

Chinas plan is to rule the world and Nigeria is helping them achieving this. When China sell goods and services to you, you pay them in dollars, it doesn't help Chinese economy as they have to take the dollars to the Americans in exchange for gold for example, but with this move they boycott the Americans.

Insightful! Kindly keep analyzing such issues to us cause i have been trying to understand the economics of the yaun/naira trading.

flyca:

57 rmb

32 in 2014

Rmb is not 57.

paix:
True talk!!!

This policy does not that Nigerians will start buying yuan to store like USD.

But it means that our importers will start importing from China with there currency instead of using USD as a denominator for conversion.

This policy would have being the other way round, that is, it should have been China that will need naira and not Nigeria needing yuan. Because they should buy raw material from us and not Nigeria buying finished goods from China.

Nigeria leaders are economic experience handicapped because this contradict Buhari economic policy that should promote local production.

This means that imported goods will be profitable to the businessmen than goods produced here.

Buhari this is not your fault because you old and uneducated but your economic advisor and coordinator are illiterates.

This will kill our economy, Buhari please let your economic team monitor this policy.

Bye bye

People are not getting the point buying is for only machinery and agricultural equipments not product in other way round we open ways for China to open there manufacturing or assembly company in our country.

Guk:


Dollar will never fall if (1) you don't produce and patronize your local products (2) you keep sending your children abroad for schooling (3) you keep jumping on the next available plane to travel to countries not better than yours

Which of these is Buhari not doing?

ZUBY77:


Rmb is not 57.

its between 58- 60 Naira