Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,136,792 members, 7,756,653 topics. Date: Tuesday, 05 March 2024 at 01:08 PM

Nigeria, China Bank Agree On Yuan - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Nigeria, China Bank Agree On Yuan (22760 Views)

Nigeria – China Currency Deal – The Biggest Winners And Losers / Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association / What You Need To Know About The Currency Swap Agreement Between Nigeria/china (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Nigeria, China Bank Agree On Yuan by dlox147(m): 11:13pm On Apr 12, 2016
The Industrial and Commercial Bank of China Limited, the world’s biggest lender and Nigeria’s Central Bank on Tuesday signed an agreement on yuan transactions.

“It means that the renminbi (yuan) is free to flow among different banks in Nigeria and the renminbi has been included in the foreign exchange reserves of Nigeria,”

Implications:

CBN has signed 'Foreign Exchange Deal' With Chinese Commercial Banks.

Nigerian businessmen that want to do businesses with Chinese firms can change Naira to Yuan from Nigeria Bank without having to change Naira to US$ (in Nigeria) for US$ to Yuan (in China)...copied

http://www.channelstv.com/2016/04/12/nigeria-china-bank-reach-agreement-yuan/

45 Likes 6 Shares

Re: Nigeria, China Bank Agree On Yuan by poketoholo01(m): 11:54pm On Apr 12, 2016
Great step...its time we diplomatically reduce ties with the west. Dem bad!

111 Likes 4 Shares

Re: Nigeria, China Bank Agree On Yuan by kabman: 1:54am On Apr 13, 2016
pmb should be careful,the usa industrial complex codename warmongers would surely react

23 Likes 5 Shares

Re: Nigeria, China Bank Agree On Yuan by sonnie10: 2:05am On Apr 13, 2016
This is not a good political-economics move.

4 Likes 1 Share

Re: Nigeria, China Bank Agree On Yuan by Pavore9: 2:59am On Apr 13, 2016
It really makes sense. Nigerian banks have criminally adopted the dollar while exchanging with fellow African countries. Before now if one had N200K in his account in Nigeria and travels to Kenya with his/her debit card, about a balance of 102,000 Kenyan shillings will reflect on the ATM and one can have access to the entire money but today one will still see the balance of 102,000 Kenyan shillings but can have access to only 62,000 Kenyan shillings because the Nigerian banks have first converted the Naira to dollars using black market rate before converting it to shillings. So for every N200K used in Kenya through debit cards (when it does work) the Nigeria bank makes a profit not less than $350!

69 Likes 2 Shares

Re: Nigeria, China Bank Agree On Yuan by malton: 7:13am On Apr 13, 2016
cool

OrIandoOwoh:
Yuan?? No more dollar?? Buhari shouldn't sign us into perpetual slavery o..

It won't put us into perpetual slavery any more than the US dollar has.

Besides, this is a win-win.

China is making efforts to popularise the Yuan, while for Nigeria, it provides an opportunity to shore up foreign reserves and provides a trading window.

The dollar as world's reserve currency benefits the American Economy the most as it allows them access to cheap credit and a high percentage of government debt from the world's trust in its currency.


If for none other, we should be thankful that Mr president traveled this one time!

68 Likes 2 Shares

Re: Nigeria, China Bank Agree On Yuan by Aufbauh(m): 7:13am On Apr 13, 2016
And some people still feel that they don't see the essence of Buhari's travelling.
Ride on joor Mr President!
Those who are calling him derogatory names thinking he will fail we surely eat their words and be disappointed in the end.

111 Likes 4 Shares

Re: Nigeria, China Bank Agree On Yuan by OrIandoOwoh(m): 7:13am On Apr 13, 2016
Yuan?? No more dollar?? Buhari shouldn't sign us into perpetual slavery o..

3 Likes 1 Share

Re: Nigeria, China Bank Agree On Yuan by massinola(m): 7:13am On Apr 13, 2016
if that's the only forward in order to minimize this suffering, who am I to complain ? But I hope China does not have an eye on one of our resources, you never can trust this foreigners and their selfish interest .

1 Like

Re: Nigeria, China Bank Agree On Yuan by kirchofff(m): 7:14am On Apr 13, 2016
Let's watch and see
Re: Nigeria, China Bank Agree On Yuan by dannybrown19: 7:14am On Apr 13, 2016
I bet this is not the medium of changing the currency to yuan, just like Zimbabwe did..

3 Likes

Re: Nigeria, China Bank Agree On Yuan by Berrylite: 7:15am On Apr 13, 2016
Seems the west Dont wanna help and the president has to look else where. May God help him make the right decision.

31 Likes 1 Share

Re: Nigeria, China Bank Agree On Yuan by Lasgidy1(m): 7:15am On Apr 13, 2016
Where are the utomis'. We need more insights.
Re: Nigeria, China Bank Agree On Yuan by tunwumi: 7:15am On Apr 13, 2016
Re: Nigeria, China Bank Agree On Yuan by Dindondin(m): 7:17am On Apr 13, 2016
That is the result of the China visit
sonnie10:
This is not a good political-economics move.
dullard!
.
you just come online without reading & reasoning well a news but type rubbish!

59 Likes 2 Shares

Re: Nigeria, China Bank Agree On Yuan by Realmcfynest: 7:17am On Apr 13, 2016
Good news for mini importers like me

19 Likes 1 Share

Re: Nigeria, China Bank Agree On Yuan by Jediel1(m): 7:18am On Apr 13, 2016
Abeg na so Zimbabwe own start ooo. i no wan stories dat touch the heart when it backfires

1 Like 1 Share

Re: Nigeria, China Bank Agree On Yuan by hmuhammad(m): 7:18am On Apr 13, 2016
sonnie10:
This is not a good political-economics move.
are you an economist? PMB will succeed. Enemy of the nation who doesn't want Buhari to succeed because he defeated ur hero

39 Likes 2 Shares

Re: Nigeria, China Bank Agree On Yuan by sokera: 7:18am On Apr 13, 2016
Wailers time to do your research to give us the disadvantages of this agreement with no advantages .... PMB God bless you and God bless Nigeria ... Time to stay away from the western countries ...

30 Likes 1 Share

Re: Nigeria, China Bank Agree On Yuan by xynerise: 7:18am On Apr 13, 2016
Erm......#Scratches head

Well, I will comment at the right time. Let's see how the drama unfolds

Good news for the Tecno and other China mobile distributors

6 Likes

Re: Nigeria, China Bank Agree On Yuan by lexyman(m): 7:18am On Apr 13, 2016
The Americans will not be happy with this ..

2 Likes

Re: Nigeria, China Bank Agree On Yuan by youngdoctor(m): 7:19am On Apr 13, 2016
Personall I think it's a good deal since dollars seems to be dwindling our currency.

2 Likes

Re: Nigeria, China Bank Agree On Yuan by Hybrid01: 7:19am On Apr 13, 2016
.
Re: Nigeria, China Bank Agree On Yuan by sokera: 7:19am On Apr 13, 2016
hmuhammad:
are you an economist, PMB will succeed. Enemy of the nation who doesn't want Buhari to succeed because he defeated ur hero
don't mind them , they are aim to wail with not reason... Everything or steps our president do is bad to them ... Wailers will always wail ..

23 Likes

Re: Nigeria, China Bank Agree On Yuan by kennyman2000(m): 7:19am On Apr 13, 2016
Okay
Re: Nigeria, China Bank Agree On Yuan by Trendy247: 7:19am On Apr 13, 2016
AND BY THIS TIME NEXT YEAR, 1 YUAN WILL EQUAL N1,000... I TRUST THE DULLARD.. BY DAT TIME NA EGYPT HIM GO RUN GO

13 Likes 1 Share

Re: Nigeria, China Bank Agree On Yuan by olahero(m): 7:20am On Apr 13, 2016
Good..
Re: Nigeria, China Bank Agree On Yuan by globalresource: 7:20am On Apr 13, 2016
Buhari, u earned my support on this

2 Likes

Re: Nigeria, China Bank Agree On Yuan by imsuboi(m): 7:20am On Apr 13, 2016
who doesn't know this another apc Scam? grin grin


Wait for the chinese government to refute this claim tomorrow.




Wait on it cheesy cheesy

6 Likes

Re: Nigeria, China Bank Agree On Yuan by Nobody: 7:22am On Apr 13, 2016
Good for Nigeria Business men..... for the first time I will score Buhari 1 point wink

5 Likes

Re: Nigeria, China Bank Agree On Yuan by imohchard(m): 7:22am On Apr 13, 2016
My mind is telling its a good move,


Buh am still wating for further clearification from the utomis and iwealas

5 Likes 1 Share

Re: Nigeria, China Bank Agree On Yuan by shogotermies(m): 7:22am On Apr 13, 2016
sonnie10:
This is not a good political-economics move.

sorry its a good move,because the dollar rate is really affecting businesses, and we can't allow USD make our economy fall. And this favours importers around the country don't worry am sure u will enjoy this effect.

18 Likes 2 Shares

(1) (2) (3) (4) (5) (Reply)

5 Entrepreneurs In Africa Who Started A Successful Business With $100 Or Less / As Promised My Forex Library / China's Billion Dollar Loans To Africa: Why US Should Be Worried

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 21
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.