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/

Great step...its time we diplomatically reduce ties with the west. Dem bad!

pmb should be careful,the usa industrial complex codename warmongers would surely react

This is not a good political-economics move.

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!

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!

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.

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

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 .

Let's watch and see

I bet this is not the medium of changing the currency to yuan, just like Zimbabwe did..

Seems the west Dont wanna help and the president has to look else where. May God help him make the right decision.

Where are the utomis'. We need more insights.

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!

Good news for mini importers like me

Abeg na so Zimbabwe own start ooo. i no wan stories dat touch the heart when it backfires

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

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 ...

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

The Americans will not be happy with this ..

Personall I think it's a good deal since dollars seems to be dwindling our currency.

.

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 ..

Okay

Good..

Buhari, u earned my support on this

who doesn't know this another apc Scam?


Wait for the chinese government to refute this claim tomorrow.



Wait on it

Good for Nigeria Business men..... for the first time I will score Buhari 1 point

My mind is telling its a good move,


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

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.