Wailers are not happy with this news

.

Ok

This is very good.

We import almost all our stuffs from China, so why do we have to convert to dollars before we buy it from China?


Now we just have to know the amount of yuan they sell it online or offline and pay for it directly .. No damn dollars needed.

Buhari u are on track on this one. Its high time we let the west know that they ain't the only people with the key to economic success.

The west will be very angry....
I pray it doesn't back fire

Aufbauh:
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.

Can your Buhari keep the heat when USA come knocking ..... this is one of the reason they supported the removal of GEJ, he wanted to keep some of our foreign Reserve in China YUAN.
And again this means more importation instead of "Made In Nigeria Goods" we have been clamming for...... bad economy for Nigeria , Good for SE Chinese business Men

#BringBackOurDollar - Yuan Ti Take Over Mehn

hmuhammad:
are you an economist? PMB will succeed. Enemy of the nation who doesn't want Buhari to succeed because he defeated ur hero

He knows what he is saying...... dont be so engrossed with this news, it is a bad socio-politcal -economic step....read my explanation above

Raydos:
#BringBackOurDollar - Yuan Ti Take Over Mehn

Miscreant

wailers hiiii, go and research and find ways of rubbishing china from which we get all our import, so as to rubbish this good news... #MmeNditorUfokIfot

sonnie10:
This is not a good political-economics move.

How do you mean? Most of our trade volume is with Chinese. So why can't we exchange money back and forth?

Those banks are thieves unfortunately, one can't force them to stock the Yuan so if you go to the bank, don't be surprised when they tell you its out of stock trying to force you into buying dollars. Nigerian Banks .....are BADT!

Pavore9:
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 that $350!

Most of our imports come from China. This move I believe will minimize exchange rate losses. It will also reduce demand on the dollar causing the dollar to fall to the naira.

However, we must understand that this will not make our economy grow in the long run. Until we become a producing economy, we are on a long thing.

Nigerians should never forget this: we are a nation with huge human and natural resources. We have the potentials of becoming one of the greatest nations on earth. The choice is ours. We either unlock these potentials or become another Zimbabwe.

PDP has failed this nation and the APC hasn't provided enough clear leadership. Do we look to KOWA?

sai baba

If this is really true.... Its a good step

Chai! Let c how far this will go

Waoo this is a very good news for us that import from China. the west knows how to ruin an economy woth their USD... bushit to the USD

This is part of the monetary transaction war agaist dollar. China seems to be creating a new paradigm for the world economy and paving the way for a global de-dollarization.
This is good for Nigeria in the short term, the long term is where the problem of is.

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

Would u rather have this status quo remains? He that is down fear no fall! Let's exploit other variables

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

The truth is, it's about time Nigeria starts looking elsewhere to form ties that would benefit her and her citizens. The US has and will always be a leech despite claiming war power. If anyone wants to react, let them do so. This is a step in the right direction as we have a lot of Nigerians who buy golds directly from China.

Brilliant....china is second largest economy in the world..few years away from the US (on paper though)...Chinese investors will have a tidier way of doing business in Nigeria without fear of currency volatility

iykedare:

Miscreant

Really??

Some people even without reading about the policy would start saying trash about PMB. If you ask these people to explain the negative impact of the policy, you would only discover that they are dullards. Perpetual wailers continue wailing.

dlox147:
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/

thats good news! some likes for a birthday me wouldn't be bad either!

thanking you.

malton:




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!

Sometimes I cry when reading nairaland, I see our people have no clue. Thanks for Impressing with ur articulated statement, I wouldn't be surprised if you didn't school in Nigeria though.

See awon omo jatijati screamig about America doing this, doing that!!!! Gosh!!! Kini America wan do gan?! Dem go declare WW3 on us?! Make you all go joko somewhere jare!!! All our import are/were practically from China so it makesense to pay them in their currency, when we buy goods from America, We will pay them ni dollar! No big deal there joor!!!

Aufbauh:
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.

he and his apc crew went on an excursion to china

imsuboi:
who doesn't know this another apc Scam?


Wait for the chinese government to refute this claim tomorrow.



Wait on it

Like your father denied impregnating your mother right, ngbanu keep finding falts where their isn't any.

Really, Nigerians ehn!!! Some are claiming time to stay away from the west, but if given an opportunity of going out of Nigeria they will never choose China above Amy western country (hypocrites).
I really hope this doesn't affect the country later, whatever takes us from under-developed, yes underdeveloped to developing is okay. I knomost of us think we are a developing country, you are damn wrong, you need to travel well within Nigeria before you realize it, don't just remain in Lagos and claim nonsense.

All things being equal, this move will favour importers of goods from China, especially our brothers from a particular part of the country. So they should stop spreading lies and hate about this Government.