Huh! U guyz should know by now dat the toilet paper money aka dollar has collapsed & to be replace by the reminibi(yuan)

miky:


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.

Oh, wow! Thanks so much for this, sir!

I did school in Nigeria though. Studied economics at ABU, Zaria, so it kind of makes me a bit informed on subjects as this.

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

Amen

This should be a good move

This is a welcome development! Good news for the importers..

Realmcfynest:
Good news for mini importers like me

h
How does this affect us ad mini importers please explain thanks

This could be a good deal. However, we should always have it at the back of our minds that no country gives a damn about us. Like the west, the Chinese are also exploitative in thier own way. The are expanding thier influence on the back of anti west rhetoric and are positioning themselves as messiah. We should shine our eyes when dealing with these new players so that we don't jump from frying pan to fire.

The way the Chinese treat thier employees shows that they may be more rugged than the west that have shown us pepper and they are also smarter than the west. Make we apply caution ooo. i no wan hear stories tomorrow.

This was a process initiated by the GEJ administration,and it costs him his second term bid as the US didn't support him cos of this policy and couple of other policies he tried putting in place,to wean us off our dependency on the west. I'm happy Buhari is carrying on with it. I know the US won't like this. When the late ghadaffi suggested that countries should keep their reserves in other currencies other than the US dollar,they went for him. Unfortunately,Africa no longer have strong leaders who can stand up to the west.

GreatSE:


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

one implication i see inview of the trade imbalance between Nigeria and China that favours china is that systematically Chinese goods and services will penetrate our market without restrictions, with time naira will loose value against the yuan and due to the debt we owe them at the long run we will be at their mercy.

Trust awon bad boys

Naira to yaun

Fly to china

Enter china black market exchange yaun to dollar

Fly back to nigeria and enter black market with imported dollar

Lordsocrates:
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

Why do we Nigerians like politicizing everything, instead of seeking for indepth clearification.
Laughing @ #mmeNditorUfokifot.... Mbok ku nam yak nsak!!!

And what is the exchange rate?

Its a nice movement. Provided that China will not turn to a green snake in a green grass someday.

Thank God they have decided to try it out. They also have to do the same with India. We import most of our goods from these two Asian big boys. If dollar , Yuan and Rupee are freely used in Nigeria (there is even a large community of Chinese and Indians here) , the current pressure on dollar will be difused. More importantly, those who have hoarded dollars hitherto will start to sell them so that we can then have enough supply for dollar based imports, within few months, dollar - naira exchange rate will go down ditto with Yuan and Rupee and this move will be to our advantage in the short and medium term. In the long term, we will need to develop our capacity to manufacture most of the products currently imported and to patronise our products Q.E.D.

I wrote about this issue on the thread below in Feb.

https://www.nairaland.com/2941351/save-naira-fg-need

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 than $350!

stop misleading nigerians, no Bank converts your money to dollars through black market on your ATM card. This is a mastercard or visa platform and you will conform with international standards ie official rates. That was why CBN reduced the limit of spending so as to conserve the dollar used to back up nigerian tourist spending abroad.

Seriously I think even the pdp should applaud the president for this great move. Of what importance is the dollar to our economy? The Chinese manufactures about 55% of the world white-goods, and we import almost everything from them. Major importers can explain better

Long overdue.

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

why must we do all exhange tru dollars,no be d dollar cos inflatn,pls give ur country priority b4 tinkn politics

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

i think u read d headline nd jump into d comment box to comment.


Nigeria has include Yuan into its foreign exchange. It means dat, you can either change ur naira to Yuan or Dollar depending on where u want to do business.

Is that clear?

Lakeland4321:
stop misleading nigerians, no Bank converts your money to dollars through black market on your ATM card. This is a mastercard or visa platform and you will conform with international standards ie official rates. That was why CBN reduced the limit of spending so as to conserve the dollar used to back up nigerian tourist spending abroad.

How does dat reduce poverty

Alot of people are saying this is good just because they are blinded by the current economic situation however, Zimbabwe fully accepted China's proposition years ago. It came as a form of help and assistance today they are forced to adopt china's Yuan as their national currency. Just hope we dont get to that. The lasting solution is to minimize importation develop our industries and encourage exportation. We should be thinking of how the Naira would increase in value and not using another countries currency to help our situation. China will never help without benefits attached.

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 than $350!

Sir is this what you passed through while you were in Kenya?

shogotermies:


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.

. Fx is Fx, no matter the type or colour, if u don't earn enough Fx as a country there's no way ur own will be strong. If u like use CFA doesn't make much difference . The Fx market is dynamic, the only advantage here is for our importers to stop worrying about dollars not that it will shore up the price of naira

I love this development. They should make it manifest on time. God bless Nigeria

Very nice and bold move, long overdue

Now I can shop on aliiexpress without using the dollar. Nice

Lakeland4321:
stop misleading nigerians, no Bank converts your money to dollars through black market on your ATM card. This is a mastercard or visa platform and you will conform with international standards ie official rates. That was why CBN reduced the limit of spending so as to conserve the dollar used to back up nigerian tourist spending abroad.

I reside in Nairobi and used my Fidelity visa for withdrawal. Pay in N100k back then l will get to see about 51,000ksh, l withdraw the 40,000ksh which is the daily limit, the remaining l use to do POS payment down to a balance of N500 and Fidelity sent me email alerts reflecting the exchange of around N2 to 1 Kenyan shilling.

Why is the same fidelity sending an alert of N19,217 for a withdrawal of 6,000ksh?

This is good news for our Igbo brothers and others who import items from China, instead of Dollars they can now pay at yuan equivalent. It is absurd that most of our imports come from China but we have to go to America to get dollar to convert to Yuan and back to dollar again and then sell in Naira.

PMB should also be careful with this move, this is what killed Gaddafi and destroyed Libya. He abandoned the Dollar and Euro and went for Yuan and Russian Rubble. We dont know how the greedy Western nations will respond to this, perhaps they will give more support to Boko Haram or Herdsmen or IPOB or Niger Delta militants, we should be ready for the consequences as citizens.

kingviny:


Thank God they have decided to try it out. They also have to do the same with India. We import most of our goods from these two Asian big boys. If dollar , Yuan and Rupee are freely used in Nigeria (there is even a large community of Chinese and Indians here) , the current pressure on dollar will be difused. More importantly, those who have hoarded dollars hitherto will start to sell them so that we can then have enough supply for dollar based imports, within few months, dollar - naira exchange rate will go down ditto with Yuan and Rupee and this move will be to our advantage in the short and medium term. In the long term, we will need to develop our capacity to manufacture most of the products currently imported and to patronise our products Q.E.D.

I wrote about this issue on the thread below in Feb.

https://www.nairaland.com/2941351/save-naira-fg-need

What will happen to nigerian currency in the long run, we have to build our economy so that our currency will have a good value internationally. I fear for Nigeria ooh. Pray what happ to ghana and zimbabwe would nt happ to our naira

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.

We have already mentioned here that this is the most trip, the rest is globe trotting. Going to the West is a waste of time as they are broke and cant even handle the refugee crisis while preaching 'Freedom and Democracy' through bombing countries and sponsoring terrorism which they also claim to fight around the world.

Jyde89:



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

I don't see any reason why you should be gisting me about your joke of a father

These Chinese are smart,they gave us 6billion but took an agreement that will give them 40billion back in future.
This is aim at making Chinese exportation into the Nigeria market easy,now it will be very easy for Chinese companies operating in Nigeria to transfer their money out to china

The last time I went to China I was able to exchange dollars to RMB very smoothly. This can be done either in the bank, via ATM or in the market. I exchanged at the market very fast and smoothly.

So this is nothing. Buhari should think of big things that China can do for Nigeria, not petty things.

#SMH.