Wow i am soooooooo happy.
This is the first bold step taken by a nigerian after the five majors.
But pmb should be more careful because the west wouldn't be happy with him aligning with their biggest economic rival in the world.
The west is the common enemy of Africans and our current economic woes is indirectly connected to them.am not absolving our leadership from the blame but the west is also guilty.
China should be allowed more room as they see us as partners in Biz while the west see us as beggers seeking aids and vaccines.
Now i trust pmb

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

a da fun e! a da agba, a pe laiye!!! You are very wise and got good brain!!! Drect transtaction in local currencies of the nations we are dealing with should be the key, let say bye-bye to the middle-man ( dollar )!!! Our destiny as nation should not be tied to that of America or any nation for that matter! america can go and go, if e pain dem!

dannybrown19:
I bet this is not the medium of changing the currency to yuan, just like Zimbabwe did..

zimbabwe never changed their official currency to yuan...it was only just used as one of the legal tenders...the major currency in zimbabwe is still the US dollar and rand

Hope china will not want o be buying our Oil with Yuan oooooooooo abeg oooo Buhari receive sense IJN.

This will reduce Dollar deMaNd, buT what will America do, China is America rival economically. The friend of you enemy is your enemy.
1CNY = N30.8009.

MetaHuman:
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.

does it mean products like tecno phones and others will now be cheap? Pls xplain more

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

You will always criticize every government policy without providing alternative.

Heavance:
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.

rubbishing ur compatriots is not the way to go.
We go to the west to make money and send money home to relatives in nigeria not romance with caucasoids
they are not our friends and we are not their friends just like they call us monkeys even when Tuface is more handsome than Gareth Bale and yet they can do anything from planting puppets in africa to toppling government through cia and mi6 in order to retain their exploitative biz in Africa like shell mobil chevron etc

dumo1:

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

I still live in Nairobi and many Nigerians here have issues getting money from Nigeria as most of the cards don't even work! We resort to who needs money in Nigeria and gets shillings in return. Someone had to pay N41,000 into a Nigerian bank account for another Nigerian here to give him 13,000 shillings whereas one should have withdrawn nothing less than 20,500ksh if the cards were working as it should!

If this is true then kudos to pmb & the next step is preventing the banks from setting black market rates for Yuan cox the most corrupt & sharp practice institution in Nigeria according to my rating are our commercial banks all cox CBN has always looked the other side. I'm sure it will bring the USD madness to her knees since more than 50% import is from china. Rather than changing from naira to USD @ black market then back to yuan @ official rate which erodes the value of naira. It will just be a swift conversion as long as Nigerian banks are allowed to make direct wire transfer from our naira account to any Chinese account.

Pls what is the black market rate of 1yuan to naira

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

at least it will mean lesser exchange rate on the yuan when compared to the dollar.

China is also pushing to globalise the yuan and displace the dollar. Remember Mugagbe had switched to Yuan some months ago? Now Nigeria and before you know it, the whole of Africa will switch over. Besides, China contribute more to Africa's development than the west. So why not?

Fmartin:
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?

no why cant we add india (rupee) to it becus we export there also?

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/

It is good doing business with China.

Dollyak:
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.

spot on. Don't fork with China. They have been longing for this and their aim to capture Africa at first... and maybe other continents might follow.

Like you said, I just hope that there is a long term solution in the pipe line

thagift:


does it mean products like tecno phones and others will now be cheap? Pls xplain more

Yes..

Products from China will be cheaper..

E.g redmi 2 costs 699 yuan in China but 120 dollars in the same China.

120 dollars at black market rate in nigeria (320) is about 45k
699 yuan at normal and black market rate (30) is about 25k ..
So its good news..

imsuboi:


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

Typical of a pained, corrupt ipobian waste of sperm. But i'm sure it is evident to even a blind man whose father i'm refearing to, but anyway i've returned the favour so the joke is on you or rather in you.

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/

am glad to hear dis. Its a great development. But buhari, watch ur back now, increase ur security now, bcoz d western powers wont take dis lightly. America wil fight nigeria covertly & secretly thru terrorism. Buhari shuldnt even visit america carelessly but send representatives.

Trendy247:
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

I think it's better to remain silent than to prove your illiteracy.

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

Ur head dey dia,I have been jumping up/down since I heard thos news,GEJ tried it but didn't have the political will to execute it.thx to buhari if he can make it happen in the end cos'i just don't trust this govt.

This is a very good development. No more dollar slavery, our naira should be independent of the US dollar.

Now lets do the calculations before you criticize Mr. President.

If u want to buy a china phone of 100 USD, u must pay at least 30,000 Naira @N300 per Dollar
but this 100 USD is about 647.01 Chinese Yuan (google rate)
and 647.01 Chinese Yuan is just about 19,893.37 Naira
now, include bank charges and all, the maximum u will pay for a 100 USD phone will not be more than 22,000 Naira

indirectly, u exchange 100 USD for 22,000 which is about N220 to 1 USD and i think that's fair enough.

To say the truth,this will favor most Igbos that do importation from China .

I am still not too clear on how this would help,

but knowing fully well that our economy is import dependent and we export oil majorly, tieing up such Trade agreement with China isn't too bad.

Most raw materials for major industries can be gotten from China, like wise China would likewise purchase crude oil exports from Nigeria. Knowing fully well that the devalued USD is a function of some strong market forces/cabal.

Trading in Yuan (if readily available should help put in check increasing demand for USD which makes the street USD-NGN rate highly volatile and unpredictable)...

In the long run, USD demand to import goods from China would fizzle out as Yuan would now be used to directly purchase such goods, reducing the pressure on USD within the country

In as much as i want this.

This is also dangerous for the buhari's regime

America might want to cause trouble with this

And the fact that pmb has so many haters

It will be easy to penetrate

Nigerians be careful.. This is a welcomed development

Don't let any useless conspiracy make you think otherwise

This was what happened to libya and where are they now?

So please Nigerians i plead with you.. We have had enough terror for one century...

DabELLs:

I think it's better to remain silent than to prove your illiteracy.

Useme!!

Good move..importers will no longer give us the excuse of dollar rise as reason for increase in goods

Cwhyte:
This is a very good development. No more dollar slavery, our naira should be independent of the US dollar.

Now lets do the calculations before you criticize Mr. President.

If u want to buy a china phone of 100 USD, u must pay at least 30,000 Naira @N300 per Dollar
but this 100 USD is about 647.01 Chinese Yuan (google rate)
and 647.01 Chinese Yuan is just about 19,893.37 Naira
now, include bank charges and all, the maximum u will pay for a 100 USD phone will not be more than 22,000 Naira

indirectly, u exchange 100 USD for 22,000 which is about N220 to 1 USD and i think that's fair enough.

This is pipe dream,you'll have to source ur RMB outside the bank and deposit to ur rmb dom. Account.have you bothered to check the black market rate,because the last time I checked,every currency traded in the black market will always appreciate whenever$ goes up.

amtaken:
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.

****

This move is a great move for a short-medium term atleast for now to stabilise the economy. Right now, we import virtually everything from china so why convert to american dollar first? So this will save importers some change first pending the time we build our manufacturing and agriculture sector(this will free us from the shackles of china on the longterm)!

We can't buy nigeria to grow naira at once but gradual which this move is part of gradual! ****

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.

Thank you

Please tell them

I love this comment, best comment today on NL

engrchykae:
Wow i am soooooooo happy.
This is the first bold step taken by a nigerian after the five majors.
But pmb should be more careful because the west wouldn't be happy with him aligning with their biggest economic rival in the world.
The west is the common enemy of Africans and our current economic woes is indirectly connected to them.am not absolving our leadership from the blame but the west is also guilty.
China should be allowed more room as they see us as partners in Biz while the west see us as beggers seeking aids and vaccines.
Now i trust pmb

So now you believe in Buhari? So you will stop calling people who were able to think ahead of you hypocrites? So you will stop calling Buhari a hypocrite and the President of the North? So you will start reasoning objectively and stop ccrying foul play and screaming national confab? So do you now realize the Igbos shot themselves politically and as so will have to pay the prize? Do you now understand that the person you and your people refer to as a dullard has performed more than any elected President of Nigeria in less than one year?

I don't know how to express my love for this man ( Muhammadu Buhari) in spite of economic slide down and hardship in the land but one thing I know is that we shall all get there one day. With the right pilot ( Mr. President ) Nigeria will not fall but stand all trier and put enemies of this great nation to shame.