mobaking:
Welldone presido,the stolen dollars will have to be dug out of the soakaways because it will loose some of its value.Haters continue...

but he didn't say that Nigerians will discontinue the use of dollars na.Besides, those who you refer to are wiser in their own generation.So na the common man go still feel am pass.

josh4ever:
For once no insults or name calling... awesome!!!

Back to the matter...

The world needs to break the strangle hold the dollar has on most currencies else the global economy will remain in shambles.
I still can't figure out why one country's currency will be the global standard for trading. Not gold that is neutral, not any other commodity or currency but the US dollar. It favours the US as they print to sell to the world. Perhaps the world should develop an internationally friendly currency to ensure fairness in trading and keep the global economy buoyant.

hope you know that the yuan we are talking about here also depends on dollar,until China works on their currency to make it stable because last time l checked yuan is as unstable as naira l think this is like a step forward and 3 steps backward.

This is a move by China to fluid Nigeria with their fake goods while Nigeria will continue to struggle to export to China, beside what are we producing that China doesn't have? sure China is at advantage..anyway good luck to Mr buhari and his team

Hmmm Pple are talking pounds and dollars and nigeria is talking yuan

abumeinben:


Hope Yuan isn't about to colonise the Naira?

E be like oo! == runs out of thread in search of Buhari

This same government that asked nigerians to grow the Naira by buying made in nigeria products is now encouraging massive importation from china by direct trading of naira for yaun.Confused government!!

This is another way of making the Yuan popular in Nigeria and still devaluing our naira . I pity so called leaders no Initiative always seeking help yet we say we are independent. Neocolonialism by our leaders

MathsChic:
This move by the Buhari administration is almost a strategic one. You'd recall that the Naira/USD exchange rate took a dive during those troubled periods once Nigerian importers who had made deposits with Chinese firms began to source for dollars to meet their varying commitments. That exchange rate would have seen less pressure, were they sourcing for the Yuan instead, a currency Chinese firms will accept. The trade between Nigeria and China was once recorded at over $11b dollars with, of course, the imbalance being to Nigeria's disfavour. But that's not the point; Nigeria has never really been an exporting country.

Nevertheless, it's obvious there's a lot of trade going on between the two countries. Since you couldn't exchange Naira directly for Yuan, but had to first obtain the USD, the various additional costs incurred during the two-stage transaction ensured Nigerian firms spent more money doing business with Chinese firms. In addition, by not first exchanging to the USD Nigeria can start reducing its dependence on the dollar. And now, I don't have to tell you how much the greenback swings the Nigerian market.

Not to get it wrong though. This will not increase the money in Nigeria's pocket, neither will it completely eliminate dependence on the dollar since some countries will not accept the Yuan while trading with Nigeria. In fact, Nigeria will have to convert a sizeable amount of its earning to the Chinese legal tender causing the country to hold less dollar. However, if a significant amount of trade is happening with China, there is no reason the Nigeria shouldn't have a Yuan trading hub.

The Naira will be the latest in a string of currencies which currently trade with the Yuan. There is already direct trade with the dollar, euro, yen, pound, the Australian Aussie, the New Zealand dollar, Russia's rouble, Swiss francs, the Singaporean dollar and the Malaysian ringgit. By joining the list of these countries, Nigeria is expressing its desire to take China seriously as a global economy and directly take on the benefits that come with that.

Round of applause for you... Beauty + Brain.

Good move. China is ready to do every development plan for this country, as long as they have steady export of raw materials to their country.

This will boost direct trade between these nations and foster better trade with other investors whom so far have not added to the growth of this nation.

It will be difficult for greedy politicians to loot...and China doesn't condone thieves....
Hope this comes out good sha.

This will only solve a little of the problem for a while.

The best and permanent solution to our country's economy is yet to be conceived by our govt.

1. Use this opp to bring in Chinese investors. let them start producing and exporting from Nigeria.

2. Bring in the machines, its time for mecginize farming.

3. Reduce tax rate for foreign investors.

4. Stable power. ( its not rocket science)

5. Rebuild our refineries.

6. Bring in Donald Duke as adviser to the minister or better still to replace the minister for tourism.

7. Make our schools and colleges competitive. we have all that it takes. rather than flying your kids abroad, develop our schools.

9. Put religion and social media in check. ( I don't how, but you should).

10. boko boys have been beaten, take the war to the creeks and bring those militants to their knees.


I'm not sure all these will take you more than three years if mind is set on them.

herbie27:
The issue is nt the Dollar bt your economy....we depend on imported goods too much.

...

Yes we depend on imported Goods too mush let's be realistic can nigeria av dat seal like china and japan did and stop all importation of Goods and produce on our Own No!! We can't av dat patience already the gullible one can't even give the president chance to make things right.
#NigeriaIsBlessed.

omowolewa:
Is okay

I'm very sure u didn't read the post...

we shouldn't thank him. This is little of what is expected of him. Is a shame it took him this long, after the much cries of the Nigeria economy. Shame on his administration if he keeps moving like snail and iron in rebranding Nigeria

Haha

Thank God! Atleast $ will drop in value...,
Iam happy to hear this news.

saintopus:
Convert all the reserve to Yuan and see the miracle of the naira gaining value

AT WAT PRICE. COS I DON'T BELIEVE DAT D CHINESE WOULDN'T WANT SOMETHING IN RETURN.

Truth234:
Hope they know China Yuan is unreliable, because of China spontaneous devaluation to boost exports whenever the Yuan is appreciating against the dollar.

Since Russia accepted Yuan as part of her reserves investors have reportedly lost over 30% of their savings in Yuan because of constant devaluation by the People's Bank of China.

China is known for one thing doctoring all economic data to attract investors, if anyone will do business of this capacity with China, its not during this period that China equity market has lost over $4 trillion dollars in value and have constantly been accused of unethical practices to make her market attractive.

the question is who is accusing china of unethical practices, america bah? china is not a feeding bottle country like Nigeria that allows America to dictate what it should do to its country at the expense of its citizens interest

Truth234:
Hope they know China Yuan is unreliable, because of China spontaneous devaluation to boost exports whenever the Yuan is appreciating against the dollar.

Since Russia accepted Yuan as part of her reserves investors have reportedly lost over 30% of their savings in Yuan because of constant devaluation by the People's Bank of China.

China is known for one thing doctoring all economic data to attract investors, if anyone will do business of this capacity with China, its not during this period that China equity market has lost over $4 trillion dollars in value and have constantly been accused of unethical practices to make her market attractive.

the question is who is accusing china of unethical practices, america bah? china is not a feeding bottle country like Nigeria that allows America to dictate what it should do to its country at the detriment of its citizens interest

MathsChic:
This move by the Buhari administration is almost a strategic one. You'd recall that the Naira/USD exchange rate took a dive during those troubled periods once Nigerian importers who had made deposits with Chinese firms began to source for dollars to meet their varying commitments. That exchange rate would have seen less pressure, were they sourcing for the Yuan instead, a currency Chinese firms will accept. The trade between Nigeria and China was once recorded at over $11b dollars with, of course, the imbalance being to Nigeria's disfavour. But that's not the point; Nigeria has never really been an exporting country.

Nevertheless, it's obvious there's a lot of trade going on between the two countries. Since you couldn't exchange Naira directly for Yuan, but had to first obtain the USD, the various additional costs incurred during the two-stage transaction ensured Nigerian firms spent more money doing business with Chinese firms. In addition, by not first exchanging to the USD Nigeria can start reducing its dependence on the dollar. And now, I don't have to tell you how much the greenback swings the Nigerian market.

Not to get it wrong though. This will not increase the money in Nigeria's pocket, neither will it completely eliminate dependence on the dollar since some countries will not accept the Yuan while trading with Nigeria. In fact, Nigeria will have to convert a sizeable amount of its earning to the Chinese legal tender causing the country to hold less dollar. However, if a significant amount of trade is happening with China, there is no reason the Nigeria shouldn't have a Yuan trading hub.

The Naira will be the latest in a string of currencies which currently trade with the Yuan. There is already direct trade with the dollar, euro, yen, pound, the Australian Aussie, the New Zealand dollar, Russia's rouble, Swiss francs, the Singaporean dollar and the Malaysian ringgit. By joining the list of these countries, Nigeria is expressing its desire to take China seriously as a global economy and directly take on the benefits that come with that.

. What is the trade balance between Nigeria and China? In whose favour is the scale? Where would nigerians get yuan from if the trade balance is not in our favour? The fx market is not rhetorics... it's practical. The Chinese still stands to benefit more. Sadly

mobaking:
Welldone presido,the stolen dollars will have to be dug out of the soakaways because it will loose some of its value.Haters continue...

Absoltely.

Truth234:
Hope they know China Yuan is unreliable, because of China spontaneous devaluation to boost exports whenever the Yuan is appreciating against the dollar.

Since Russia accepted Yuan as part of her reserves investors have reportedly lost over 30% of their savings in Yuan because of constant devaluation by the People's Bank of China.

China is known for one thing doctoring all economic data to attract investors, if anyone will do business of this capacity with China, its not during this period that China equity market has lost over $4 trillion dollars in value and have constantly been accused of unethical practices to make her market attractive.

Sometimes one tends to wonder what side of the brain this man thinks with.. It's'becoming glaring with every passing day that he doesn't know Jack about the economics of a nation. As usual his political sympathisers would quickly jump in to analyse from one end..So funny!!!

derecho:
but he didn't say that Nigerians will discontinue the use of dollars na.Besides, those who you refer to are wiser in their own generation.So na the common man go still feel am pass.

Bros u dey mind am,dem dey think say everything na APC and PDP

Brush sorry , Bros

69MissedCalls:
i can bet 1 million Yuan. naira can never have value again.

Sunnycliff:


What a myopic thought! Is Yuan the international standard for currency exchange and measurements

which currency is the standard.. You would tell me dollar, but remember, no one made it. In European transfer and countries dollar is NEVER used. And has stopped being an international unit if measurements.

MathsChic:
This move by the Buhari administration is almost a strategic one. You'd recall that the Naira/USD exchange rate took a dive during those troubled periods once Nigerian importers who had made deposits with Chinese firms began to source for dollars to meet their varying commitments. That exchange rate would have seen less pressure, were they sourcing for the Yuan instead, a currency Chinese firms will accept. The trade between Nigeria and China was once recorded at over $11b dollars with, of course, the imbalance being to Nigeria's disfavour. But that's not the point; Nigeria has never really been an exporting country.

Nevertheless, it's obvious there's a lot of trade going on between the two countries. Since you couldn't exchange Naira directly for Yuan, but had to first obtain the USD, the various additional costs incurred during the two-stage transaction ensured Nigerian firms spent more money doing business with Chinese firms. In addition, by not first exchanging to the USD Nigeria can start reducing its dependence on the dollar. And now, I don't have to tell you how much the greenback swings the Nigerian market.

Not to get it wrong though. This will not increase the money in Nigeria's pocket, neither will it completely eliminate dependence on the dollar since some countries will not accept the Yuan while trading with Nigeria. In fact, Nigeria will have to convert a sizeable amount of its earning to the Chinese legal tender causing the country to hold less dollar. However, if a significant amount of trade is happening with China, there is no reason the Nigeria shouldn't have a Yuan trading hub.

The Naira will be the latest in a string of currencies which currently trade with the Yuan. There is already direct trade with the dollar, euro, yen, pound, the Australian Aussie, the New Zealand dollar, Russia's rouble, Swiss francs, the Singaporean dollar and the Malaysian ringgit. By joining the list of these countries, Nigeria is expressing its desire to take China seriously as a global economy and directly take on the benefits that come with that.

Well spoken but then this move may not ave so much impact, here are my reasons;
1) How much reserves is in yen, and will it be able to meet our high demand for yen?
2) How will individuals get the yen, will CBN forex control still apply? Because these could mean the BDCs taking huge advantage of the potential scarcity.
Although this seems good on paper, theoritically I don't see how this will eventually favour the FX market rate. Because despite the fact that nigeria deals a lot with dollars, the exchange rate of euros, pounds. rand and even cedi rose high just as the dollar-naira rate increased. With the huge import (demand) from china, its just a matter of time before the average nigerian buys yen at a very crazycrazy rate

/
This dollar appreciation is historic.

Dollar dumping is usually catastrophic and historically starts in March. A trend is developing.

\

the okada and keke napepe they brought from China is not enough, now our roads, railway s and even cars are china. I not comfortable when illiterates are taking financial decisions

In theory this sounds like a fantastic idea. However in reality it might not really have much impact.

Certain questions come to mind

What is the volume of our total exports (oil and non oil) that goes to china?

Why is the Yuan one of the cheapest currencies even when China has the largest intl trade balance sheet?

Why has the Chinese government refused to allow market forces control the price of the Yuan? Instead, they have deliberately kept it low making it seemingly attractive? Unlike other currencies that are controlled by market dictates?

I don't want to sound pessimistic but we have just been handed the short end of the stick.

However I think is is ok considering that China has just granted Nigeria a USD 6b infrastructure loan. Hopefully the rail projects and other pressing social projects will see the light of the day now.

God bless Nigeria!

Ehitunez:
Who dem epp?

Smh for u.

You're wrong honestly

AdoreKIZITO:

I'm very sure u didn't read the post...

santori:



the question is who is accusing china of unethical practices, america bah? china is not a feeding bottle country like Nigeria that allows America to dictate what it should do to its country at the expense of its citizens interest

Is it only America that is trading with China? Currency manipulation affect all trading partners, US are more vocal because of the volume of their trades with China. Even Malaysia, Indonesia, Thailand, etc all accused China.

Can I ask you why Chinese billionaires prefer Dollar and Yen to Yuan?

sweetpies:



E be like oo! == runs out of thread in search of Buhari

Make sure u have enuf Yuan before u bail Sis