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Breaking News: Dollar to crash by 70% as Buhari signs currency deal with China
By admin - April 13, 2016 0 16
Buhari Signs Currency Deal With China To Crash The Dollar By 70%
President Muhammadu Buhari and Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele moved closer to actualizing their promise to strengthen the naira against the United States dollars by signing a landmark currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday in Beijing, China.
The agreement will allow Nigerian traders and businesses, which imports mainly from China conclude their transactions in the Chinese currency, the Renminbi (Yuan), instead of the dollar.
It was further gathered that the new agreement would see Nigeria-China trades, which accounts for over 70 percent of imports into Nigeria, concluded in the Yuan.
Until now over 90 percent of international trades between Nigeria and the world is done in dollars, and in the process putting so much pressure on the naira. Nigeria imports almost all it needs from the West, Middle East and Asia.
The CBN is expected to diversify a huge chunk of Nigeria’s foreign reserve from the dollars to the Yuan to perfect the agreement.
“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,” Lin Songtian, director general of the African affairs department of China’s foreign ministry, told reporters in Beijing a few minutes after the agreement was signed between the Governors of the nations’ reserve banks in the presence of President Buhari and President Xi Jingping of China, who is hosting Buhari and top Nigerian officials to a state visit.
Lin said a framework on currency swaps has been agreed with Nigeria, making it easier to settle trade deals in Yuan. China has signed currency swap deals with countries ranging from Kazakhstan to Argentina as it promotes wider use of its Yuan.
THE WILL exclusively gathered that Nigeria would become the clearinghouse for Yuan denominated transactions for the whole of Africa following the agreement.
Beijing also signed agreements to develop infrastructure in Nigeria, part of a drive to deepen its ties

Ok. Until then.

Ok

I know Buhari will deliver

Carry on Mr President, your foreign trips SHALL be fruitful by HIS Grace

How does that reduce our addition to foreign products

Great News..I love BuBu

Though it will ease the over dependence on the dollar as the mode of import payments from China where most of our imports come from, it doesn't immediately translate to a stronger Naira. Rather it will depelete our forex reserve since we have to part with some dollars to get the seed Yuan funds to stock the banks. China would not take Naira in direct exchange to Yuan. Except we have enough exports to China to foot the exchange which we don't currently have or the Chinese give us the proposed funding in Yuan but then it limits our spending to China

OP don't lie like LIE Muhammed o

Bugatie:
How does that reduce our addition to foreign products

Wat do we have in this country dat will satisfy u. Noting! So y won't we b addicted.

nice move by the president




watching in 4D

Your headline is misleading....

bigtt76:
Though it will ease the over dependence on the dollar as the mode of import payments from China where most of our imports come from, it doesn't immediately translate to a stronger Naira. Rather it will depelete our forex reserve since we have to part with some dollars to get the seed Yuan funds to stock the banks. China would not take Naira in direct exchange to Yuan. Except we have enough exports to China to foot the exchange which we don't currently have or the Chinese give us the proposed funding in Yuan but then it limits our spending to China

nope... it's naira to yuan, which is why it will be possible to weaken the dollar a bit and subsequently crash it.

agarawu23:
Your headline is misleading....

even though I don't support such headline most times, I love it that way.