Currency Deal With China: Things To Know - Politics (2) - Nairaland
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| Re: Currency Deal With China: Things To Know by OCTAVO: 1:53pm On Apr 15, 2016 |
Ok |
| Re: Currency Deal With China: Things To Know by joey150(m): 2:01pm On Apr 15, 2016 |
I want to know why america and the likes are called the "west" by other developing countries? Abeg if you no sabi am...no answer me! Thank you for your co-operation. |
| Re: Currency Deal With China: Things To Know by Nobody: 2:01pm On Apr 15, 2016 |
Amazing movement at the front page  |
| Re: Currency Deal With China: Things To Know by Odani: 2:03pm On Apr 15, 2016 |
Seun:am glad u know this but how come nothing was done to increase our export in the last administration, this is not the best option but as it stands its the only temporal solution and its a step in the right direction. dnt worry let ur pipo be wailing kanu, kaduna and lagos would be ready with exports within a year or two 1 Like 1 Share |
| Re: Currency Deal With China: Things To Know by noeloge82(m): 2:04pm On Apr 15, 2016 |
In the light of Hope don't over hype this is what gives critics oppurtunity to quote when d chips are down,in the practical world 70% in this situation is not realistic and don't forget china is a producing nation and stand to gain 90% from that deal cos Nigeria will be a dumping ground for their products so this is an advanced mordern slavery but we Hope we can gain a significant Economic stability NgeneUkwenu: 1 Like |
| Re: Currency Deal With China: Things To Know by Nobody: 2:06pm On Apr 15, 2016 |
NgeneUkwenu:The condition for that loan is that Chinese expertise will be the ones that will build the infrastructures FG wants and we will pay them for their services and payback the loan with the interest. Who's gaining here?. 6 Likes |
| Re: Currency Deal With China: Things To Know by Nobody: 2:06pm On Apr 15, 2016 |
Smh. |
| Re: Currency Deal With China: Things To Know by nastyesco(m): 2:06pm On Apr 15, 2016 |
I think it spells absolute doom for our local industries 5 Likes |
| Re: Currency Deal With China: Things To Know by 2rutalk1: 2:08pm On Apr 15, 2016 |
Only someone who lacks understanding of the rudiments of Economics will applaud this move. This is totally counterproductive and it will make no economic sense in the long run. For your information, this policy will perpetuate Nigeria in her already import dependency trap. They have only succeeded in dividing Nigeria and China into Consumption/import dependent economy and Production/export economy respectively. Any policy that cannot strengthen our export base in relation to import is useless for now. What we need is economy diversification via import substitution strategy of industrialization. It is obvious the OP and indeed the FG do not understand the economic implications of this especially in the long run, hence the jubilation. 12 Likes 1 Share |
| Re: Currency Deal With China: Things To Know by TrollTrap: 2:08pm On Apr 15, 2016 |
NgeneUkwenu: 4 Likes
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| Re: Currency Deal With China: Things To Know by 9jatriot(m): 2:08pm On Apr 15, 2016 |
Nothing wrong with the policy. The dollar exchange has not been scrapped, if you prefer to use dollars then go source for it. If you are buying from China then you have an OPTION to use the yuan directly. For example, if 1000 people need 100 dollars each, and 600 of those people need the dollar to buy things from China, what this policy is saying is that instead of the 1000 people to scramble for the scarce dollar why not give those buying from china the option to buy directly in Yuan leaving the other 400 people who really need the dollar to share the dollars available. If the policy works then the demand for dollar will reduce because at least those buy items from China will now be able to do so. The fear is that Chinese products will flood the market, but people forget that a lot of raw materials, chemicals and even machinery will also become cheaper. Intelligent people can begin to buy machines now without looking for dollars to do it. Seun: 8 Likes 1 Share |
| Re: Currency Deal With China: Things To Know by Fowobi(m): 2:09pm On Apr 15, 2016 |
In all these signing and borrowing , my own interest is how to strengthen Nigeria local product to meet international standard so we can become exporting country as well as china! In addition pls i need to go to school where i can learn Chinese language fast fast ooooo! 1 Like |
| Re: Currency Deal With China: Things To Know by omenka(m): 2:10pm On Apr 15, 2016 |
DaBullIT:The greatest fear of the nay sayers is seeing Buhari take steps like this. These are decisions that are sure to bring a huge respite to our ailing economy. They fear their lies would be laid bare for the world to see should the country start showing signs of recovery and growth, little wonder their propaganda mills have been running at full throttle since yesterday, desperate to make the deal appear like the WORST thing that's ever happened to the country after the civil war! Whenever you see PDP supporters get so agitated online, know something good is about to happen to Nigeria! 4 Likes 1 Share |
| Re: Currency Deal With China: Things To Know by noeloge82(m): 2:10pm On Apr 15, 2016 |
Pls u can meet farmers on the street and confirm that in the last Administration their was 70% increase in food production cos farmers were provided with farm input, seeds, DOC, fingerlings n chemical fertilizers etc if this govt can still follow that line in the next few yrs we will start exporting agricultural produce Odani: |
| Re: Currency Deal With China: Things To Know by Nobody: 2:10pm On Apr 15, 2016 |
signature2012: GOD BLESS U FOR THESE STATEMENTS. OUR LOCAL MANUFACTURERS WILL SUFFER. MANY OF THEM WILL NOT BE ABLE TO PRODUCE COS THIS WILL LEAD TO FLOODING CHINESE MADE GOODS INTO NIGERIA. THE SAME PRESIDENT THAT SAID HE WANTS TO ENCOURAGE NIGERIA MADE GOODS IS NOW UNCONSCIOUSLY KILLING THE IDEA. IN THE LONG RUN, CHINESE CURRENCY WILL BECOME LIKE DOLLAR. 3 Likes |
| Re: Currency Deal With China: Things To Know by CSTR2: 2:11pm On Apr 15, 2016 |
The Chinese government are currently the most cerebral government in the world. PMB does not stand a chance. The disparity in IQ is too much. 2 Likes |
| Re: Currency Deal With China: Things To Know by Nobody: 2:11pm On Apr 15, 2016 |
I remember people jokingly asked some time ago that if we were to wake up one day and find out this country has been sold to the Chinese, what our Chinese names will look like,seems it was more of a prophesy than a joke,it is a signed deal 5 Likes |
| Re: Currency Deal With China: Things To Know by eyesofgod: 2:12pm On Apr 15, 2016 |
Seun: Seun, who are the main stream economists? You implied that Baba has been practising voodoo economics but fail to realise the depth of degradation from which Baba took over the reigns of power. Or should I assume that you run NL from outerspace? 4 Likes |
| Re: Currency Deal With China: Things To Know by Chubhie: 2:12pm On Apr 15, 2016 |
herbie27:At what interest rate? |
| Re: Currency Deal With China: Things To Know by Charly68: 2:14pm On Apr 15, 2016 |
Good move mr president,we shall see how the policy goes in due time. |
| Re: Currency Deal With China: Things To Know by joetenn: 2:16pm On Apr 15, 2016 |
Way back in 2008 I wrote an article that China will soon take over Nigeria's economy. It is now happening...with our full consent. Get ready to be the dumping ground of all sorts of Chinese goods. Meanwhile, apart from oil, there is nothing China will buy from us. We are just deceiving ourselves. No one will fix our economy for us. We have to fix it ourselves 2 Likes |
| Re: Currency Deal With China: Things To Know by Nobody: 2:16pm On Apr 15, 2016 |
Seun:Seun!, it can't be 70%, do u even knw wat ur saying?. There is no country in the world where u won't see the US Dollar, is it the same for the yuan?, you guys are over hyping dis China trade aggrement wit Nigeria. That yuan can't compete with the US dollar, logically b4 now who buys or exchange yuan on the street bt we can either buy or exchange the dollars so it is in most countries. |
| Re: Currency Deal With China: Things To Know by IVORY2009(m): 2:16pm On Apr 15, 2016 |
Mynd44: If we do all our import frm "China" we would save lot of straim on local currency, have you forgotten so soon how substandard Chinese goods are? The phone you are currently using is it a Chinese phone? Be senceria with yourself, the poster only measured the merit of the agreement, but failed to include the demerit of the agreement. |
| Re: Currency Deal With China: Things To Know by Cavenchy(m): 2:17pm On Apr 15, 2016 |
In simple terms, the government is looking for ways to reduce the empowerment of the dollar by Nigerian importers. Before the new FX policy was implemented this year, Nigerians would usually purchase dollars for their fx transactions, this therefore required Nigerian banks to fund these transactions by paying the foreign merchants in dollars. This in turn maximised the demand for dollars and empowered the dollar to continue rising. The way Nigerians are affected by a rising dollar is when the value of the Naira depreciates in comparison to the dollar and every other currency tied to the dollar would also tend to appreciate against the naira because even though the dollar is gaining weight over every other dependent currency, there is still some demand for the individual local currencies of those other countries unlike the naira. Now what the government did by the cbn fx policy earlier this year, is stop fuelling the demand for the dollar, so it stops rising at the rate it was previously doing, but the previously dollar dependent Nigerians became practically unable to buy anything denominated in dollars at cbn exchange rate due to the dollar fx policy from cbn, and this hampered importation. So rather than let the country stagnate for lack of importation, they have decided to introduce the yuan to open up importation while still avoiding dollar denominated transactions. They are now strengthening the Yuan, but because there are less country currencies tied directly to the yuan as they are to the dollar, the dollar would not grow considerably high anymore in relation to the naira, and that way, other countries tied to the dollar would not grow considerably high anymore in relation to the naira. This wouldn't directly improve Naira's exchange rate against the dollar, but it would limit the dollar from growing considerably higher against the naira and perhaps just hope on other factors to bring the dollar down, wait till oil prices go back up or until we can create an avenue for other forms of exportation to bring the naira up in comparison to the dollar just like other countries trading with the dollar are currently doing. 9 Likes 1 Share |
| Re: Currency Deal With China: Things To Know by famola(m): 2:17pm On Apr 15, 2016 |
GOD WILL BLESS U FOR THIS TRUTH author=NgeneUkwenu post=44687121]Currency Deal With China To Crash The Dollar By 70% ! President Buhari doesn't have "certificate" but he sure knows how to make things happen and do what some heroes with unproven Ph.D. can't even dream of... 1. As President Buhari and CBN Governor, Emefiele moved closer to actualizing their promise to strengthen the naira against the US dollars 2. By signing a landmark currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday in Beijing, China. 3. The agreement will allow Nigerian who imports mainly from China conclude their transactions in the Chinese currency instead of the dollar 4. The new agreement would see Nigeria-China trades, which accounts for over 70 percent of imports into Nigeria, concluded in the Yuan. 5. Until now over 90% of int'l trades between Nigeria & the world is done in dollars, & in the process putting so much pressure on the naira 6. Nigeria imports almost all it needs from the West, Middle East and Asia. 7. The CBN is expected to diversify a huge chunk of Nigeria’s foreign reserve from the dollars to the Yuan to perfect the agreement. 8. “It means that the renminbi (Yuan) is free to flow among diff banks in Nigeria, & the renminbi has been included in the FXR of Nigeria,” 9. FXR means foreign exchange reserves 10. Lin Songtian, director general of the African affairs department of China’s foreign ministry, told reporters in Beijing ... 11. .. a few minutes after the agreement was signed between the Governors of the nations’ reserve banks.. 12. in the presence of President Buhari & President Xi Jingping of China, who is hosting Buhari and top Nigerian officials to a state visit. 13. Lin said a framework on currency swaps has been agreed with Nigeria, making it easier to settle trade deals in Yuan. 14. China has signed currency swap deals with countries ranging from Kazakhstan to Argentina as it promotes wider use of its Yuan. 15. Nigeria would become the clearinghouse for Yuan denominated transactions for the whole of Africa following the agreement. 16. Beijing also signed agreements to develop infrastructure in Nigeria, part of a drive to deepen its ties with Africa. 17. It has offered Nigeria a loan worth $6 billion to fund infrastructure projects. 18. Also, ICBC signed a $2 billion loan deal with Dangote group, to fund two cement plants it plans to build, Lin told Reuters. 19. China’s official Xinhua news agency cited President Xi as telling Buhari that there was huge potential for economic cooperation, naming 20. Naming oil, refining and mining.. 21. Nigeria is also considering issuing Panda bonds (mainly Yuan denominated) as against euro bonds because they are cheaper. This is good, better days are ahead, I'm sooo happy and hopeful right now. Nigeria shall be great again! Miss Ngene [/quote] |
| Re: Currency Deal With China: Things To Know by Dannie2015(m): 2:20pm On Apr 15, 2016 |
Nigerians and their one-wayy thinking pattern. Was there any agreement signed as to what happens should china decide to devalue their currency just as they did b4? Dnt frget in d said agreement, china is expected to construct d rail project frm lagos to calabar which 1. Has not bn included in d much disputed budget in d history of d country. 2. All materials to be used in d said rail project if finally approved will b imported frm china and as such no room for other companies to com bid for d contract which means they dictate all d how much involved in d project while nigeria dances to their tune. Am just sick of d marriage called nigeria 5 Likes 1 Share |
| Re: Currency Deal With China: Things To Know by CSTR2: 2:22pm On Apr 15, 2016 |
herbie27:Allowing the Chinese to build is not a bad thing. They are excellent at that, and we are not at their level yet. The real test is if the FG can identify the most critical infrastructure priority and get full value from China. 1 Like |
| Re: Currency Deal With China: Things To Know by Nobody: 2:22pm On Apr 15, 2016 |
[quote author=NgeneUkwenu post=44687121]Currency Deal With China To Crash The Dollar By 70% ! Are you proud of yourself? |
| Re: Currency Deal With China: Things To Know by gurunlocker: 2:24pm On Apr 15, 2016 |
NgeneUkwenu: you are super clueless than I thought even bubu get hope, so you think this will strengthen the naira? you dunno more importation from. China will lead to increase in yuan value in coming years? what do you have in economics? it's not clear to you this is a slavery Deal? they gave us something and they will still collect it back because only Chinese company can build the so called infrastructure. Mehn money don waste o 2 Likes |
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