Seun:
I have no problem with trade deals, but anyone who thinks this will strengthen the naira is confused. The only thing that will strengthen the naira sustainably is if we export more (or if the price of oil recovers). Our honourable president's well intentioned voodoo economics didn't work the last time and won't work this time either. He needs to listen to mainstream economists and follow their recommendations. Economics works.

LemonBoy1:


sorry sister

Dannie2015:
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

CSTR2:
Exporting oil to China at giveaway price and getting an overpriced albeit world class infrastructures is a great deal than we have gotten in decades.
I don't mind selling $4 billion worth of oil for $3B worth of world class Infrastructures if that is what it takes.

TheGoodJoe:




With or without the loan, we are still going to import in large quantities. This means that without the loan, our dollar reserves diminishes.

So why not sign a Currency Swap deal that continues the importation, reduces the pressure on the reserves and boost our infrasructures.

The boost in infrasructures will result in more local productivity due to more jobs.

focus7:
Seun I don't mind your ban, you can even make it a life ban but I must tell you that you don't have sense.

Empero1:


Sharap! What gives you the guts to ask if I'm alright! Now, to the bone of contention, I wonder where you get the idea that we're "poor and weak" obviously, you're not a good student of diplomacy.

With the abundance of natural resources that abounds in this great country, the word poor shouldn't be associated with us- China as an enterprising and industrialized country need what we have in this regard and vise versa. More so, with the intellectual resources available to us, we shouldn't be ascribed with the word weak- a sound diplomatic ground work is all we need to get things right at this juncture.

I'm a seasoned bureaucrat... an international acclaimed one at that, I have always help different many countries to get the best of deals from their counterparts without letting the initiator of the deal to subject itself to perpetual slavery in the hand of its associate country. By the way, there's something called trade by barter.

Anyway, my service is not for free, so for more information contact me privately.

Joel3:
hahaha. world class infrastructure. and you expect that from the Chinese

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

ISpiksDaTroof:
By the way, there's something called trade by barter.
, and what does the signed deal sound like to you.

Typical malnourished Nigerian bush fowl fancying itself an exotic peacock. You're poor and weak, China is rich and powerful. Deal with it. Your past leaders put you in this position because they knew the bottom is where the followers desired to be.

You have natural resources?! Big deal, go ahead and eat it because they've served you well in the past. Diamonds in the hands of a cave man is nothing but rocks and that is exactly where your nation finds itself right now.

NgeneUkwenu:
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

VocalWalls:


Many of you are just saying nonsense. Is it America that hiked the price of the dollar?

The problem is with the system, how are we sure the yuan won't go as high as 80 in the parallel market?

So when it gets to that, we then jump to cefa instead of fixing the system. Are we this dull?

modath:


Gbam! Gbammer Gbammest!

NgeneUkwenu:
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

CSTR2:
That is exactly what should happen here.
Cheap oil for Infrastructure.
But then our government is good at Messing up good deals.

DaBullIT:
Another win for Certificateless , gworo chewing Daura President



I never regretted voting for Buhari


Do you ?

Buhari is Awesome !!!!!!!!!!!!!!!!!!!!!

omenka tonyebarcanista , seun , lalasticlala

Firefire:
I always enjoy your line of argument. Impressive, not the junks Ngene is forcing down our throats.

As you rightly argued, "... it is more about policies/laws, leadership and accountability, and if we get it right..."

I pray we get it right this time. I also expect our leaders to have study other African countries with similar move, how effective was it?

CSTR2:
The US-Canada pipeline project is one.
A couple of US bridges also built by Chinese Contractors.
I would get the list in a moment.

Empero1:



I'm a seasoned bureaucrat... an international acclaimed one at that, I have always help different many countries to get the best of deals from their counterparts without letting the initiator of the deal to subject itself to perpetual slavery in the hand of its associate country.
Anyway, my service is not for free, so for more information contact me privately.

Andykruiz:
Is it just me or does someone else foresees this as the beginning of Nigeria becoming an importing nation? And still, some people will celebrate as if the increase of dollar's value is solely based on Nigeria's economy. Has anyone ever stopped to ask why the former government did not go ahead with the deal with the Chinese? Nah, but we want to be gullible and standby to watch while they turn our land to a dumping ground. FYI, the Chinese don't give a "feck" about Africa! FACT!!!

IVORY2009:


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.

TheRealGEJ:


Quote me... Before the end of this year, the naira will still be devalued... We are only postponing our our days of sufferings just like the typical Nigerian... But we will still be faced with the reality!!!

989900B:
Just so we set some things straight for the naysayers:

1. If we have xbillion amount of dollars in our reserves, it does not literally mean it's all in US dollars.

2. Even from before, we did keep some Yuan in our 'basket of currencies'.

3. We keep other currencies like GBP, Euro and some few other currencies, and gold too, they are all part of the 'reserves'.

4. We are only increasing our Yuan reserves, and trading directly, rather than going via the $ route (which is a better thing for our economy, considering we have a huge trade volume to and from China . . . times are changing, it's not like the 70s,80s, or 90s . . . the world's trade and ours from then has greatly changed. We can't be applying the monetary policies of 30 years ago in a fast evolving world -- we've gotta evolve with it).

5. China is fast becoming the country with the most investments in Africa, with Nigeria one of it's favourite destination.

6. ATM, the dollar is too strong for it's own good, and the US is worried about that too -- they'r slowly feeling the effect.

7. With the huge trade volume between both countries, it's actually stark insanity NOT to do what PMB just did with China.

8. China's loan rates are one of the cheapest in the world -- every one is borrowing from them -- the UK owes them BILLIONS ($), the US borrowed TRILLIONS ($) from them!

9. China's investment in Africa and Nigeria is estimated to triple in few years.

10 Having a good chunk of our reserves in Yuan, with the amount of imports from there, would help ease the pressure between the Naira and the dollar.

For those who worry about local manufacturing and diversification of the economy, the deal with China as regards major projects such as the 4,000 MW power plant amongst other alternative power solutions, and railway, and refineries, are just the ingredients you need to diversify.

ATEOTD, it is more about policies/laws, leadership and accountability, and if we get it right even them Chinese factories we buy from, will relocate here.

989900B:


You know, if Americans were told in 1970, that over half of their Made in U.S.A. will become Made in China, and that, they will be losing their jobs to China and borrowing money from China, they wouldn't have believed.

Almost all major American companies now produce from China!

Every major company in the world manufactures from China -- almost!

To get there, China:

[size=18pt]1. They killed/jailed their corrupt leaders. [/size]

2. Installed less corrupt ones (no one is a saint).

3. They learnt/stole from the best.

4. They created an enabling environment.

5. They worked very hard and focused!!!

And the rest is history -- we've got to replicate that -- starting from number 1.