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Currency Deal With China: Things To Know - Politics (7) - Nairaland

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Re: Currency Deal With China: Things To Know by manny4life(m): 4:46pm On Apr 15, 2016
ISpiksDaTroof:
For your own sanity--- and "respect" on this forum--- DO. NOT. ENGAGE. THAT. KID. MANNY4LIFE. IN. A.DEBATE!!! He always knows a lot of nothing about everything and he will totally deviate from the actual topic. Switch to Medicine, Aeronautics , War planning, Legalese etc and watch him pretend he's an expert on EVERY subject whilst simultaneously driving you crazy.

Ignore him. That's the best advise I can give you.

Lmao... Your asssss is getting whopped and you're coming for me.. cheesy cheesy cheesy cheesy

Look bitttchhh if I did not send for you, don't come for me. Besides, what you quoted is NOT a response to me...


Now quit stalking me and get a fucccking life cool cool cool cool
Re: Currency Deal With China: Things To Know by jpphilips(m): 4:46pm On Apr 15, 2016
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.



Obviously, you are not alright, I won't write this nonsense you wrote in primary school, the sad part is the height you spewed the nonsense with so much confidence meaning that you have reached the climax of your emptiness, Let me advise you for free, it is a forum no doubt but you can spare us your emptiness by limiting your participation at the celebrity threads, even Seun will appreciate that gosh!!
Must everybody make a comment? if you have no idea what the subject is, just shut the fvck up!!

2 Likes

Re: Currency Deal With China: Things To Know by mildflame: 4:47pm On Apr 15, 2016
The BLACKMAIL is on, IMF wants FOREX policy changed
Re: Currency Deal With China: Things To Know by manny4life(m): 4:50pm On Apr 15, 2016
Ratello:

I have realised that you are so clueless to the level that "human faeces" will look like "porridge beans" to you.....I wondered the school you attended that did this damage to you undecided what exactly are you saying clown? That Buhari is on the right track? You need to fraternize with how the Asian Tigers came to be from a consuming to a producing economy.

Oops, is this a reply to @ISpiksDaTroof ? Mr ITK...

Lmao... Hang on, I'm just getting started
Re: Currency Deal With China: Things To Know by ISpiksDaTroof: 4:50pm On Apr 15, 2016
Firefire:



I wonder when Nigeria will start killing all the corrupt and wicked souls in this country. angry
That means you wish for 60-70% of your population to be exterminated. The politicians are not the problem, the Nigerian people are the biggest detriment to its development. They're mostly poorly educated, thus lack foresight and are usually wicked minded.

The Nigerian people are Nigeria's biggest problem.

2 Likes

Re: Currency Deal With China: Things To Know by Nobody: 4:51pm On Apr 15, 2016
jpphilips:




Obviously, you are not alright, I won't write this nonsense you wrote in primary school, the sad part is the height you spewed the nonsense with so much confidence meaning that you have reached the climax of your emptiness, Let me advise you for free, it is a forum no doubt but you can spare us your emptiness by limiting your participation at the celebrity threads, even Seun will appreciate that gosh!!
Must everybody make a comment, if you have no idea what the subject is, just shut the fvck up!!

Your father in his right frame of mind will not like to join issues with me, so keep off my mention you vagabond. I don't give attention to never-do-well like you, therefore don't expect more than this from me.

1 Like

Re: Currency Deal With China: Things To Know by Harwoyeez(m): 4:58pm On Apr 15, 2016
Somethings are not clear to some people about this current Chinese deal of a thing.
1) Nigeria isn't converting all of its reserve to the yuan, it's only a portion that will be converted as we already have our reserve in dollars, euros, and pounds so adding yuan to the reserve won't create much of a problem since we are not converting all. The effect of this is to enable trade btw the 2 countries to flow without having to change money to dollars then to yuan, as we can settle our deals directly in yuan. This will reduce dependence on dollars where you need yuan and the loss inherent in changing from one currency to another
2) on the loan deal, Nigeria in her budget had indicated that it will borrow about 900b naira internationally and 900+ b naira locally with the sole purpose of investing the money into key infrastructure with Nigeria providing it's counterpart funding for the said project which is part of the deal PMB went to China to conclude. The loan will not be handed to Nigeria in cash directly because it had been tied directly with infrastructure which means the Chinese will construct infrastructure worth the amount of the loan deal, while Nigeria must have provided it's own side of d deal. It's because Nigeria failed it's side of the deal that most deals cut by d last administration were put on hold like the manbilla power project and d rails lines were not concluded.
3) Nigeria can benefit greatly from this deal if Nigeria can begin to export more and with some trade restrictions not to become Chinese dumping ground coupled with good policies /laws and political will, let's hope for the better that we get it right this time around cos our lives as citizens depends on this directly or indirectly. Thanks

3 Likes

Re: Currency Deal With China: Things To Know by mecussey(m): 4:59pm On Apr 15, 2016
I say this is good move because, we have dropped importation by 90% including China due the dollar hyke. Now, where this would be very good for Nigerians is if ...since E.g if 1 dollar worth of goods from China instead, 320 Naira we get it at 100 Naira equivalent of the Yuan. Then, let us manage the China products because, thats what we deserve. Till we learn how to produce quality by ourselves. Therefore, when demand for dollar reduces the Naira will appreciate against the Dollar. My fear is the Yuan will eventually appreciates and we may still remain on the same page. Unless, China with all their kind heart decides to develop Nigeria with quality infrastructure like refineries, power, and industries..
Re: Currency Deal With China: Things To Know by Oliviaxx(f): 5:01pm On Apr 15, 2016
VocalWalls:
grin

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?

You said it all
Re: Currency Deal With China: Things To Know by Inani(m): 5:01pm On Apr 15, 2016
PMB, THE ECONOMIST!
PMB has done it again. The school cert holder (?)
has done what a PhD holder could not.
Very simple economics. We buy most of our goods
from China, so why must we pay the Chinese in
dollars? The Chinese buy a lot of crude oil from us, so why must they pay us in dollars?
So PMB made a deal with the Chinese. We pay for
the goods we buy from China in Yuan, the Chinese
currency. They buy our crude oil and pay in Yuan.
The exchange rate is to be pegged at 30 Naira to one
Yuan or RMB. So how does it favour us? Simple.
The Yuan is now 6.48 to a dollar. So if you pay 30
Naira to the Yuan, that would be equivalent to 194.4
Naira to the dollar.
Since the dollar exchanges for 199 Naira, you save
N4.6. 199 - 194.4 = 4.6. Simple, huh? In simple terms, PMB has just strengthened the Naira
by 9.15%!
And that's not the end of the story. As we begin to
deal in the Yuan, the demand for dollar would
plummet and this in turn would weaken the dollar. It
would crash to around 140 Naira to the dollar. May God bless PMB. Can I hear an amen?!

2 Likes

Re: Currency Deal With China: Things To Know by gare(f): 5:02pm On Apr 15, 2016
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



We all have been shouting diversify the economy, but with this deal I don't see how it will help diversify the economy, because this will promote so much import from China that is what the Chinese stands to gain from this deal why we flood our country with Chinese goods.

So what's the celebration about this deal has taken us backwards
Re: Currency Deal With China: Things To Know by Nobody: 5:03pm On Apr 15, 2016
i don't really like this deal. I think most of our consumer products come from China. We don't want imports when we can produce them locally.
Re: Currency Deal With China: Things To Know by Firefire(m): 5:04pm On Apr 15, 2016
Montaque:
NgeneUkwenu just got an article and divided it into numbers. well done.

The guy is fraudulent, he should be charge for plagiarism.
Re: Currency Deal With China: Things To Know by Firefire(m): 5:07pm On Apr 15, 2016
ISpiksDaTroof:
That means you wish for 60-70% of your population to be exterminated. The politicians are not the problem, the Nigerian people are the biggest detriment to its development. They're mostly poorly educated, thus lack foresight and are usually wicked minded.

The Nigerian people are Nigeria's biggest problem.


If the 10% corrupt politicians are killed, the remaining 50-60% corrupt Nigerians will take caution.

I am an advocate of death by hanging for corrupt Nigerians irrespective of tribe or party. angry

2 Likes

Re: Currency Deal With China: Things To Know by AheadMarket(m): 5:10pm On Apr 15, 2016
Buhari trying to play smart grin.
Nigeria is a non-productive country. China will realise that the deal is not worthwhile and will back out.
Re: Currency Deal With China: Things To Know by IVORY2009(m): 5:12pm On Apr 15, 2016
Classiqharry:


Sir there are equally standard Chinese goods, it depends if SON decides to do their job. In most Western countries 80% of goods on their shelves are made in China.

Yes it is, but the Nigerians that are supporting the deal, if you ask them quitely, you will discover that they dont fancy chinese products, perhaps even you tooo, would you want to take your hard earn money to buy a China phone? Rather than Iphone, Motorola, Samsung, Nokia etc, also China Shoe, rather than Italian make, China Wrist Watch, rather than Swiss/Italian make...... This people supporting the agreement, go to their houses, you can never find any Chinese Products
Re: Currency Deal With China: Things To Know by khadii1: 5:14pm On Apr 15, 2016
好一个 Sai Baba! Its time we begin to learn simplified Chinese.
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1 Like

Re: Currency Deal With China: Things To Know by italomwo(m): 5:21pm On Apr 15, 2016
It's a smart move by Mr President, China will also import more crude oil from Nigeria, their demand in our crude oil has been very low in recent years. I believe it's a great developments to our economy. smiley smiley
Re: Currency Deal With China: Things To Know by 989900B: 5:21pm On Apr 15, 2016
IVORY2009:


Yes it is, but the Nigerians that are supporting the deal, if you ask them quitely, you will discover that they dont fancy chinese products, perhaps even you tooo, would you want to take your hard earn money to buy a China phone? Rather than Iphone, Motorola, Samsung, Nokia etc, also China Shoe, rather than Italian make, China Wrist Watch, rather than Swiss/Italian make...... This people supporting the agreement, go to their houses, you can never find any Chinese Products

And all those brands you just mentioned are made in China, or Vietnam.

BTW, the whole world buys from China these days. And yes, China has come of age.

1 Like

Re: Currency Deal With China: Things To Know by 989900B: 5:25pm On Apr 15, 2016
gare:



We all have been shouting diversify the economy, but with this deal I don't see how it will help diversify the economy, because this will promote so much import from China that is what the Chinese stands to gain from this deal why we flood our country with Chinese goods.

So what's the celebration about this deal has taken us backwards

Read thru the thread, your concerns have been answered.

BTW, it's a very good time to export all our cocoa and other agric and mineral resources to China -- it's a 'verrrrry larrge' market!

1 Like

Re: Currency Deal With China: Things To Know by Ratello: 5:26pm On Apr 15, 2016
manny4life:


Oops, is this a reply to @ISpiksDaTroof ? Mr ITK...

Lmao... Hang on, I'm just getting started
Very funny and self-conceited clown....never seen a brand of human specie of his type undecided
Re: Currency Deal With China: Things To Know by IVORY2009(m): 5:27pm On Apr 15, 2016
989900B:


And all those brands you just mentioned are made in China, or Vietnam.

BTW, the whole world buys from China these days. And yes, China has come of age.

Nokia = Finland
Iphone =US
Samsung = Korea
Motorola =US
etc but there are China version, would u prefer China Nokia to that of Finland?
Re: Currency Deal With China: Things To Know by 989900B: 5:32pm On Apr 15, 2016
IVORY2009:


Nokia = Finland
Iphone =US
Samsung = Korea
Motorola =US
etc but there are China version, would u prefer China Nokia to that of Finland?

ROFLMAO: Delete or edit your post. cheesy cheesy cheesy

1 Like

Re: Currency Deal With China: Things To Know by madjune: 5:36pm On Apr 15, 2016
aloeman15:

In two sentences you've summarised the entire fate of this policy and its future effect on our economy.
Our import-driven, oil-based economy.
Look, just plan for a safety net for yourself and your loved ones, because this country has just signed its economic death warrant.

This is true.

Never trust the Chinese in deals.
There's a reason why the western, smarter nations avoid the Yuan.

This may be Buhari Achilles heels.
Re: Currency Deal With China: Things To Know by porka: 5:39pm On Apr 15, 2016
He he he he he he!

Nigeria ti wo gau o o o.

Buhari fun ra e.

Can't anybody figure this out?

Can you all remember that Buhari changed the colors of our national currency in the 80s because of 'looters'?

This yuanization of our foreign reserves is just a version of that, get it?

Why is Nigeria so unfortunate?

How could intelligent and very educated people be in this mess?

Celebrating primitive economics in 2016?

Oma ga o.
Re: Currency Deal With China: Things To Know by KissCODE(m): 5:42pm On Apr 15, 2016
mildflame:


Mainstream economist like who? The World Bank, IMF or who excatly? How many economist foresaw the global meltdown? Did it have any effect on the CHINESE RUSSIAN and INDIA government?
How many financial CROOKS in wall street have u seen jailed?
PMB u are on track, developed your indigenous policy, stick to it n DAMN all "text book recommendations from so called MAINSTREET ECONOMIST", n watch naija smooth sail into El-Dorado economically.
i am fully in support of this move by Buhari. however, i thought buhari should have sort for more ways of helping other nigerian business men have access to chinese market & get soft loans too other than dangote. Because taken Dangote everywhere & making him influence of fg to acquire more loans kills every kind of competition.
Buhari government have really tried but i am yet to see how this move will help grow our local industry, what i see is encouragment for import than export from china.
This will backfire soon if there is nothing for local manufacturers to gain from this.
Re: Currency Deal With China: Things To Know by KissCODE(m): 5:55pm On Apr 15, 2016
mildflame:
The BLACKMAIL is on, IMF wants FOREX policy changed
grin
I dont think most times with my normal sense. Sometimes i think abnormally and right now i am thinking that way.

The blackmail against buhari is tickining per second now because he is abandoning the USA for China.
Look at the that CNN is promoting saying it is from BH nagotiators on Chibok girls. But we know it is all lies to turn the tide against PMB.
PMB should get ready to face the same war GEJ fought. Just that it the USA 4+years and friendship with APC to wage war against GEJ. But in Buhari‘s case they will set him up against every Nigeria.
Forex policy will be changed & soon China will devalue their currency again then Chinese mnufcturers will be reluctant to collect yuan from nigerian importers... Then the buble will burst on the face of this government.

We need to look inward more and find a way of encouraging our local manufcturers. Not collecting loan from any country.
Re: Currency Deal With China: Things To Know by tritt(m): 6:01pm On Apr 15, 2016
Mynd44:

If we do more of our importing from China, we will save a lot of strain on our local currency against the dollar by trading directly in the Chinese currency.

It is really a matter of demand and supply. Less people need the dollar for less strain.

You don't import to grow your currency or have a stable currency, you rather export.
Re: Currency Deal With China: Things To Know by odumessi(m): 6:08pm On Apr 15, 2016
ISpiksDaTroof:
So, why are most schools in your country roofless? Why are the drainages relics of medieval 1st century Europe? Why are most roads substandard? Don't you have the "expertise" to do these simple things?
#corruption
Re: Currency Deal With China: Things To Know by mildflame: 6:10pm On Apr 15, 2016
KissCODE:
i am fully in support of this move by Buhari. however, i thought buhari should have sort for more ways of helping other nigerian business men have access to chinese market & get soft loans too other than dangote. Because taken Dangote everywhere & making him influence of fg to acquire more loans kills every kind of competition.
Buhari government have really tried but i am yet to see how this move will help grow our local industry, what i see is encouragment for import than export from china.
This will backfire soon if there is nothing for local manufacturers to gain from this.

Don't think so bro, what I see is a government wanting to grow the domestic economy having easy access to technology, machineries from them. The policy on ground isn't going to allow all manner of importation but specific and economic relevant ones
INNOSON motors has plans to produce all car parts within a time frame within Nigeria so should all right thinking entrepreneur, in our factory we have totally gone LOCAL courtesy of FOREX
NIGERIANS are SHARP just watch with time what is going to happen, I see the CHINESE regretting and not the other way round
Re: Currency Deal With China: Things To Know by Clergy20: 6:13pm On Apr 15, 2016
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.

Which government followed the recommendations of the mainstream economists, and did we fare any better during that regime? I totally agree with you that export orientation is the surest way to sustainably grow the naira, but you don't become export oriented in a short run. Our economy is nosediving and we need short term remedial measures to keep our heads above waters. If you don't throw the die, you can never throw 6. Let's give this option a try... You never can tell.

1 Like

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