ayokujero:
I am one of those who initially felt the recent Buhari's decision will have positive effect on our economy.

After much consideration I have come out with this facts.

1. 1 Yuan = 30 Naira
2. Buying things from China Online you will have to pay in dollars
3. 1 Dollars = 6.78 Yuan approximately 205 Naira if my calculations is right
4. Buying things from China either in dollars or Yuan has no difference has it will increase Yuan against Naira if the number of dependent purchase increase just as Dollars seems to have increased.
5. Having Yuan Credit Card will enable us purchase things directly from China killing local industries.
6. How many Online China Store will display their goods in Yuan and when will that be.
Visit alibaba.com to verify the charges of China Products.



*Disclaimer
Please Don't get me wrong, but in no future distance time will Naira still be 30 to 1 Yuan?

I think we should think well before we adopt need policy.

jumas:
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.

jpphilips:



Buhari is in China for substantive importers people like you that buy less than a piece, all the shops on Alibaba have physical presence in China, if you want to benefit from Buhari's move, quite low scale importation for big scale EOD.
Who are the bloody local manufacturers that need protection? Those that adjusted their prices to maximize the dollar crunch?
Those that sell flip flop sandals 10k because the dollar challenge crippled importers? They should just compete with importation against all odds.




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ayokujero:


Please read this:


Some Nigerians are jubilating over $2b loan from China and the so called Yuan trading deal. - Akani Balogun

China wants to lend us 2 billion dollars, but they want to give us in Yuan and not the dollar itself.

They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.