IMMORTAL AWO IN 1961 ON WHY NIGERIA SHOULD EMBRACE CHINESE CURRENCY TO WEAN OFF FROM DOLLAR AND BRITISH POUND STERLING

In seeking foreign aid for our development, our Government has allowed itself to be led into a blind alley by its Western masters and mentors.

"MONEY HAS NO EARMARK"
So says an old adage which is as true as ever. But our present Government has so imbibed the prejudices of Britain that it appears to see the very Devil himself in any foreign currency other than British or American.

Every vestige and every channel of the undue influence of Britain and her allies in and on Nigeria should be totally eradicated. This, in my view, can be done in three significant ways
FIRST, by the widening of the circle of our international friendship, and in particular by the immediate establishment of diplomatic, cultural, trade and other mutually beneficial relations with Soviet Russia, China, and Eastern Germany.

SECOND, by the progressive but accelerated termination of our undue economic dependence on British and other Western Agencies and Business concerns.

THIRD, by the translation or transformation of Nigeria into a Republic, and by the initiation, at an early date, of steps to this end.
The foreign policy of Nigeria should be independent, and should be guided by the following principles...In respect to the world in general:
a) The promotion of economic relations with all nations of the world.
b) Co-operation with all nations of the world in so far as they respect the ideals for which we stand.
b) Respect for the sovereignty of nations and non-interference in their domestic affairs.
c) Attraction of foreign assistance (capital, technical skills and training opportunities for Nigerians) on the most advantageous terms.

Chief Obafemi Awolowo. 3rd Sept. 1961.
PS: Thank you President Buhari for making this happen more than 50 years after Awo proposed this.
CREDIT: Ajayi Temitope Carter[b][/b]

God Bless Buhari

What do you think of this email in relation to our current challenges!

Lets hope there is no backlash from the West.

someone is trying so hard to make this policy convincing. but the truth is no matter how hard you try to paint it. it's still not true. Nigeria is a dependant country and cannot do away without the west. we need west more that we need China trust me when I said so.

What an old man sees while sitting a young man will never see even on top mountain. Awo saw and spoke of this 50yrs ago but PDP, Fayose and their online warriors are yet to see 50yrs on yet they claim to have vision to rule this nation. NEVER AGAIN!!!

Joel3:
someone is trying so hard to make this policy convincing. but the truth is no matter how hard you try to paint it. it's still not true. Nigeria is a dependant country and cannot do away without the west. we need west more that we need China trust me when I said so.

my brother can you enlighten me more about the reason why we need the west more than china.??

mamaafrik:
my brother can you enlighten me more about the reason why we need the west more than china.??

sorry boy, if by now you don't know, then there is little i can do to help you.

go ask Zimbabwe. if the west sanction Nigeria. you won't be able to use that phone you are using to access nairaland. they control everything including your ATM master card.

He probably saw how the future would be.

Joel3:


sorry boy, if by now you don't know, then there is little i can do to help you.

go ask Zimbabwe. if the west sanction Nigeria. you won't be able to use that phone you are using to access nairaland. they control everything including your ATM master card.

Is that your best answer ,very unconvincing. Mugabe is a despot that the west is always tackling. There is no justifiable comparison with Nigeria

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?!

**copied**

Talking about that illiterate awolowo

farem:
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?!

**copied**

U just hit the point as simple as A,B,C""waiting for the wailer.. another sipmle knowledge for the wise

[quote author=farem post=44753106]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?!
Amen

Joel3:
someone is trying so hard to make this policy convincing. but the truth is no matter how hard you try to paint it. it's still not true. Nigeria is a dependant country and cannot do away without the west. we need west more that we need China trust me when I said so.

Only Biafra needs the West, Nigeria as chosen a leader to chose its path and that is leveraging on the opportunities China as to offer. Pls do the needful if that is tomenting to your soul.

Joel3:


sorry boy, if by now you don't know, then there is little i can do to help you.

go ask Zimbabwe. if the west sanction Nigeria. you won't be able to use that phone you are using to access nairaland. they control everything including your ATM master card.

You, with the crap you typed above call another person boy? You?

I wonder where you guys come out from?

They obviously don't use Mastercard in China, do they?

Hit my head on ewedu tree

seunajia:


You, with the crap you typed above call another person boy? You?

I wonder where you guys come out from?

They obviously don't use Mastercard in China, do they?

JoSaintiago:
Talking about that illiterate awolowo

IPOB!!!never disappoint

Joel3:
someone is trying so hard to make this policy convincing. but the truth is no matter how hard you try to paint it. it's still not true. Nigeria is a dependant country and cannot do away without the west. we need west more that we need China trust me when I said so.

yes, like China, Germany, Russia, India, Zealand, Norway and so on.

May I remind u that all these countries has their downs when they almost thought it was over...

Embracing a little of yourself and an enemy of the West will always liberate you.

Do u knw why?

because the West is a veil that doesn't want you to see beyond it!!!

Now every solution comes from the West...in fact, no

Joel3:


sorry boy, if by now you don't know, then there is little i can do to help you.

go ask Zimbabwe. if the west sanction Nigeria. you won't be able to use that phone you are using to access nairaland. they control everything including your ATM master card.

dnt get it twisted at all..dnt..

Did u knw that Zimbabwe now turns to Asia for solution?

And hey, think about this, now that the American dollar is no more a yardstick for a Zimbabwean, what next will the dollar say?

It is quite simple, China is already helping them get back to their feet... What will the West do abt that?

Joel3:


sorry boy, if by now you don't know, then there is little i can do to help you.

go ask Zimbabwe. if the west sanction Nigeria. you won't be able to use that phone you are using to access nairaland. they control everything including your ATM master card.

hmmm,i was looking forward to you enlightening me but you seem not have the wherewithale,no they dont control all things,are u asying they'll sanction us due to fact that we take a move that'll move our country forward??,are you saying the Northkorean,iranian,chinese,Russian,libyan do not survive?,are they offering us those services for free?,are they the only one that offers internet linking services??how did those countries achieve that autonomy??,when they reduced their crude purchase due to their shale oil discovery,did Zeus leave hell for Nigeria?, If you are a student of history you'll know we survived without them even before china became second largest and 1 fastest growing economy in the world during the military regime,so those sad stories should not be heard amidst us anymore ore.

Babalegba:
Is that your best answer ,very unconvincing. Mugabe is a despot that the west is always tackling. There is no justifiable comparison with Nigeria

dont mind that fellow that his type of orientation is the same our past leaders had that made the white think Nigeria is their father's farmland,look at the way that old rugged laggarhd keeps disturbing with their IMF Forex alteration hymns.

mamaafrik:
hmmm,i was looking forward to you enlightening me but you seem not have the wherewithale,no they dont control all things,are u asying they'll sanction us due to fact that we take a move that'll move our country forward??,are you saying the Northkorean,iranian,chinese,Russian,libyan do not survive?,are they offering us those services for free?,are they the only one that offers internet linking services??how did those countries achieve that autonomy??,when they reduced their crude purchase due to their shale oil discovery,did Zeus leave hell for Nigeria?, If you are a student of history you'll know we survived without them even before china became second largest and 1 fastest growing economy in the world during the military regime,so those sad stories should not be heard amidst us anymore ore.

listen, only responding to the fact we need the west more than we need China. to integrate to the rest of the world we need west. why did they blocked Gej from buying arms. what did Russia and China did to help us at that time, you tell me...

JoSaintiago:
Talking about that illiterate awolowo

Achebe, as bitter as he was against Awolowo, never called Awolowo an illiterate. So who the heck are you?

KINGwax007:
yes, like China, Germany, Russia, India, Zealand, Norway and so on.

May I remind u that all these countries has their downs when they almost thought it was over...

Embracing a little of yourself and an enemy of the West will always liberate you.

Do u knw why?

because the West is a veil that doesn't want you to see beyond it!!!

Now every solution comes from the West...in fact, no

look. Nigeria is a dependant country. and what that means a Borden to the rest of the world. China will never come here and clear you ass and pack your shiit.


China will never help Nigeria. you need to understand international politics. the west has the power to break Nigeria. and IPOB is a tool they are going to use if care is not taking. China will not be there to save your sorry ass.

[quote author=oluwafemi3790 post=44754143][/quote]my people at the cherubium and seraphim(C&S)'ll repond back with "AMIN JESU MI,Ailelleia,ailelia.......aaleluya,ogo,ogo,ogo,iiiiyeee"

most of out trade as a nation is with China so Why The do or die for dollar when we ain't trading with America that much as China... everywhere You go na dollar cos am You go dey hear even from firewood seller.... pmb go on with The deal jare...#istandwithpmb

Joel3:



listen, only responding to the fact we need the west more than we need China. to integrate to the rest of the world we need west. why did they blocked Gej from buying arms. what did Russia and China did to help us at that time, you tell me...

The argument that "we need the West, so stay away from China" is nauseating. The West still do business with China! Don't they? Besides, we've been doing business with the west for ages, but what did we get in return? They hid looted funds from Nigeria in their banks, pissed on our parade and introduced dangerous economic policies that brought us to our knees! Abeg, it's time we looked elsewhere!

Joel3:



listen, only responding to the fact we need the west more than we need China. to integrate to the rest of the world we need west. why did they blocked Gej from buying arms. what did Russia and China did to help us at that time, you tell me...

c'mon,didnt dey do dat because the transaction was shady(all the badesh,dansuki sagas)?,or do u feel dey weren't privy to all dose secrets?,why cant they stop us from borrowing from China now?,i'm begining to suspect u .

Joel3:


sorry boy, if by now you don't know, then there is little i can do to help you.

go ask Zimbabwe. if the west sanction Nigeria. you won't be able to use that phone you are using to access nairaland. they control everything including your ATM master card.

Nigeria is not Zimbabwe and our policies are not anti anybody, we deal with and take from everybody.

The UK today just gave us 40 million pounds free money to help us. They know we need help and they alone can not offer everything we need hence sourcing the help from everywhere..

A stable and healthy Nigeria is in their best interest..

Only foolish people stash their eggs in just one basket.

Ballmer:


Only Biafra needs the West, Nigeria as chosen a leader to chose its path and that is leveraging on the opportunities China as to offer. Pls do the needful if that is tomenting to your soul.

You know the funny thing? Awo wrote against the western currencies in 1961, 6 years later he was rushing to the same western nation to buy arms IN DOLLARS AND POUNDS, with which to kill Biafran children. Isn't it funny, the mind of that man and his people?

Awolowo, the funny one~ Ojukwu.