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Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association - Business - Nairaland

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Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by dridowu: 4:57pm On Apr 17, 2016
LAGOS, April 17 (Xinhua) -- Nigeria's plan to increase the availability of renminbi (Yuan) has already favored the Naira against the U.S. dollar, a top official with the Association of Bureau De Change Operators of Nigeria said Sunday.

Aminu Gwadabe, President of the Association disclosed this to reporters in Abuja, saying since the announcement, the Naira had appreciated by 10 naira against the dollar.

The Industrial and Commercial Bank of China Ltd and the Central Bank of Nigeria signed a deal on Yuan transactions, as a way to resuscitate the current currency slump in Nigeria.

The deal meant the Yuan will flow freely around Nigerian banks and will even be included in the country's foreign exchange reserves.

Since 2014 when Yuan was recognized as a likely global reserve currency, Ghana, South Africa and Zimbabwe have integrated the currency into their financial markets.

Gwadabe said the dollar was now changing for 310 as against the former rate of 320 and predicted that once the policy is in force, the price of dollar will continue to fall.

He told reporters that this new policy will help the informal payment sector.

"You know more than 50 percent of foreign businesses in Nigeria is with China and before now, Nigerians doing business in China have to change their money to dollar, then from dollar to Yuan," he added.

"You can all testify to the number of made in China things in the country. So if small and large businesses can convert straight to Yuan, it's better," he told reporters.

He urged the CBN to monitor the development closely for effective implementation of the policy.


http://news.xinhuanet.com/english/2016-04/17/c_135287363.htm

17 Likes 6 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by amtaken(f): 5:00pm On Apr 17, 2016
Where's the proof?

22 Likes 4 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by BeeBeeOoh(m): 5:02pm On Apr 17, 2016
.
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by SamuelAnyawu(m): 5:04pm On Apr 17, 2016
Might be true tho..
If demand for dollar decreases surely naira will appreciate...
Simple Econs101

197 Likes 9 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by naijagobetter(m): 5:06pm On Apr 17, 2016
waow.. so fast? No wonder the west where raving mad NAIJA MY CONTRI

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Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by LionInZion: 5:10pm On Apr 17, 2016
I will be so happy if all the news about Nigeria-China deal becomes reality, as a fabricator and other artisans who depend majorly on products from China, we have a lot to gain. Honestly, anything that will relief us of this dollar dependency is highly welcome.

152 Likes 2 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by modath(f): 5:13pm On Apr 17, 2016
SamuelAnyawu:
Might be true tho..

If demand for dollar decreases surely naira will appreciate...

Simple Econs101

Bros, but the yuan to naira regime hasn't even commenced yet, so effects shouldn't be felt yet...

Are you with me? Is trade not supposed to be in full force before big drops begin to happen?

Which if one can take a wild guess points to specularion manipulation, & Sabotage..

The crash from 390 to its 320 band convinced me that even in the throes of forex scarcity, sharp practices abound..

Naija for show!!! cool

35 Likes 3 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by dustmalik: 5:13pm On Apr 17, 2016
The wailers hate this kind of news

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Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Pidggin(f): 5:14pm On Apr 17, 2016
Show evidence instead of posting false information grin

Buhari just came back yesterday and dollar is already down even when no evidence of the China deal is on ground? Smh

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Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by LadyExcellency: 5:23pm On Apr 17, 2016
Pidggin:
Show evidence instead of posting false information grin

Buhari just came back yesterday and dollar is already down even when no evidence of the China deal is on ground? Smh

Don't see it that way.

Made-in-China products importers will used it as a bargaining chip which may really pay off.

It's all about the degree of necessity, anticipation and availability of options.

9 Likes 1 Share

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by ki02020(m): 5:26pm On Apr 17, 2016
amtaken:
Where's the proof?




You need common sense to understand

84 Likes 1 Share

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by peacengine(m): 5:30pm On Apr 17, 2016
LadyExcellency:


Don't see it that way.

Chinese importers will used it as a bargaining chip which may really pay off.

It's all about the degree of necessity, anticipation and availability of options.

grin grin grin smh
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by ATERI(m): 5:35pm On Apr 17, 2016
Brilliant Nigeria 1 - Bloody America 0

The story continues....

78 Likes 3 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by laurel03: 6:00pm On Apr 17, 2016
"You know more than 50 percent of foreign businesses in Nigeria is with China and before now, Nigerians doing business in China have to change their money to dollar, then from dollar to Yuan"
"Instead of the headache of dealing with 3 currencies, the dollar element is now removed and we have a normal 2"
#PMB Nagode 4 ds 1..... chilled fura 4 u as u no dey drink ogogoro like our ex oga..

42 Likes

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by engrflames: 6:00pm On Apr 17, 2016
Buhari is no longer a dullard, he's now a smart guy.

83 Likes 5 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by ChoCandyDiamond(f): 6:01pm On Apr 17, 2016
This wont work, it will surely backfire because Yuan is not a stable currency like dollar, some people will get their fingers burnt at the end of the day, even China have the biggest dollar reserve in world with US

19 Likes

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by wristbangle(m): 6:01pm On Apr 17, 2016
amtaken:
Where's the proof?



Let's see how it will go dear. If it turns out good, I will be glad. What about u? cool

3 Likes

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Ezedon(m): 6:01pm On Apr 17, 2016
Na so
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by masterblogger(m): 6:01pm On Apr 17, 2016
This is a very good move. Though am not from any political party, I support Buhari and Ifeanyi Uba on this.

From what I heard from reliable source, it was IFEANYI UBA (CAPITAL OIL) that single handedly initiated and made sure the idea was implemented by Buhari. He said he was ready to risk his investment if the idea did not work.

I think he should appoint Ifeanyi Uba as one of his special adviser especially on economic issues thats if he will accept it. He did brilliantly with the advise.

Let's all give kudos to him.

Click like if u agree and share if you disagree

120 Likes 13 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Nobody: 6:02pm On Apr 17, 2016
grin grin grin grin the exchange rate of 310 against 320 is what we shld be rejoicing abt.

Dude must be high on something for dis rubbish he jst said.

9 Likes

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by haywire1: 6:02pm On Apr 17, 2016
amtaken:
Where's the proof?

Do u read news at all or r u just ignorant undecided undecided undecided undecided

I blame china phone manufacturers cos nairaland isnt for people like u

Use ur brain
#

29 Likes 1 Share

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Nayok(m): 6:02pm On Apr 17, 2016
ki02020:



You need common sense to understand

I think he should contact Ben Bruce to gain a little
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by semoly(m): 6:02pm On Apr 17, 2016
Na so
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by igwegeorgiano(m): 6:03pm On Apr 17, 2016
amtaken:
Where's the proof?


abeg help me ask them o.

3 Likes

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by McBrooklyn(m): 6:04pm On Apr 17, 2016
Wailers, Where Art Thou? Food Don Show Oh! grin

2 Likes

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by fixedhollies(m): 6:05pm On Apr 17, 2016
Not long from now I will be able to buy iphone 6 when d dollar drops.... Good news for nija...where is fayose?
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by AheadMarket(m): 6:05pm On Apr 17, 2016
See them! You lack basic Economics knowledge.

Yuan-Naira?

What is Nigeria bringing to the table in the deal; corruption, absent of basic amenities?
China will soon realize that the deal is worthless, or rather the China economy will naturally discard Nigerian economy.
Simple Economics!

3 Likes 2 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by shamsuRana(m): 6:06pm On Apr 17, 2016
SULODO TO OKONJO-IWEALA

"... I hereby challenge your attempt to blame others for not saving for the rainy day. It is not a virtue when you are quick to appropriate all the credit when things are going well, but shift the blame when they go wrong.

You blame the state governors— who, according to you, have taken the Federal Government to the Supreme Court—not that a Supreme Court judgement forced your hands. For your information, the governors have never agreed to savings and always threatened court action even under Obasanjo. Why did we save under Obasanjo but not under Jonathan?.

Two keywords explain it: leadership and integrity. Governor Amaechi said the governors insisted on sharing the funds because they found out that you were illegally fiddling with the savings.
So, as Nigerians still wonder, if billions of dollars are now ‘missing’ under your nose, why should governors trust you to keep their money?. Do the states that have taken the federal government to the Supreme Court and refused to save also include the PDP governors—who are in the majority? If so, then it is fatal: even governors of your own party, PDP, do not trust you to keep their money!.

Furthermore, did the governors also stop the Federal Government from saving part of its share? If you ran a surplus budget at the Federal
level, you would have had credibility to blame others or to say they did not listen to your advice.
The key point is that since you were running huge deficits yourself, it was also in your own interest to share the ECA. You did not show
leadership or credibility, full stop!..."

----Dr. Chukwuma Soludo
(Replying Dr. Okonjo Iweala)

Counties that have left dollar for yen

24 Likes 2 Shares

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by SafetyFirst(m): 6:06pm On Apr 17, 2016
Good news
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by Heffalump(m): 6:07pm On Apr 17, 2016
Association of Wailers will hear this and suddenly develop Heart attack!

#IstandwithBuhari

Wailers can go to jail!! undecided

17 Likes 1 Share

Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by kennyman2000(m): 6:07pm On Apr 17, 2016
Hmmmm
Re: Nigeria, China Currency Swap Forces USD Rate Down: Bureau De Change Association by sanusidabo: 6:09pm On Apr 17, 2016
Gwadabe bad elements in Nigerian economy is BDC shut your ugly mouth and you will soon be charge d to court. Courtesy Concern Citizens for Better Nigeria

4 Likes

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