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Nairaland Forum / Nairaland / General / Politics / Could This Be The Reason Why Buhari Would Be Seen As The Wisest President (534 Views)
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Could This Be The Reason Why Buhari Would Be Seen As The Wisest President by CUM4WHAT(m): 9:04pm On Apr 19, 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?! |
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