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How Nigeria Will Benefit From Currency Swap Deal With China - Business - Nairaland

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Nigeria, Sierra Leone Plan Currency Swap / CBN Issues Guidelines For China-Nigeria Currency Swap Deal (Pics) / China, Nigeria Sign Currency Swap Deal (2) (3) (4)

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How Nigeria Will Benefit From Currency Swap Deal With China by Nobody: 6:01pm On May 04, 2018
The Central Bank of Nigeria (CBN) says the bilateral currency swap agreement with the Peoples Bank of China (PBoC) will help the liquidity issues faced by Nigerian traders and Chinese manufacturers.

The apex bank said with the deal, Chinese businessman will have sufficient naira to purchase raw materials from Nigeria and Nigerian importers will not endure the challenge of ‘third currency’ fluctuations when trying to make payments for Chinese exports.

CBN
“The deal, which is purely an exchange of currencies, will also make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain enough Naira from banks in China to pay for their imports from Nigeria.

“Indeed, the deal will protect Nigerian business people from the harsh effects of third currency fluctuations,” CBN said in a statement.

It added that as the deal comes into effect, Nigerian manufacturers, cottage industry players and anyone who need imports from China will be able to secure RMB from Nigerian banks: “With the operationalization of this agreement, it will be easier for most Nigerian manufacturers, especially small and medium enterprises (SMEs) and cottage industries in manufacturing and export businesses to import raw materials, spare-parts and simple machinery to undertake their businesses by taking advantage of available RMB liquidity from Nigerian banks without being exposed to the difficulties of seeking other scarce foreign currencies.”

The CBN listed benefits of the deal to include helping both to manage their reserves better among other benefits: “It will also assist both countries in their foreign exchange reserves management, enhance financial stability and promote broader economic cooperation between the two countries.”

http://saharareporters.com/2018/05/03/how-nigeria-will-benefit-currency-swap-deal-china

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Re: How Nigeria Will Benefit From Currency Swap Deal With China by Nobody: 6:15pm On May 04, 2018
Cc: Blue3k

Buhari is the unofficial economist.

8 Likes

Re: How Nigeria Will Benefit From Currency Swap Deal With China by debaj10: 6:27pm On May 04, 2018
what's the kickoff date for the the open market?
anyone know?

2 Likes

Re: How Nigeria Will Benefit From Currency Swap Deal With China by OriginalKogiboy(m): 7:27pm On May 04, 2018
can we save in china currency? is d operation extended to commercial banks?
Re: How Nigeria Will Benefit From Currency Swap Deal With China by daviesblaze(m): 8:20pm On May 04, 2018
NONSENSE angry china tends to benefit more than nigerians in this deal. i dont understand how our government officials could be this gullable angry

27 Likes 2 Shares

Re: How Nigeria Will Benefit From Currency Swap Deal With China by veekid(m): 9:06pm On May 04, 2018
I'm a lazy youth; summary plz

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Re: How Nigeria Will Benefit From Currency Swap Deal With China by inoki247: 9:06pm On May 04, 2018
i no hear English will it make dollar equal 1naira. oh are dey selling the country to China.. at least dey can keel all our corrupt leaders. if iz sold please gee me my China Passport...

6 Likes 1 Share

Re: How Nigeria Will Benefit From Currency Swap Deal With China by papoudaupolos: 9:06pm On May 04, 2018
Hope the long English there means we can travel wit our bacco of Naira to chaina?

But it will help make naira stable a bit

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Re: How Nigeria Will Benefit From Currency Swap Deal With China by CriticMaestro: 9:07pm On May 04, 2018
No be only currency make we follow exchange our president

33 Likes 2 Shares

Re: How Nigeria Will Benefit From Currency Swap Deal With China by babyfaceafrica: 9:07pm On May 04, 2018
Till then

1 Like

Re: How Nigeria Will Benefit From Currency Swap Deal With China by Naijaphobia(m): 9:08pm On May 04, 2018
Now I can freely export Lizards since the currency barrier is off.

4 Likes 1 Share

Re: How Nigeria Will Benefit From Currency Swap Deal With China by TheGoodJoe(m): 9:08pm On May 04, 2018
daviesblaze:
NONSENSE angry china tends to benefit more than nigerians in this deal. i dont understand how our government officials could be this gullable angry

Can you propose a better solution to deal with the scarcity of Forex for business people in the country?

85 Likes 8 Shares

Re: How Nigeria Will Benefit From Currency Swap Deal With China by harffie(m): 9:08pm On May 04, 2018
We'll see.

1 Like

Re: How Nigeria Will Benefit From Currency Swap Deal With China by BiggerbossAmani(m): 9:08pm On May 04, 2018
Nice development

3 Likes 1 Share

Re: How Nigeria Will Benefit From Currency Swap Deal With China by okomile(f): 9:09pm On May 04, 2018
How much will garri cost in Chinese currency? Useless pple

1 Like

Re: How Nigeria Will Benefit From Currency Swap Deal With China by Alejoc(m): 9:10pm On May 04, 2018
This plan still dey on!?

1 Like

Re: How Nigeria Will Benefit From Currency Swap Deal With China by faithfull18(f): 9:11pm On May 04, 2018
Okay.
Re: How Nigeria Will Benefit From Currency Swap Deal With China by pol23: 9:11pm On May 04, 2018
Currency swap deal...
Hearing it for the first time.
Re: How Nigeria Will Benefit From Currency Swap Deal With China by tempest69: 9:11pm On May 04, 2018
daviesblaze:
NONSENSE angry china tends to benefit more than nigerians in this deal. i dont understand how our government officials could be this gullable angry
give Buhari some accolades or else shut the F**k up. Gullible youths

42 Likes 5 Shares

Re: How Nigeria Will Benefit From Currency Swap Deal With China by balogundayo(m): 9:11pm On May 04, 2018
. OFO na ni gbogbo e jere
Re: How Nigeria Will Benefit From Currency Swap Deal With China by LastSurvivor11: 9:12pm On May 04, 2018
Campaign is new and they remembered currency deal that was buried since 2016..

I remember how zombies were telling us how China Nigeria currency deal was going to be the second best thing after wining world cup.
They have come again

8 Likes

Re: How Nigeria Will Benefit From Currency Swap Deal With China by martineverest(m): 9:12pm On May 04, 2018
best policy so far

all thanks to trump.... Obama frustrated us

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Re: How Nigeria Will Benefit From Currency Swap Deal With China by Primusinterpares(m): 9:12pm On May 04, 2018
While it might facilitate efficient international trade with China, it still doesn't change the fact that Nigeria have very little to sell or offer to China , thereby increasing the imports from China and making China govt richer.

My take to Nigeria govt...

Fix and modernize the industries in Nigeria.
my2kobo

13 Likes 2 Shares

Re: How Nigeria Will Benefit From Currency Swap Deal With China by ideology(m): 9:13pm On May 04, 2018
TheGoodJoe:


Can you propose a better solution to deal with the scarcity of Forex for business people in the country?

My bro forex scarcity is artificial leave that matter

Buhari' relatives are making billions from this artificial forex scarcity


Me wan swap citizenship?

Abeg you sabi road

12 Likes 1 Share

Re: How Nigeria Will Benefit From Currency Swap Deal With China by tempest69: 9:14pm On May 04, 2018
Dollar will drop by force. Since china is our major import market.

10 Likes 1 Share

Re: How Nigeria Will Benefit From Currency Swap Deal With China by Crystalline(f): 9:14pm On May 04, 2018
veekid:
I'm a lazy youth; summary plz


Hohoho
Re: How Nigeria Will Benefit From Currency Swap Deal With China by Hiploko(m): 9:14pm On May 04, 2018
What have we achieved from the FG's Yuen's deal signed sometimes ago?

1 Like

Re: How Nigeria Will Benefit From Currency Swap Deal With China by Nobody: 9:14pm On May 04, 2018
angry
Re: How Nigeria Will Benefit From Currency Swap Deal With China by Ihateyoumod: 9:14pm On May 04, 2018
They will sayit was GEJ tht initiated it

8 Likes

Re: How Nigeria Will Benefit From Currency Swap Deal With China by EmperorKpee(m): 9:14pm On May 04, 2018
pol23:
Currency swap deal...
Hearing it for the first time.
You must have been away from Nigeria for a very long time I guess. Welcome back brother.

3 Likes 1 Share

Re: How Nigeria Will Benefit From Currency Swap Deal With China by Nobody: 9:16pm On May 04, 2018
Nice development

1 Like

Re: How Nigeria Will Benefit From Currency Swap Deal With China by TheGoodJoe(m): 9:17pm On May 04, 2018
ideology:


My bro forex scarcity is artificial leave that matter

Funniest response ever. Simple principle of demand and supply already shows Forex is not available. That is why the central bank spends a lot of money to flood the market with dollars to prevent the price from running high.

18 Likes 3 Shares

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