Since the China/Nigeria currency deal/swap I have waited to see a slight change in exchange rate but what I see everyday is Naira losing more value or remained stagnant. Please someone should enlighten me on how to measure the impact or is this another scam?

Linzo:
Since the China/Nigeria currency deal/swap I have waited to see a slight change in exchange rate but what I see everyday is Naira losing more value or remained stagnant. Please someone should enlighten me on how to measure the impact or is this another scam?

its only $2.5bn worth of yuan (16bn rmb) that CBN got from Peoples bank of china and total trade volume between Nigeria and China is $13.8bn a year, this can't really have drastic impact, as not all nigerian traders can access the Chinese currency from CBN only few people that qualifies for it if what you want to import is only CBN approved list.

In reality if you still want to travel to china, you would be wise to get yourself your dollars from an aboki, because your chances of getting Yuan from CBN may be slim

iammo:


its only $2.5bn worth of yuan (16bn rmb) that CBN got from Peoples bank of china and total trade volume between Nigeria and China is $13.8bn a year, this can't really have drastic impact, as not all nigerian traders can access the Chinese currency from CBN only few people that qualifies for it if what you want to import is only CBN approved list.

In reality if you still want to travel to china, you would be wise to get yourself your dollars from an aboki, because your chances of getting Yuan from CBN may be slim

So you mean the deal will not force exchange rate of Naira to appreciate against the dollar? And price of common commodities will not fall?

Linzo:

So you mean the deal will not force exchange rate of Naira to appreciate against the dollar? And price of common commodities will not fall?

no it wouldn't, has we need dollar complete the $2.5bn (CBN swap deal) - $13.8bn (total yearly trade)= $11.3bn (trade deficit). besides we need dollars for all of our other trades with other countries like Japan(cars) Dubai(tourism/shopping) India ( medical tourism) UK/US (education) Germany(Cars, construction and machinery). However it would slightly give convenience to few lucky traders that access it from CBN.

iammo:

no it wouldn't, has we need dollar complete the $2.5bn (CBN swap deal) - $13.8bn (total yearly trade)= $11.3bn (trade deficit). besides we need dollars for all of our other trades with other countries like Japan(cars) Dubai(tourism/shopping) India ( medical tourism) UK/US (education) Germany(Cars, construction and machinery). However it would slightly give convenience to few lucky traders that access it from CBN.

Hmmmmm you just weaken my moral because I shifted certain international payments I needed to make to December believing on this deal, that it will weaken dollar to atleast N150/$

So in it give no significant impact na?

Linzo:
Since the China/Nigeria currency deal/swap I have waited to see a slight change in exchange rate but what I see everyday is Naira losing more value or remained stagnant. Please someone should enlighten me on how to measure the impact or is this another scam?

Nigerians are in a wrong hands.

osazeeblue01:



Nigerians are in a wrong hands.

Bro you're right

Contact me if you need RMB... don't go and be stressing yourself too much.

iammo:


its only $2.5bn worth of yuan (16bn rmb) that CBN got from Peoples bank of china and total trade volume between Nigeria and China is $13.8bn a year, this can't really have drastic impact, as not all nigerian traders can access the Chinese currency from CBN only few people that qualifies for it if what you want to import is only CBN approved list.

In reality if you still want to travel to china, you would be wise to get yourself your dollars from an aboki, because your chances of getting Yuan from CBN may be slim

We are waiting

Approach your bank if you are in need of RMB (Yuan)

Stop lamenting in something you have not made any effort to access.