OgunLaakaye:
One must give kudos to this administration.

A lot still needs to be done but the pace gives hope that there is light at the end of the tunnel.

Call Buhari a snail and always note that to every step he made, he left footprints.

I remember when Chinese government agreed to borrow major general Buhari 6mill yuan,some Nigerian folks celebrated that,ask them why??they don't know.

Now will this currency swap benefit you in particular..? Do you do business with siera-leaone??
Nigerians love celebrating mediocrity.

Pharovo:


This is a new year, try to read before you comment or don’t comment at all. Happy New Year

For that one you r just wasting your advice

lexy2014:

I absolutely agree with ur analysis regarding Nigeria's complacency but do u mean d price for not obeying "simple rules" is death? What are d rules and who made them?

add to the fact that this "rules" could be detrimental to a nation's sovereignty..

Make una no vex oooo.

The question I want to ask is that what has been the outcome in Nigeria China swap deal since it was signed?

I mean how has it made any difference to the economy or the average man on the street?

What key performance indicators are we actually looking at besides symbolic theoretical sentiments?
Please someone should explain. Thanks

CSTR2:
This is exactly what I said we should be doing.
Providing an economic alternative to France in the region rather than joining them in their French neo colonialism.

Infact, given the scope and penetration of the Nigerian economy in west and Central Africa, we should be talking about using the naira in most of these countries.

Better late than Never.

After doing the bolded

We would have to prepare for French inspired invasion or destabilization

Check this link
https://www.globalresearch.ca/hillary-emails-reveal-nato-killed-gaddafi-to-stop-libyan-creation-of-gold-backed-currency/5594742



France especially is a blood sucking country that must be dealt with decisively

EgusiShankly:
add to the fact that this "rules" could be detrimental to a nation's sovereignty..

That is if we could even establish what d rules are in d first place

lexy2014:

I absolutely agree with ur analysis regarding Nigeria's complacency but do u mean d price for not obeying "simple rules" is death? What are d rules and who made them?

Gadaffi ousting was partly his fault
And mostly because of France greed and paranoia (may you rot in hell Sarkozy)

And African leaders instead of standing and speaking in one voice.
They connived to get him kicked out
Now look at the results.

Africa does not know the game the outside world plays with us

Saintp:
Make una no vex oooo.

The question I want to ask is that what has been the outcome in Nigeria China swap deal since it was signed?

I mean how has it made any difference to the economy or the average man on the street?

What key performance indicators are we actually looking at besides symbolic theoretical sentiments?
Please someone should explain. Thanks

The only thing I noticed is that price of rice never come down again..



Nothing again

Good.

DexterousOne:


Gadaffi ousting was partly his fault
And mostly because of France greed and paranoia (may you rot in hell Sarkozy)

And African leaders instead of standing and speaking in one voice.
They connived to get him kicked out
Now look at the results.

Africa does not know the game the outside world plays with us

Tnx 4 ur response but I wanted d gentleman to clarify his statement that Gaddafi died because he didn't obey "simple rules". Its quite vague. I was hoping he will shed some light on what thpse rules are, who made d rules and if d punishment for not obeying those rules is death

lexy2014:


Tnx 4 ur response but I wanted d gentleman to clarify his statement that Gaddafi died because he didn't obey "simple rules". Its quite vague. I was hoping he will shed some light on what thpse rules are, who made d rules and if d punishment for not obeying those rules is death

So any country that refuses colonialism should be scattered right?

Rubbish

OakConsultNG:
Interesting times..

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o

Nawa so them dey register church for CAC also?

This is what I have been talking about. Naira should be the main talk of all these ECOWAS countries not ECO. Nigeria has the capacity to make the Naira the general acceptable currency starting with West African countries.


This is a good move by the Sierra Leonian Government. They swallowed their pride to adopt the Naira currency. I know one country that can never do that even if their economy is shrinking to death. Ghana pride to see themselves as a competitor to Nigeria that's why they are OK to accept ECO to Naira. But all things being equal, whom God has made Great is Great indeed.

I advice other West African countries to follow the footstep of Sierra Leon. It is better to make Nigeria greater than making France. It will benefit us all at the long run. Nigeria has the capacity to play the big brother role by fathering all this countries.


Since plan are in place by the Central Bank of Nigeria to be printing other countries currency, it will be nicer if this countries adopt naira instead of dollar to trade with in the subregion.


Lastly, I see Nigeria having a greater role to play in the ECOWAS region. Appointing or setting up a committee on Economic development will be a great idea. Nigeria has great minds that can drive and control these economies and more for greater good. That's why Nigeria can't afford to fail as a nation talk more of making mistakes in their decision making. It is the Economic power house of Africa and must live up to standard and also man up to its responsibilities as giant of Africa which they are.

DexterousOne:


So any country that refuses colonialism should be scattered right?

Rubbish

I don't no and i dont think ur question should be directed at me cos as u observed, my post was full of questions seeking clarification from d gentleman about what he meant by Gaddafi not obeying "simple rules".

Thanks alot for the information

BeachLife:

My analysis indicates the south isn't better than the north . How can you explain the mismanagement of funds and the underdevelopment and poverty in the south,especially the oil producing states? Obasanjo and Goodluck Jonathan were from south and they failed . Former governor orji Kalu was recently imprisoned for embezzlement. Former governor Akpabio embezzled,Bayelsa Governor embezzled. You think they would suddenly be angelic as president or independent nations?
The north contributes it's quota through agriculture. Though I still think all states or ethnic nations should have autonomy of their resources.

Nigeria's underdevelopment has nothing to do with America or CIA. Even though America cheats in trade sometimes, Nigeria still has money to develop but just not utilizing it efficiently. America never asked you to build roads without sidewalks,markings,traffic signs ,street lights and drainage. America never asked you not to build housing ,good schools and hospitals ,or have an ID database .
Follow orders and you'll be fine . Japan was bombed & occupied ,yet it's still one of the most developed nations . Difference between Japan and Nigeria is leadership.
Read this . Qaddafi died not because America does not want Libya developed but because he failed to obey simple orders.
https://www.globalresearch.ca/hillary-emails-reveal-nato-killed-gaddafi-to-stop-libyan-creation-of-gold-backed-currency/5594742

BeachLife:

My analysis indicates the south isn't better than the north . How can you explain the mismanagement of funds and the underdevelopment and poverty in the south,especially the oil producing states? Obasanjo and Goodluck Jonathan were from south and they failed . Former governor orji Kalu was recently imprisoned for embezzlement. Former governor Akpabio embezzled,Bayelsa Governor embezzled. You think they would suddenly be angelic as president or independent nations?
The north contributes it's quota through agriculture. Though I still think all states or ethnic nations should have autonomy of their resources.

Nigeria's underdevelopment has nothing to do with America or CIA. Even though America cheats in trade sometimes, Nigeria still has money to develop but just not utilizing it efficiently. America never asked you to build roads without sidewalks,markings,traffic signs ,street lights and drainage. America never asked you not to build housing ,good schools and hospitals ,or have an ID database .
Follow orders and you'll be fine . Japan was bombed & occupied ,yet it's still one of the most developed nations . Difference between Japan and Nigeria is leadership.
Read this . Qaddafi died not because America does not want Libya developed but because he failed to obey simple orders.
https://www.globalresearch.ca/hillary-emails-reveal-nato-killed-gaddafi-to-stop-libyan-creation-of-gold-backed-currency/5594742

Gbam

SIERRA LEONE NA MI COUNTRY, WAS THERE IN THE DAYS OF KRAUMA.

Bighead9:



Cry me a River.

The North is always better than your South East in every aspect.

see this aboki which North? The one that has the highest rate of hunger and poverty or another north

Lie. Corruption is Nigeria's number one problem.
Am from the South

Nonybb:
Nigeria is a great nation but was held hostage and championed by the Hausa Fulani illiterate North against the educated south

GreetMe:
According to what i understood. Nigeria did a currency swap with China(chinese yuan) to lessen the dependence on the dollar.

With China being a very important trade partner with Nigeria and Nigeria having the yuan from the swap, when both countries trade, the yuan can serve in place of the dollar(because the dollar is the common international currency)

Since Nigeria is an economic giant in West Africa, Sierra Leone wants to swap currencies with Nigeria, like Nigeria did with China to achieve the same purpose like i explained above. That also means when Sierra Leone is also dealing with China, they can also pay in Nairas since the currency swap Nigeria did with China covers it too.

Dats means it's a good development.

Economists in the house, I no try? Or I no still understand am

Now you made me understand.

CSTR2:

Nigerian banks and companies dominate Sierra Leone.
That is why their government is interested in a currency swap deal.
To help facilitate business better.

They are not talking about Nigerians though they would benefit if they want to.

. Thanks so much, but a good leader will treat is country the way he/she treats his/her country. Our leaders are not really care about their citizens.

Sammy07:


Boss, does the currency deal will have effect on dollars?
I mean will it reduced dollars.
Cos me I buy Gift Card & nah dollar I deal with.

Help me with explanation

It reduces demand for dollars. You have to go to bank to borrow these funds. The currency swaped between countries must also be returned after certain time.

Kingstanding:
. This is 2020 why do we like deceiving ourselves? What is the outcome of Nigeria and China currency swap? Our leaders are just wicked. What are the percentage of Nigerians doing business in Sierra Leone compare to China? Honestly being educated does not guarantee a good admistrator. Yeye government.

It makes doing business in China easier. Why should they do a deal that would expand trade with an ECOWAS partner?

Sammy07:


Boss, does the currency deal will have effect on dollars?
I mean will it reduced dollars.
Cos me I buy Gift Card & nah dollar I deal with.

Help me with explanation

Sir, based on my understanding, the currency swap deal will not affect the dollar forex exchange rate.

This is because exchange rates are premised on the inflow-outflow quantity of the currency in question. For instance, if there is more outflow than inflow of dollars in an economy, the value of its currency goes down in relation to the currency exchange deficit. This is applicable to the US Dollars versus the Nigerian Naira

On the other hand, the inflow- outflow quantity of the Chinese Yuan and Nigerian Naira will only affect the value of the latter to the former, and NOT to the US Dollars

A major defect if this, however, is that Nigerian Naira can go really down against the Chinese Yuan because the value of our imports( electronics, phones, drugs, construction services, industrial services, etc.) from China may be more than that of Our exports (majorly crude oil and lil primaries) to China.

It may also be an advantage because we would, in the long run, create more important substitution mechanisms since we cannot to rely on China for ever, particularly, given the precariousness of the exchange relations

Hope this helps

Saintp:
Make una no vex oooo.

The question I want to ask is that what has been the outcome in Nigeria China swap deal since it was signed?

I mean how has it made any difference to the economy or the average man on the street?

What key performance indicators are we actually looking at besides symbolic theoretical sentiments?
Please someone should explain. Thanks

Been a long time I made a comment on NL due to the amazing drop in brain power of members over time. However, your question elicits a desire to educate you & many others on this topic, even if I sense your pessimism. So I comment thus:

-Nigeria signed Bilateral Currency Swap Agreement (BCSA) with China in April, 2018 and the BCSA became effective in August same year.
-Initial agreement is for 3yrs (2018-2021) with total volume of CNY15B (N720B) which average to CNY5B (N240B) annually.
-Nigeria's 1yr import from China from Sept. 2018 to Aug. 2019 was N1.7Tr (CNY35B) which is over 700% of available CNY for the year under the BCSA.
-Therefore, the current BCSA can only finance 15% of Nigeria's annual import from China.
-The above, indicates that the BCSA volume will have to be increased when due for renewal in 2021 as it is currently oversubscribed.
-Over-subscription indicates that the market highly appreciate the BCSA.
-The BCSA has aided Nigeria's ability to manage our FX (i.e. dollar) & renewal in 2021 will further aid our FX stability.
-All the above explains the diff the BCSA has made to our economy. As for the common man, it depends on how common the individual is. A policy that helps the fish farmer to produce more fish for the market will not necessarily put money in the pocket of the buyer to buy more fish. It is the duty of the "common man" to understand the dynamics of the economy & position himself in a way to benefit. Rem, information is king!
-Performance indicators to pay attention to: Naira stability, FX availability, market liquidity, growth in foreign trade, increased BCSA burse etc. are a few for any genuinely interested questioner to review for success.
-Future prospects for Nigeria: Increased trade with China (Import/Export), become the financial hub for Africa-China business, Acceptance of Naira as swap currency with Chinese Yuan for many other African countries in Back-to-Back swap deals with Nigeria.

For shorts, the BCSA with China is a fantastic deal for Nigeria and subsequent swap deals between Nigeria and other African economies can only be a blessing to Nigeria and our economic partners across Africa. Anybody who sees otherwise will NEVER see good in this country and needs not be given attention by real citizens of this country!

kjhova:


Been a long time I made a comment on NL due to the amazing drop in brain power of members over time. However, your question elicits a desire to educate you & many others on this topic, even if I sense your pessimism. So I comment thus:

-Nigeria signed Bilateral Currency Swap Agreement (BCSA) with China in April, 2018 and the BCSA became effective in August same year.
-Initial agreement is for 3yrs (2018-2021) with total volume of CNY15B (N720B) which average to CNY5B (N240B) annually.
-Nigeria's 1yr import from China from Sept. 2018 to Aug. 2019 was N1.7Tr (CNY35B) which is over 700% of available CNY for the year under the BCSA.
-Therefore, the current BCSA can only finance 15% of Nigeria's annual import from China.
-The above, indicates that the BCSA volume will have to be increased when due for renewal in 2021 as it is currently oversubscribed.
-Over-subscription indicates that the market highly appreciate the BCSA.
-The BCSA has aided Nigeria's ability to manage our FX (i.e. dollar) & renewal in 2021 will further aid our FX stability.
-All the above explains the diff the BCSA has made to our economy. As for the common man, it depends on how common the individual is. A policy that helps the fish farmer to produce more fish for the market will not necessarily put money in the pocket of the buyer to buy more fish. It is the duty of the "common man" to understand the dynamics of the economy & position himself in a way to benefit. Rem, information is king!
-Performance indicators to pay attention to: Naira stability, FX availability, market liquidity, growth in foreign trade, increased BCSA burse etc. are a few for any genuinely interested questioner to review for success.
-Future prospects for Nigeria: Increased trade with China (Import/Export), become the financial hub for Africa-China business, Acceptance of Naira as swap currency with Chinese Yuan for many other African countries in Back-to-Back swap deals with Nigeria.

For shorts, the BCSA with China is a fantastic deal for Nigeria and subsequent swap deals between Nigeria and other African economies can only be a blessing to Nigeria and our economic partners across Africa. Anybody who sees otherwise will NEVER see good in this country and needs not be given attention by real citizens of this country!

Thanks for the information Sir. I really gain a lot from your post.

cutegentility:

Thanks for the information Sir. I really gain a lot from your post.

Thanks Gentility,

Hopefully, we will become a nation of knowledgeable citizens by aiding each other rather than fighting each other.

Regards

Daguccizgreat:
see this aboki which North? The one that has the highest rate of hunger and poverty or another north

Poverty knows no race or tribe. Go to the East, you will see poverty everywhere.

God help us o

k2money:

Am sure your brain is too small to comprehend this message.

Must you insult me, you this dying idiot

Topmaike007:
wailing igbo man

Mumu!

farem:

You obviously do not understand what is on the table of discourse. Save yourself further shame by stopping the usage of the above wailing refrain.

Mumu idiot!! Who tell you say I no understand what they wrote there? ;DI know say if you no just comment your Mumu self no go dey ok

Pharovo:


This is a new year, try to read before you comment or don’t comment at all. Happy New Year

Idiot!! Who tell you say I no read am? Abi wetin kill your papa never want make you sabi something.