₦airaland Forum

It should better expire and remain expired.


That evil bill is a crime against humanity.

Why is this government withholding full information about this China currency deal / swap from Nigerians?

You can only contribute objectively if you have full details about the deal.

Until we start getting sincerity and seriousness from APC government, all locomotive analysis and praises can continue.

God bless Nigeria.

Shalom!

Why is Buhary this corrupt ?

TANTUMERGO007:
are you ok?

Are you supporting any known looter ?

The criminal Senate President should resign immediately, what is he waiting for ? DISGRACE bah ? Bukola Saraki, you will surely be disgrace out. Ole buruku.

As many supporting looters of our common wealth in Nigeria, may your destiny be looted.

"In a Globalize world, corruption is truly a globalize business, one that needs a globalize solution..." - Charmian Gooch

Good bye BukOle Saraki

[s]

chukwudi44:
It is already obvious that the useless Danladi Umar of the CCT is biased so I am not expecting any sensible judgement from him,he can as well deliver his Tinubu written judgment tomorrow for all I care.Unfortunateley for him and his paymasters, this case would still be adjudicated up to the supreme court before it is rested.

The main thrust of my argument which I am sure the supreme court will interpret very well is section 3(d) of the CCT act which was not complied by the CCB before rushing to the kangaroo tribunal

the sction stipulates;

Section 3(d) of the CCB Act states that: “The functions of the Bureau shall be ….to receive complaints about non-compliance with or breach of this Act and where the Bureau considers it necessary to do so, refer such complaints to the Code of Conduct Tribunal established by Section 20 of this Act in accordance with Section 20 to 25 of this Act.

“Provided that where the person concerned makes a written admission of such breach or non-compliance, no reference to the Tribunal shall be necessary.”

The CCB was supposed to get back to Saraki and reconfirm the declarations stated in his form. This was the same premise upon which Tinubu was freed.Danladi umar obviously acting out a script by his paymasters have already overruled himself on the Tinubu Judgement.But how these portion of the act is interpreted by the supreme court is what will finally decide the case

[/s]

dukie25:
I called Remi Tinubu and ask her to pass the phone to the Jagaban of Corruption but she refused, I wonder why.

I beg give me Remi Tinubu new number...

I called T. Orji, his phone is off.

May Bukola Saraki ends in Kirikiri Maximum Prison. Ole buruku

SirJeffry:
How few herdsmen conquer an entire community when there are youths there still baffles me?

Sneak in at night to kill people, I can understand, but displacing and taking over a community comprised of able young men is unthinkable.

Nigerian youth really need redefinition.

You have little or nothing to do in the face of the alleged support the terrorists receive from security men and the caliber of armor at their disposal.

Only a decisive government can stop this impending civil war. How much time APC government needs to wait to address this menace remains unclear.

The Fulani Herdsmen terrorist are on the move to conquer the whole of Benue...

Observe the state map below and see the upward movement of the terrorist group.

When will the president of Nigeria address this continuous killing and destruction of people's means of livelihood


http://economicsandpeace.org/wp-content/uploads/2015/11/2015-Global-Terrorism-Index-Report.pdf

By Peter Duru

MAKURDI—Despite efforts by the Federal and Benue State governments to end clashes between herdsmen and farmers, indications emerged yesterday that Moor, a council ward in Kwande Local Government Area of the state had been sacked by armed herdsmen.

Vanguard learned that the crisis, which dates back to 2013, has left over 100 persons dead, scores sustaining varying degrees of injuries and close to 8,000 displaced.

A source said: “Moor in Kwande Local Government Area is now an occupied territory. Herdsmen have sacked the inhabitants from their ancestral homes and taken over the council ward.

The crisis started as far back as 2013 and has led to the death of over 100 persons and many others injured.

“All the local government clinics, including 21 primary and secondary schools in the area, have been completely destroyed. The indigenes of the community are refugees in other communities.”

Corroborating the story, the Executive Secretary of the Benue State Emergency Management Agency, SEMA, Mr. Boniface Otese, said the agency had been making concerted efforts to avail the displaced persons necessary relief materials.

When contacted, the Police Public Relations Officer, Moses Yamu, said police, military and other sister security agencies were working round the clock to ensure that peace and normalcy returned to every trouble spot in the state.


http://www.vanguardngr.com/2016/04/fulani-herdsmen-sack-benue-community/

Imagine...

ISpiksDaTroof:
That means you wish for 60-70% of your population to be exterminated. The politicians are not the problem, the Nigerian people are the biggest detriment to its development. They're mostly poorly educated, thus lack foresight and are usually wicked minded.

The Nigerian people are Nigeria's biggest problem.

If the 10% corrupt politicians are killed, the remaining 50-60% corrupt Nigerians will take caution.

I am an advocate of death by hanging for corrupt Nigerians irrespective of tribe or party.

Montaque:
NgeneUkwenu just got an article and divided it into numbers. well done.

The guy is fraudulent, he should be charge for plagiarism.

989900B:
You know, if Americans were told in 1970, that over half of their Made in U.S.A. will become Made in China, and that, they will be losing their jobs to China and borrowing money from China, they wouldn't have believed.

Almost all major American companies now produce from China!

Every major company in the world manufactures from China -- almost!

To get there, China:

[size=18pt]1. They killed/jailed their corrupt leaders. [/size]

2. Installed less corrupt ones (no one is a saint).

3. They learnt/stole from the best.

4. They created an enabling environment.

5. They worked very hard and focused!!!

And the rest is history -- we've got to replicate that -- starting from number 1.

I wonder when Nigeria will start killing all the corrupt and wicked souls in this country.

TheGoodJoe:



With or without the loan, we are still going to import in large quantities. This means that without the loan, our dollar reserves diminishes.

So why not sign a Currency Swap deal that continues the importation, reduces the pressure on the reserves and boost our infrasructures.

The boost in infrasructures will result in more local productivity due to more jobs.

Anyway, I fear for the indigenous companies, btw., what is the currency of the loan repayment ? Yuan or USD?

If USD, what happens if Chinese government continue their open currency (Yuan) manipulation and depreciation occurs? Is Nigeria going to hedge this potential foreign currency risk ?

I always enjoy your line of argument. Impressive, not the junks Ngene is forcing down our throats.

As you rightly argued, "... it is more about policies/laws, leadership and accountability, and if we get it right..."

I pray we get it right this time. I also expect our leaders to have study other African countries with similar move, how effective was it?

989900B:
Just so we set some things straight for the naysayers:

1. If we have xbillion amount of dollars in our reserves, it does not literally mean it's all in US dollars.

2. Even from before, we did keep some Yuan in our 'basket of currencies'.

3. We keep other currencies like GBP, Euro and some few other currencies, and gold too, they are all part of the 'reserves'.

4. We are only increasing our Yuan reserves, and trading directly, rather than going via the $ route (which is a better thing for our economy, considering we have a huge trade volume to and from China . . . times are changing, it's not like the 70s,80s, or 90s . . . the world's trade and ours from then has greatly changed. We can't be applying the monetary policies of 30 years ago in a fast evolving world -- we've gotta evolve with it).

5. China is fast becoming the country with the most investments in Africa, with Nigeria one of it's favourite destination.

6. ATM, the dollar is too strong for it's own good, and the US is worried about that too -- they'r slowly feeling the effect.

7. With the huge trade volume between both countries, it's actually stark insanity NOT to do what PMB just did with China.

8. China's loan rates are one of the cheapest in the world -- every one is borrowing from them -- the UK owes them BILLIONS ($), the US borrowed TRILLIONS ($) from them!

9. China's investment in Africa and Nigeria is estimated to triple in few years.

10 Having a good chunk of our reserves in Yuan, with the amount of imports from there, would help ease the pressure between the Naira and the dollar.

For those who worry about local manufacturing and diversification of the economy, the deal with China as regards major projects such as the 4,000 MW power plant amongst other alternative power solutions, and railway, and refineries, are just the ingredients you need to diversify.

ATEOTD, it is more about policies/laws, leadership and accountability, and if we get it right even them Chinese factories we buy from, will relocate here.

TheGoodJoe:
Are we going to source the equipments to improve mechanized farming in Nigeria? We will still have to import them, which in turn means more pressure to our reserves.

With this deal, we can get the equipments for mechanized farming at a cheaper rate and also not put pressure on our dollar reserves.

"It is in this trade logic that an increased take-up of the yuan as a settlement currency can be envisaged in Africa, with a view to increase the value of Africa’s bilateral trade with China and that of the infrastructure projects funded by Chinese loans.
China accounts for about 20% of imports in Sub-Saharan Africa and about 15% of its exports. But using the yuan as a settlement currency makes the most sense in the sixteen African countries that send more than 20% of their exports to China and even more so in the seven, including Sierra Leone, Eritrea, Republic of Congo, Angola and Sudan, for which China accounts for 40% of total exports". http://www.afrikareporter.com/why-the-adoption-of-the-chinese-yuan-as-a-reserve-currency-in-africa-is-causing-a-stir/

You only gain correspondently, if you import 40% from China, you likewise export 15-20% to the same country.

But in the case of Nigeria, we only continue to import, and settle the massive loans + interest without any corresponding cushion from export proceeds.

ISpiksDaTroof:
The truth is most of them are not exposed / enlightened enough to understand the big impact of a move such as your country becoming the clearing house for the Yuan in Africa on Western Countries. China is aiming to takeover the world--- it will eventually--- and it has just cut Nigeria in on the deal. Anyone that says this deal is no good for Nigeria is either a mo*ron, a hater, or both.

"becoming the clearing house for the Yuan in Africa", sounds good on the long-run, but what happens to our economy on the short-run? How can this deal help close the BOP deficit widen by the reduced oil revenue and help remove Nigeria from the mono-cultural economy ?

TheGoodJoe:
We are not doing swap deal to strengthen our currency but reduce our the pressure on our reserves due to us making less dollars from Crude Oil sales.

The pressure on our reserve apart from the reduced revenue from oil, is not coming from China, but from the west. To me, the only benefits of this deal is to open the floodgate of Nigeria to all manners of importation of useless and fake products from China without any corresponding export. Why

akanbiaa:
Yuan deal might be a temporary measure to relieve pressure on dollar naira exchange rate while creating time to strenghten productivity and export prowess.

And what happens to a simple policy to encourage economy diversification into Agriculture by providing the required equipment for large scale farming with promise of purchasing the farm produce from the farmers ?

This does not require any foreign loan, either in Chinese Yuan or Japanese Yen.

A simple statement from the government addressing the needs of local manufacturers is far better than securing unfavorable foreign loan, either for medium term benefits or long-tern gain.

Who will deliver Nigeria ?

manny4life:
Wonderful... As in, is this the same Seun that I know? Glad that you have a different perspective to all this currency saga. I've asked the same questions: how does increased imports strengthen Nigerian currency?

Thank you. Where is the plan to correct our balance of trade deficit ?

Importing in Yuan is not the solution of diversification we require.

May God help Nigeria.

NgeneUkwenu, what will be the currency of repayment ? Renminbi (Yuan) or USD ? If Yuan, fine otherwise, any devaluation of the Yuan would be detrimental.

While I commend the good initiative, we should look beyond sentiment and answer other pertinent questions about it.

Only an improved export trade from Nigeria to other countries can correct our balance of payment deficit in the face of dwindling oil price that is not growing soon.

More so, if we are happy about transacting in Yuan, when are we going to start exporting to begin earning in Yuan ?

NgeneUkwenu:
Currency Deal With China To Crash The Dollar By 70% !

President Buhari doesn't have "certificate" but he sure knows how to make things happen and do what some heroes with unproven Ph.D. can't even dream of...

1. As President Buhari and CBN Governor, Emefiele moved closer to actualizing their promise to strengthen the naira against the US dollars

2. By signing a landmark currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday in Beijing, China.

3. The agreement will allow Nigerian who imports mainly from China conclude their transactions in the Chinese currency instead of the dollar

4. The new agreement would see Nigeria-China trades, which accounts for over 70 percent of imports into Nigeria, concluded in the Yuan.

5. Until now over 90% of int'l trades between Nigeria & the world is done in dollars, & in the process putting so much pressure on the naira

6. Nigeria imports almost all it needs from the West, Middle East and Asia.

7. The CBN is expected to diversify a huge chunk of Nigeria’s foreign reserve from the dollars to the Yuan to perfect the agreement.

8. “It means that the renminbi (Yuan) is free to flow among diff banks in Nigeria, & the renminbi has been included in the FXR of Nigeria,”

9. FXR means foreign exchange reserves

10. Lin Songtian, director general of the African affairs department of China’s foreign ministry, told reporters in Beijing ...

11. .. a few minutes after the agreement was signed between the Governors of the nations’ reserve banks..

12. in the presence of President Buhari & President Xi Jingping of China, who is hosting Buhari and top Nigerian officials to a state visit.

13. Lin said a framework on currency swaps has been agreed with Nigeria, making it easier to settle trade deals in Yuan.

14. China has signed currency swap deals with countries ranging from Kazakhstan to Argentina as it promotes wider use of its Yuan.

15. Nigeria would become the clearinghouse for Yuan denominated transactions for the whole of Africa following the agreement.

16. Beijing also signed agreements to develop infrastructure in Nigeria, part of a drive to deepen its ties with Africa.

17. It has offered Nigeria a loan worth $6 billion to fund infrastructure projects.

18. Also, ICBC signed a $2 billion loan deal with Dangote group, to fund two cement plants it plans to build, Lin told Reuters.

19. China’s official Xinhua news agency cited President Xi as telling Buhari that there was huge potential for economic cooperation, naming

20. Naming oil, refining and mining..

21. Nigeria is also considering issuing Panda bonds (mainly Yuan denominated) as against euro bonds because they are cheaper.

This is good, better days are ahead, I'm sooo happy and hopeful right now. Nigeria shall be great again!

Miss Ngene

Interesting...

SleekMallam:
You must be an iPod yoot for attempting to rubbish the military.

The guy is an iPod yoot or better described below by his colleague.

omenka:
It will still hurt the perpetually angry children of the Lost Tribe of Bangladesh.

The friend of my enemy is my enemy, Alhaji Abubakar Kawu Baraje GO & DIE.

Jesusloveyou:
thank God for ur life, the spirit of change has enter you God bless pmb

God forbid me to allow the evil spirit of APC chain in my life. Olohun maje, lai lai.

What is wrong with all this APC legislooters cum fraudster sef ?

I repeat again:

APC, Party of professional fraudsters and career rogues. All can now see that this party is not ready for governance and btw. nothing has changed.


PDP = APC. Finito!

Congrats to Nairaland APC residence zombies.


A ba yin yo, eku ori're, your 5k finally on the way.

Provision of One Mean a day for ALL Primary School pupils next on APC agenda.

Kai Baba!