₦airaland Forum

olatade:
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!

Wow you should be a first class material my brother God bless you for this analysis

maxxy:
The news that Nigeria has signed a currency deal with China allowing the free flow of the Chinese Yuan amongst Nigerian banks (https://www.thecable.ng/nigeria-china-sign-deal-on-free-flow-of-Yuan) is arguably one of the best (or worst?) policies so far of the Buhari Administration.

Banks would now be able to settle payments directly from Naira to Yuan, rather than from Naira to black market Dollar and then to Yuan. In fact, an extension of this is that debit and credit cards can now be issued and denominated in Yuan. A sizeable portion of the local Dollar demand is thus eliminated, reducing the pressure on our Dollar reserves.

To boost our Yuan liquidity, the Chinese loans being negotiated by the Federal Govt may be availed partly or wholly in Yuan. This will greatly boost Nigeria’s Central Bank and commercial banks’ Yuan liquidity. In fact, the Nigerian and Chinese Govts are reported to have entered into a framework arrangement for currency swaps as a means of providing the much needed liquidity.

At current rates of 30.74 Naira to the Yuan, and 6.74RMB (Yuan) to the Dollar, Nigeria would be able to fund its importation at the equivalent of the current official rate of N199/$1.

PROS

This policy will lead to a reduced demand for Dollars and easing off of pressure on our Dollar reserves, as a large portion of Nigeria’s import needs are served by China (China is Nigeria’s largest trading partner – http://www.premiumtimesng.com/business/business-interviews/188666-china-tops-u-s-as-nigerias-biggest-trade-partner.html). Deals such as Dangote’s purchase of 3400 trucks (http://venturesafrica.com/dangote-group-signs-deal-for-3400-trucks-supply/) will henceforth be settled in Yuan rather than scarce Dollar reserves, which would then be sufficient to service other legitimate investor demands such as portfolio investments, capital repatriation, etc.

This policy also implies cheaper imports from China as importers from China would import at the equivalent of the current official rate of N199/$1 as against the current parallel market rate of N320/$1.

CONS

This policy may keep Nigeria as an importation-dependent economy. Due to its deliberate policies towards boosting its economics of scale, China produces most goods at a comparative advantage. While we have decried the importation of toothpicks and the likes from China, we must bear in mind that we import toothpicks not because we do not have bamboo and other raw materials in Nigeria, but because China is able to bring these goods to the Nigerian market at a much cheaper price than the one produced right here in Nigeria. The reasons are not far-fetched; the availability of infrastructure, cheap labour and use of manufacturing clusters. This policy would therefore sound a death-knell to the resurgent local production of importation substitutes.

Again, this policy would only bear the projected fruits if and only if the Nigerian factor doesn’t come into play. As demand for Yuan surges, a parallel market for Yuan may soon be created, bringing us back to this same point many years after.

WHITHER NIGERIA?

This policy should not be viewed as a solution to Nigeria’s Dollar dependency as we may otherwise inadvertently create a Yuan dependency. At the very best, this policy should be a stop-gap, a short-term measure devised to keep things in place while we sort out our infrastructural and policy challenges. The future prosperity of Nigeria lies in production for local consumption and export, and not the consumption of foreign imports.

Maxwell Asowata, Legal Practitioner and Business Consultant, writes from Lagos, Nigeria.

Source - http://ecstasyhouseng.com/index.php/2016/04/13/free-flow-of-yuan-in-nigerian-banks-what-you-need-to-know/

This is good news for my importer brothers.
Fellow Nigerians why must we behave like isrealites.. When there was no dollar to purchase needed goods from China people were complaining.. Now you can get those goods saving almost 50 percent of what you are supposed to spend.. People are still complaining.. What do we really want.. This policy could also allow for purchase of equipments needed to start industries here.. And good news is we could now buy new ones instead of the old used junk made in America
. If this free flow of yuan is true then get ready for massive reduced prices.. And springing up of industries.. No more Naira-dollar-yuan. The middle man called dollar has been eliminated.. God bless Nigeria.. God bless Nigerians.. May we all find better life and may the quality of our lives be improved daily.

nosiebaba:
Any car can be converted to use natural gas.. When the natural gas kit is installed, a switch is also put in the car so that any time you want to use gas, you press the gas switch and switch to gas and anytime you want to use petrol you you press the petrol switch and switch to petrol.. Almost 200 vehicles including trucks in lagos are using natural gas already.
In benin Edo state over 2000 vehicles are using natural gas.. Ant it is so cheap.. With just 800 naira you till your tank.

The last image is the button to switch from fuel to gas

Trottle:
Please seir, enlighten us further on it. Can the switching be immediate?

Any car can be converted to use natural gas.. When the natural gas kit is installed, a switch is also put in the car so that any time you want to use gas, you press the gas switch and switch to gas and anytime you want to use petrol you you press the petrol switch and switch to petrol.. Almost 200 vehicles including trucks in lagos are using natural gas already.
In benin Edo state over 2000 vehicles are using natural gas.. Ant it is so cheap.. With just 800 naira you till your tank.

Wow this is the most intelligent article I have read in some years.. Just to add a little.. Besides refine rows another way we can tackle this petroleum problem is by using an alternative to fuel.. That is Natural gas. Cars, trucks, trains and planes etc can run on natural gas.. You can use both just switch to whichever you want to use either fuel or gas.. And the thing is Nigeria has more than a trillion cubic feet reserves of natural gas.. If people take advantage of this alternative then we would have drastically reduced fuel importation.
Well that is my little contribution for now.

BiafranNigerian:
Bullshit. Government has no business in business. Government should not fix price of PMS. Take your subsidy away and Allow businessmen to import PMS and sell as they want. Privatize refining and set up a regulating frame work to monitor controls.

This one na mumu

Kai my people perish for lack of knowledge how can people not see plain English in this simple post. Caverton company don turn lagos state govt What is this? Even if they give some people the answers on exam day they will still fail. Caverton is a company that runs private aviation services like bristowand the likes na? Pls people don't be to quick to comment nonsense

From what I read a lagos based transport service caverton helicopters was using the helicopter it doesn't mean lagos state government was using the helicopter. Is it not possible for lagos state govt to purchase this helicopter from caverton helicopter services Jst asking tho

Recall that Nipco had, few days ago, imported 37 million litres of petrol when most marketers refused to import owing to the outstanding subsidy claims of over N413 billion.

Acknowledging the support of Nipco, especially with its commencement of product imports, Kachikwu implored  other marketers to follow suit as all pending obligations to them in respect of subsidy claims, and other commitments would be settled soon.

The Minister commended the efforts of Nipco as a Nigerian investment sitting on a Nigerian soil, adding “we need to rally round the company and support it in the overall interest of the nation and its populace.”

Earlier in his address, Managing Director, Nipco, Mr. Venkataraman Venkatapathy, said the company had remained an ally of government in ensuring product availability across the country through its depot operations and branded stations and independent marketer’s outlets that load at its terminal.

He noted that pricing of petroleum products at its depot have always been at the government approved depot rate, adding that concerted efforts are also being made to ensure that only registered marketers with verifiable outlets load in the company.

Venkatapathy, however, implored government to look into the area of gas especially in the realm of Compressed Natural Gas as vehicular fuel as such feat will save the nation and the citizenry hiccups always experienced in the importation of liquid fuels.

The depots visited include NIPCO, Folawiyo, MRS and Capital Oil depots, all in Lagos State.
Nigeria has trillions of cubic feet reserve of Natural gas. Currently in Nigeria, cars are being converted to use natural gas by Nipco plc and it's 60% cheaper than petrol. A car that spends 10000 on petrol will utilize jst 4000 naira on gas for an equivalent distance travel.
Below are pics of cars using Natural gas.
I just hope Nigerians will take advantage of this technology and finally give petrol the stiff competition it needs to curb the problem caused by scarcity.
Culled from the sun newspaper

Bishopmayowa:
It was fun back then in Benue...I took Yam home as a prize

Thank you my brother. What is the punishment there in secondary school we do clear huge fields to avoid snakes. Who will now clear the NYSC secretariat for corpers? It's their duty jare

Recall that Nipco had, few days ago, imported 37 million litres of petrol when most marketers refused to import owing to the outstanding subsidy claims of over N413 billion.

Acknowledging the support of Nipco, especially with its commencement of product imports, Kachikwu implored  other marketers to follow suit as all pending obligations to them in respect of subsidy claims, and other commitments would be settled soon.

The Minister commended the efforts of Nipco as a Nigerian investment sitting on a Nigerian soil, adding “we need to rally round the company and support it in the overall interest of the nation and its populace.”

Earlier in his address, Managing Director, Nipco, Mr. Venkataraman Venkatapathy, said the company had remained an ally of government in ensuring product availability across the country through its depot operations and branded stations and independent marketer’s outlets that load at its terminal.

He noted that pricing of petroleum products at its depot have always been at the government approved depot rate, adding that concerted efforts are also being made to ensure that only registered marketers with verifiable outlets load in the company.

Venkatapathy, however, implored government to look into the area of gas especially in the realm of Compressed Natural Gas as vehicular fuel as such feat will save the nation and the citizenry hiccups always experienced in the importation of liquid fuels.

The depots visited include NIPCO, Folawiyo, MRS and Capital Oil depots, all in Lagos State.
Nigeria has trillions of cubic feet reserve of Natural gas. Currently in Nigeria, cars are being converted to use natural gas by Nipco plc and it's 60% cheaper than petrol. A car that spends 10000 on petrol will utilize jst 4000 naira on gas for an equivalent distance travel.
Below are pics of cars using Natural gas.
I just hope Nigerians will take advantage of this technology and finally give petrol the stiff competition it needs to curb the problem caused by scarcity.
Culled from the sun newspaper

Ben murray Bruce is talking more like a stupid man recently. Does he know why the president visited that country? Only fools will sit and talk about what they see from a distance.
don't be too quick to praise or criticise because when time makes things clearer you might just be the fool

glossy6:
Maybe GEJ was the fuel attendant during his time. You can criticize GEJ but won't tolerate any negative content about Booharia. Why speak from both sides of ur mouth? Was DPR not available during GEJ's time that you claimed fuel was sold at high prices? Why didn't you report too?

If your criticism makes sense we will gladly tolerate it. Bt why say senseless talks. I remember buying black market during gej regime 4 litres 2000 naira. No single fuel station had fuel so what are u saying. Petrol stations are selling fuel but tell us the one u saw that was selling petrol for 400 naira per litre. With picture evidence. Why must u lie in order to criticise, why must u give epic lies my brother what is your gain?

It's foolish to think that because they are governors under pdp they must be enemies with the president and his policies. Remember they are all serving Nigeria, their political party is just a vehicle that gave them the means to serve Nigeria.
So much hate, these days people now worship political parties while leaving Nigeria to suffer. Besides you can criticise your child or family inside the house but when you go outside you portray that person as the best.

etankoko:
I have four siblings who are in the high institution and am working and schooling at the same time. My elder sister who graduated from A.b.u Zaria as a pharmacist is doing very well. She is still single and claims to be a devoted Christian but fill less concern about anything that has to do with our mum . My dad is late and we are not finding things easy. The last time i checked my mum she was looking very sick and worried. The little money am making is not enough to carta for the whole family. My school and work are shaking me seriously.

To cut the story short, we have talked to some people to talk to her, both elders and other reliable family members. I don't know how to cope with the situation.

She is in another state. I don't know if she is just waiting for my mum to die so she will come and spend the money on her burial to impress crowd or she is saving the money for another man when she is married

My mum is dieing silently. Please make this front page i need advice cause i don't want to lose her now.

You also have a problem!
Pray for your sister, if you can't go on your kneels and tell God, then don't tell nairaland. If God cannot help you, nairaland will not help you. They will only heap insults on you and your family.
Stop telling the world things that you are supposed to tell God.

FreeGlobe:
Fuel was never sold 400 naira per litre during PDP's 16 year rule. Buhari is a disaster. The worst president ever

Was it Buhari that held the nozzle of the pump and sold it to you for 400 naira per litre? Did u buy on the black market? And did you report the fuel stations that sold 400 naira per litre to DPR If you didn't then kindly shut up.

Gboliwe:
And you are excited the country is sliding in to a one party country. How will this help you or your generation to come?

I don't get the excitement!

What's your point? , anybody is free to be a worthy opposition. All other parties in Nigeria are still existing

menix:
Where is the 2nd motor boy nah

Even if they re Paul nd peter to have both fallen off at same time they should either live or die together..

End time motor Boys..

The second one is the one people are surrounding, he's still alive

Two motor boys fell down from a goods laden trailer in ketu Lagos. The motor boys must have slept off while on the trailer and fallen off. The trailer didn't even stop.
View pics below.

So you buy a watch for 7 million naira and u still have to set it by yourself? Dull guy!!! Keep setting your watch daily

Police needs to learn how to prevent such incident or stop them in the act not catching them after the damage has been done. It's a good thing but it is better to have enough forces and firepower to prevent them during the act.

vayne:
Again,shut it!!!
Why is your monika littering biafran threads if you are not looking for cheap fame?
Go and ask your mates the route they passed to achieve it,and they will tell you this isn't one of them.

The question is what is your fatherless face looking moniker looking for on nairaland? Why not open biafraland or whatever currency u people use and rant your nonsense. If fame means being popular among cows, I rebuke it!!! Fame? On this senseless topic. Thunder is your potion

okoloto:
In present day nigeria the Zoo, you know after loosing all ibos control commerce in the zoo. Cowards. Ask y all obas in yoruba land are all Muslims. Cowards dat cannot stand on their feet....

Who understands what this post means? I don't even understand one sentence

vayne:
Me man shut that your buccal cavity!!!
Where were you when your fellow scratch faced nitwits were looking for fame by spreading falsehood about Biafra ?

You are coming here to make noise under this hot sun? Be careful o,una no get elders for that place

Who released this one from the zoo? Where people make points and where madmen rant are two different places. Go back to your room in the psychiatric ward. When you are ready to make sense come back and that of course is with a letter from your doctor confirming that you are mentally okay.

coolzeal:
This is 21st century.. People are exploring space and Africans are doing what? I tell you, a revolution is coming to Africa and this time Africans shall be free from sufferings, colonial masters and modern slavery despite our huge resources.

Biafra stand for the benefit of Eastern region and its people. Besides, self determination is not a crime. Asked UN.

That is what I'm saying, people are exploring space and what are you doing What is your own contribution. Some one was self determined and built aa car, someone was self determined and built an aeroplane, he didn't need to agitate for another country to be created for him so he can be the president to do that. That your self determination has a very wrong definition.

centvin008:
By Joseph Erunke
The Deputy President of the Senate, Senator Ike Ekweremadu, Tuesday alleged an attempt on his life by a light skinned foreigner suspected to be a mercenary.
The attempt which has been reported to the police  involved repeated failed attempts to crash into Senator Ekweremadu’s official vehicle which was in a convoy from his residence to the National Assembly complex yesterday.
A statement issued by his special adviser on media, Mr. Uche Anichukwu which recounted the incident read thus:
“The Deputy President of the Senate, Senator Ike Ekweremadu, escaped suspected assassination attempt, Tuesday.
“The attempt occurred at about 10:00am between Apo Flyover and Dantata Construction Company’s yard, close to the Old Central Bank of Nigeria (CBN) Headquarters junction on his way to work.
“The suspected assassins who operated in a tinted, white-coloured Mercedez Benz AMG E63 without a plate number, were chauffeured by a long-bearded light skinned foreigner, apparently a mercenary.
“The vehicle, which was positioned by the Apo Bridge, on noticing that the Deputy President of the Senate’s convoy took the right turn to join the Nnamdi Azikiwe Expressway instead, made a turn. The occupants attempted to attack the convoy, but were blocked. The driver violently broke into the convoy and they made several frantic attempts to attack the Senator’s official car.

http://www.vanguardngr.com/2015/11/assassination-attempt-on-ekweremadu/

Lalasticlala‎

If they wanted to kill him, they could have used a rocket propelled grenade na! He must have hit the man's car and the man was trying to get him to come out and pay for the damage

coolzeal:
Mind of a slave. Biafrans are different and want the best. Nigeria is a failure.

This is the lie people tell themselves, instead of them to say they are failures they try to blame their failure on others Accept that you have failed in life, don't blame Nigeria for it, it's the first step to becoming a success

coolzeal:
Mind of a slave. Biafrans are different and want the best. Nigeria is a failure.

Lol so u are a slave that wants to break free from his masters, a slave that thinks his success depends on his country, a slave that thinks he is supposed to sit down while his master goes to work and brings him food to eat, then that kind of slave will die a slave.
After agitating biafra the next thing we will hear is anambra is superior to Enugu, abakaliki are not igbos etc A slave can never be satisfied cos he thinks everybody owes him something.
But the masters are the ones that blame themselves for any misfortune and hold themselves accountable for where ever they find themselves and also do what they can to change it. And I'm a MASTER. Even if I was born in Malawi im still a success cos it's not where u are or what you are called, it's who you are that determines what you become son

See yeye question, besides who is wike? someone they said didn't win the governorship polls.
I think he's re campaigning

U forgot the most important thing, to also snap the name of the fuel station.

NA LIE!!! The first way to fight for biafra as a biafran is to pack ur load and go to biafran territory.
A goat in Nigeria is still a goat in BIAFRA, a failure in NIGERIA is still a failure in BIAFRA

I'm not seeing any pictures though. But u have to show u are a man that can handle anything life throws at you. The best things might be in disguise at times or u could still try to redeploy since u have d means