₦airaland Forum

descarado:
Then who collects the ailing naira from China?

Nobody.

The China man will always get his yuan. I spoke more on this in the post above.

https://www.nairaland.com/8303222/nigeria-snubs-dollar-renews-3.2/2#133478754

Roboto11:
China would prefer its currency is the global medium of payment.

Got a problem with it?

And I hope it is, so Naira can breathe

bobby007:
Chinese are big business man in Nigeria they need to spend naira in Nigeria, common sense you no get

Read what you wrote again and you will agree your IQ can never pass 67

Looking4Trouble:
Your hatred for JAGABAN is eating you up, and it has no effect on the god of Politics JAGABAN

my hate rate is not eating me ,since it allows me to see and even acknowledge a good thing he is attempting to accomplish. At least there are people who did not see any good in this policy. Not everything is politics we only want a better Nigeria.

boxypane:
I pray this sees the light of day finally.

It won't cos no private organization doing business in China will accept Naira

Una just dey fire una selves with abuse😂😂😂😂 anyways good morning nairalanders

jazzman7711:
The comment shows very poor education, a total lack of understanding of the issue under discussion, pitiful economic illiteracy, and zero analytical ability.

Whether it is in Yuan or Naira, the value of the naira is currently being gauged by USD rate anywhere.

This agreement may reduce dollar demand temporarily, but as we keep borrowing and depending completely on crude oil exportation, the required strength for the naira cannot be achieved.

SalamRushdie:
You dey mind these clowns 😅😅

Nigerian govt did not tell us at what rate the swap is fixed and between what periods.

Defaulting results in what?

People read currency swap and jumped in without knowing the abc behind currency swap.

In a currency swap arrangement, the funds do not cross border rather when a Nigerian wants to purchase in China, the naira equivalent in RMB is released by the Central Bank of China to the merchant and reverse is the case if China is purchasing from Nigeria. Before now, the US dollar is used as the middle ground currency for the transactions. The advantage of the swap is the reduced strain on the US Dollars for China-Nigeria trades.

nedu666:
Na wa. So this buhari audio achievement is what tinubu wants to continue. Why would Chinese hold naira that is not acceptable outside Nigeria

SalamRushdie:
The Yuan that will be used to pay them what will it be acquired with ? Is it not dollars ? Or crude oil which is also technically dollars...can you see why I say it's beautiful nonsense that's a solution to nothing

I wrote another post above that explains how the bank settlements will happen.

https://www.nairaland.com/8303222/nigeria-snubs-dollar-renews-3.2/2#133478754

altteemy:
Nobody.

The China man will always get his yuan. I spoke more on this in the post above.

Do you know what currency swap is?
Read it up and what it entails.

All na audio, if it's true, while are our importers sourcing for dollar up and down, or don't you know 99% of what we consume in Nigeria is from China?

Another Bullocks for Brainless zombies🚮🚮🚮🚮🚮

# all motion, NO MOVEMENT govt of self serving THIEVES AND BLOODTHIRSTY TERRORISTS 💯💯💯💯

bigtt76:
In a currency swap arrangement, the funds do not cross border rather when a Nigerian wants to purchase in China, the naira equivalent in RMB is released by the Central Bank of China to the merchant and reverse is the case if China is purchasing from Nigeria. Before now, the US dollar is used as the middle ground currency for the transactions. The advantage of the swap is the reduced strain on the US Dollars for China-Nigeria trades.

You guys should read up on currency swap and what it entails. While reading, look at the risks involved

SalamRushdie:
Another beautiful nonsense, why would China want to swap Naira for RMB ? Naira has no value or demand outside the border of Nigeria

You can wail from now till 2045.

Business men know the benefits, not one local bush boy who’s never done international business.

All na audio, If this is true, why are our importers still struggling to source dollars? Don't you realize that 99% of what we consume in Nigeria comes from China? Additionally, Alibaba and AliExpress does not allow us to shop on this platform with naira cards. Why can't these platforms accept Verve cards if Buhar/Tinubulation china currency swap propaganda is valid.

jazzman7711:
Cry More.

https://cdn.pmnewsnigeria.com/wp-content/uploads/2024/09/BAT-1-636x441.jpg

https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2024/09/IMG-20240903-WA0056.jpg

Believeintruth:
Even the Yuan is pegged against the dollar, so it makes no sense to use the Yuan

If an importer goes to the CBN that it needs machinery worth 100m USD from China, what CBN will do is give letter of credit, the Bank of china will pay the seller of the machine with yuan from CBN account with them and vice versa. So no use of USD in the entire process

jazzman7711:
Cry More.

https://cdn.pmnewsnigeria.com/wp-content/uploads/2024/09/BAT-1-636x441.jpg

https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2024/09/IMG-20240903-WA0056.jpg

You guys are really fools, he made a valid point but because you level of Idiocracy is embedded in your DNA you naturally type nonsense

SalamRushdie:
Another beautiful nonsense, why would China want to swap Naira for RMB ? Naira has no value or demand outside the border of Nigeria

Chai..

A nation filled with young DUNDERHEADS...a sea of Juvenile-acting DINGBATS and CRETINS..

Just imagine the IGNORANT ARROGANCE of your comment..

Your late illiterate peasant urchin father and surviving "small time trader" mother are naturally DEPRESSED because of you..

Macphenson:
Story for the gods. Let me see if our politicians will stash their looted funds in Chinese yuan. Let me see if all those houses in high brow areas will start collecting their rent in yuan instead of dollars.

This administration can only decieve its foolish and brainless supporters.

Comment like this breaks heart. It's either u are poor both academically and economically or u are bitter opposition. Do you know d volume of trade btw nigeria and china? And also the step they take will actually bring dollar down eventually. Pls read more

THIS IS A BLOODY SCAM., NO CHINESE MANUFACTURER TAKES NAIRA.

THEY ALL COLLECT DOLLARS AND THEN GO TO THEIR BANK AND SWAP IT FOR YUAN.

ALL THESE ARE ABSOLUTELY NONSENSE

wellmax:
You can wail from now till 2045.

Business men know the benefits, not one local bush boy who’s never done international business.

Like business men saw the benefit of the one Buhari did ko ? 😅😅😅. Abeg carry your low IQ away, there is a reason why no man in your lineage has never been successful and it's this low IQ

baldwin84:
Comment like this breaks heart. It's either u are poor both academically and economically or u are bitter opposition. Do you know d volume of trade btw nigeria and china? And also the step they take will actually bring dollar down eventually. Pls read more

Please just shut up, the Chinese government doesn't force their businesses to take any currency. The Chinese will never ever collect naira, they all demand dollar or any other G7 currency.

It's obvious most of you haven't done any business with the Chinese before.

But we still can't have a naira to yuan account.

The conversion rate is still heavily influenced by the US dollar route

morgstreme:
Chai..

A nation filled with young DUNDERHEADS...a sea of Juvenile-acting DINGBATS and CRETINS..

Just imagine the IGNORANT ARROGANCE of your comment..

Your late illiterate peasant urchin father and surviving "small time trader" mother are naturally DEPRESSED because of you..

Counter what I said with something intelligent and stop rambling.... My dad is retired senior military officer and my mum's retired Director of civil service ...can I meet your parents 😅😅😅...empty headed clown

jazzman7711:
The comment shows very poor education, a total lack of understanding of the issue under discussion, pitiful economic illiteracy, and zero analytical ability.

Very poor education an exposure indeed..

A Pity!

Macphenson:
Oga rich education, use your education and bring down the dollar to at least #700 per dollar Tinubu met it. Upon all una sophsticated education, Naira is a mess and you people think you can fix it buy swapping with yuan. Your education is a total waste and useless to Nigerians.

You still went ahead to confirm how UNEXPOSED and MORONIC you are .

Macphenson:
Story for the gods. Let me see if our politicians will stash their looted funds in Chinese yuan. Let me see if all those houses in high brow areas will start collecting their rent in yuan instead of dollars.

This administration can only decieve its foolish and brainless supporters.

ogah what this means is that,since Nigeria is trading with china i.e importing most of their products from china, no need of changing their naira to dollar before buying anything from china again, they will just swap directly to Chinese currency and import your good's . No need of looking for dollar any more. Do you understand?

SalamRushdie:
Another beautiful nonsense, why would China want to swap Naira for RMB ? Naira has no value or demand outside the border of Nigeria

Omo werey

Senioreddy:
A welcome development.
Reduce the demands for dollar. Who else has also noticed in recent times that capital flight has reduced and no medical/foreign trips for sometime now

Why has this your rumoured reduction not helped T-Pain crash the exchange rate and the price of petrol as he promised to do, which would make ebiNpawa wailers calm down and enjoy life as they did when PDP was in office

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.

https://www.youtube.com/watch?v=4JH8CC_JdUA

fuckJones:
stupidity resides in your brain, Nigeria is the major importer of Chinese products, why should we use dollars instead if yuan is cheaper

Alibaba does not collect Yaun or Naira. It's dollar

Lanretoye:
since they can't fix it with the yuan,pls tell us how they can fix it.

Increased productivity of every Nigerian.

Do you know what that means AND how to achieve it