₦airaland Forum

SalamRushdie:
Again beautiful nonsense, if China takes naira from you , what will they do with it ..please nobody Is going to take Naira for international trade , there is no demand for the Naira

May be I should shed more lights on currency swaps. It all comes with interest payable on them.

Any Naira taken/made by China stays in Nigeria (with interest payable by Nigerian government when Naira depreciates below the agreed exchange rate stated in the signed contract). Such Naira would be used by participating Chinese companies in Nigeria to settle their indebtedness to Nigerian companies or government.

Any Yuan taken/made by Nigerian companies in China stays in China (with interest rates as agreed in the signed contract if Yuan falls below that agreed rate). Such Yuan would be utilized by participating Nigerian government or companies in paying their indebtedness to Chinese vendors or governments.

There will always be either trade deficit or surplus among the two countries.
Whoever is having trade deficit will either have to look for what to sell to the other party to reduce the deficit or make outright payment of the other party’s currency when at the end of the contract period.

China is likely to benefit more from it than Nigeria but the agreement will also help Nigeria to reduce the pressure of looking for US Dollar to settle our import bills from China.

The U.S. dollar is ruining economies. A very useless currency being printed like water and sent all over the place including Ukraine at will.

Realdeals:
No wonder AliExpress and Temu now process naira transactions on their portal.

Are you able to make payment? How did you go about that?

SalamRushdie:
Say something intelligent about the topic instead of hiding your dullness under insults ...say something, explain how China will swap Naira for Yuan ?

When a certain intelligent man said it, you fail to see it why waste my time with an irredeemable twwat like you

chidifrank:
Out of words to post i guess? Its normal . Your leader too is out of ideas too😒

if that also make you happy

jazzman7711:
Actually, you empty-headed twerp, nobody on earth can “bring down the dollar to 700” in a free-market economy, except by artificially shoring it up with billions of dollars and reverting to the chaotic dual exchange rate of the past, the combined effects of which drove the economy into the ground, in addition to the fuel subsidy.

That’s why you need an education, so you can understand what you are reading here.

nobody on earth? The is the most foolish statement I have read on nairaland this year. Everybody are not mentally on the same plane , stop being hypocritical by trying to level everyone to the same Agbado zero IQ lack of creative thinking capable of doing nothing except cho cho cho meaningless talk day and night while Nigeria collapses into the abyss

Hoelujohn:
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

If it is Bank of China that i know forget it, na USD dem go use not Yuan. Trust me on that one, I am also in the banking industry and I handle Form M and LCs

bobby007:
if that also make you happy

Yu don humble by force . Pussy😒

VanuatuWycombe:
May be I should shed more lights on currency swaps. It all comes with interest payable on them.

Any Naira taken/made by China stays in Nigeria (with interest payable by Nigerian government when Naira depreciates below the agreed exchange rate stated in the signed contract). Such Naira would be used by participating Chinese companies in Nigeria to settle their indebtedness to Nigerian companies or government.

Any Yuan taken/made by Nigerian companies in China stays in China (with interest rates as agreed in the signed contract if Yuan falls below that agreed rate). Such Yuan would be utilized by participating Nigerian government or companies in paying their indebtedness to Chinese vendors or governments.

There will always be either trade deficit or surplus among the two countries.
Whoever is having trade deficit will either have to look for what to sell to the other party to reduce the deficit or make outright payment of the other party’s currency when at the end of the contract period.

China is likely to benefit more from it than Nigeria but the agreement will also help Nigeria to reduce the pressure of looking for US Dollar to settle our import bills from China.

Even China relies on US dollar sef

China is like the faerie. The price of bargaining with fae is always higher than it seems.

This is an awesome move.

Let me break it down for those without the wisdom to process this.

You are Person A, you buy stuff from Person B. (A = Nigerians and B = China)
You first must go to Person C to buy dollars which may not be at a good rate, then use the dollars to buy from Person B and if Person B wants to buy from Person A, Person B would also go to Person C to buy dollars first.

Now, both Persons A and C realize...why do we need Person C when we can just trade by barter. In the Past, cloth seller would exchange clothes for food, and fishermen would exchange fishes for beads without having to sell them first for cowries in other villages just to take the funds elsewhere to buy what they need.

Nigerians can buy from China using Naira, China holds the Naira and Chinese can also buy our produce in Yuans, Nigeria will keep the Chinese currencies...then they both swap them again. We both need each other...and need US dollars less. We need to do this with more countries...China is significant because we buy so much ...wigs, nails, technologies and so on.

jazzman7711:
https://businessday.ng/news/article/nigeria-renews-n3-28trn-currency-swap-with-china/#google_vignette

chidifrank:
Yu don humble by force . Pussy😒

if that also make you happy, I will let you have it, just anything to make you happy

I used GT Naira card on Temu and Opay on AliExpress

sonofthunder:
Are you able to make payment? How did you go about that?

Realdeals:
I used GT Naira card on Temu and Opay on AliExpress

Oh really.... Does Opay issue cards?

What was their exchange rate like?


Also, do you think Palmpay will work?

SalamRushdie:
Former Military Administrator, former GOC , former Board chairman, the man try pass any man from your lineage na and even me I am still out performing the men in your lineage because what I have achieved so far no man for your lineage fit achieve am

Former... former..

Former...

Still,in principle,"Hand To Mouth"....Liar Liar,your pants are on fire..

Kid.....

morgstreme:
Former... former..

Former...

Still,in principle,"Hand To Mouth"....Liar Liar,your pants are on fire..

Kid.....

Funny I am actually richer than all the men in your entire lineage . fact ...no be at make your papa no achieve anything..Fuckoff before I spoil you

SalamRushdie:
Funny I am actually richer than all the men in your entire lineage . fact ...no be at make your papa no achieve anything..Fuckoff before I spoil you

Prove that you are richer than all the men in my family..

STOP spewing pitiable laughable hogwash..show it..

If you don't have 550million dollars,you are NOTHING!!!!!Just WIND BLOWING HOT AIR!

Let's see you Conglomerates..let's see you staff strength..

Prove it EEJIT!

SalamRushdie:
Funny I am actually richer than all the men in your entire lineage . fact ...no be at make your papa no achieve anything..Fuckoff before I spoil you

Until you realise you are trading words with a man that is nearly 50 years old. Forget this frustrated man-child! He failed at selling recharge cards, selling sand and drilling boreholes and must have been the product of an abusive father cos he doesn't hesitate to abuse the parents of people. He even failed in life by supporting a failure!
HE IS A FAILED OKORO

But be rest assured that the dollar can't be what it is forever. That's why Donald Trump said it's like loosing a world war.
But my point is; if Nigeria can be developed by using the dollar, why not? But can we? When all our lives depends on it. As far as I am concerned, anything that will favour us is what I am for be it dollar or any other foreign currency.

SalamRushdie:
Nobody can quit the dollar , every currency on earth is valued by the dollar, some of you are not smart enough to understand some things...If I ask you what 1 million RMB is you must first convert it to dollars to understand the value , both Nigeria and China must also convert their GDPs to dollar to even understand what' it's worth ..