₦airaland Forum

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

Dannie2015:
Nigerians and their one-wayy thinking pattern. Was there any agreement signed as to what happens should china decide to devalue their currency just as they did b4? Dnt frget in d said agreement, china is expected to construct d rail project frm lagos to calabar which 1. Has not bn included in d much disputed budget in d history of d country. 2. All materials to be used in d said rail project if finally approved will b imported frm china and as such no room for other companies to com bid for d contract which means they dictate all d how much involved in d project while nigeria dances to their tune. Am just sick of d marriage called nigeria

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 nairaYou an

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

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.

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


It's sure a short term solution to our trouble economy but in the long run we will all come back to the starting point. Chinese government manipulate their currency too often to put it above others which is disadvantage to their debtor.

Dannie2015:
Nigerians and their one-wayy thinking pattern. Was there any agreement signed as to what happens should china decide to devalue their currency just as they did b4? Dnt frget in d said agreement, china is expected to construct d rail project frm lagos to calabar which 1. Has not bn included in d much disputed budget in d history of d country. 2. All materials to be used in d said rail project if finally approved will b imported frm china and as such no room for other companies to com bid for d contract which means they dictate all d how much involved in d project while nigeria dances to their tune. Am just sick of d marriage called nigeria

CSTR2:
Allowing the Chinese to build is not a bad thing. They are excellent at that, and we are not at their level yet.
The real test is if the FG can identify the most critical infrastructure priority and get full value from China.

herbie27:
The condition for that loan is that Chinese expertise will be the ones that will build the infrastructures FG wants and we will pay them for their services and payback the loan with the interest.

Who's gaining here?.

VocalWalls:


Many of you are just saying nonsense. Is it America that hiked the price of the dollar?

The problem is with the system, how are we sure the yuan won't go as high as 80 in the parallel market?

So when it gets to that, we then jump to cefa instead of fixing the system. Are we this dull?

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

VocalWalls:


Many of you are just saying nonsense. Is it America that hiked the price of the dollar?

The problem is with the system, how are we sure the yuan won't go as high as 80 in the parallel market?

So when it gets to that, we then jump to cefa instead of fixing the system. Are we this dull?

Dmillionaire:
I wonder why it's so difficult for pple to understand fraud at first sight. the same stealing politicians the same policy signing for years with no physical reality. please op wake up from ur long slumber, u are tooo big 4 this shit. these pple are political criminals simple. no be today yansh begin stay for back

herbie27:
The condition for that loan is that Chinese expertise will be the ones that will build the infrastructures FG wants and we will pay them for their services and payback the loan with the interest.

Who's gaining here?.

Seun:
I have no problem with trade deals, but anyone who thinks this will strengthen the naira is confused. The only thing that will strengthen the naira sustainably is if we export more (or if the price of oil recovers). Our honourable president's well intentioned voodoo economics didn't work the last time and won't work this time either. He needs to listen to mainstream economists and follow their recommendations. Economics works.

Seun:
I have no problem with trade deals, but anyone who thinks this will strengthen the naira is confused. The only thing that will strengthen the naira sustainably is if we export more (or if the price of oil recovers). Our honourable president's well intentioned voodoo economics didn't work the last time and won't work this time either. He needs to listen to mainstream economists and follow their recommendations. Economics works.

9jatriot:
Nothing wrong with the policy. The dollar exchange has not been scrapped, if you prefer to use dollars then go source for it. If you are buying from China then you have an OPTION to use the yuan directly.
For example, if 1000 people need 100 dollars each, and 600 of those people need the dollar to buy things from China, what this policy is saying is that instead of the 1000 people to scramble for the scarce dollar why not give those buying from china the option to buy directly in Yuan leaving the other 400 people who really need the dollar to share the dollars available. If the policy works then the demand for dollar will reduce because at least those buy items from China will now be able to do so. The fear is that Chinese products will flood the market, but people forget that a lot of raw materials, chemicals and even machinery will also become cheaper. Intelligent people can begin to buy machines now without looking for dollars to do it.

herbie27:
So to you a whole nation like Nigeria doesn't have expertise to build infrastructures?, says who?.

These chinese ppl are clever and want to finish dis country and don't be surprise that they will even import unskilled labourers to do some of the jobs unskilled labourers in Nigeria shld do.

Seun:
Professor Soludo. Emir Sanusi Lamido Sanusi. Any Nigerian economist who is respected abroad. They are largely in agreement.


First of all, here's a list of 6 economists who predicted the meltdown: interblack.com.

Having said that, you seem to misunderstand the predictive role of Economics. Economics cannot predict exactly what will happen in the future because that depends on the policies politicians chose to implement, but it can predict what will happen if they implement particular policies.


Yes, it drove Russia into recession, [url=http://chinadigitaltimes.net/2008/09/beijing%E2%80%99s-burden-a-slowing-china-bodes-ill-for-the-world-economy/]slowed China's growth[/url], and strangled India's stock market.

Mynd44:
Not 70% but it will take a lot of strain off exchange rates

Seun:
I have no problem with trade deals, but anyone who thinks this will strengthen the naira is confused. The only thing that will strengthen the naira sustainably is if we export more (or if the price of oil recovers). Our honourable president's well intentioned voodoo economics didn't work the last time and won't work this time either. He needs to listen to mainstream economists and follow their recommendations. Economics works.

Joel3:
just choose to be illiterate, have you ask yourself what will Nigeria export to China in return for Yuan? where we the central bank get the yuan from?

Joel3:




if this is the reason for the deal then it's senseless. will Nigeria keep importing items we can locally produced at this time oil is worthless in international market? how do we encouraged local production. how can we diversify our economy to self sustaining economy?