banmee:


Bros don't deviate from the argument. You claimed that there would be sanctions if countries engage in international transactions without the currency of use being the dollar. First you were wrong about any kind of sanctions being put on any country. Secondly, you can trade with whatever currency you want as long as the country or person you are doing it with is in agreement with you.

in fact bro let's not argue becoz I feel the news is just a smokes screen to make it look like pmb frequent fliers is actually yielding something..leave trash....

Abudu2000:
why are these bloggers deceiving the public for Christ sake,the use of dollars for international trade is a policy already made and sealed in the UN, unless the country wants to face sanction no one can change that treaty,so don't get your hopes up....even if you want to import from China you have to convert to dollar since the world bank deals in dollars
smh for Dollards!!!

Don't mislead the public by claims which cannot be substantiated,the use of US dollars as a means of international transaction is voluntary and nowhere signed,sealed and enforced by the UN or IMF and many countries including Russia,Iran,Japan and China among others do trade with the Euro,Yen and Yuan as and when convenient and what exactly concerns an importer of goods from China with the World Bank dealing in dollars?

Very wise move from a president that is thinking of the future. The monopoly of dollar has been holding our economy to ransom.Introduction of Yuan is a welcome development.Great times ahead for Nigeria.

Abudu2000:
in fact bro let's not argue becoz I feel the news is just a smokes screen to make it look like pmb frequent fliers is actually yielding something..leave trash....

I don't know if it will yield anything or not. I am only concerned with the information being disseminated on this forum. People base their responses and comments less on fact and more on emotions.

Ptoocool:


Are you still there? Thought I told you to leave, no one needs your explanation here,,

Yeah, i just reviewed your dp and your posts and then i realized you were seriously seeking for a credible person to add verve and impetus to your illogical reasoning. I am done with you. Come back when you are of age and can reason rationally. Do not bother mentioning me again, i will not respond. I know though that kiddies are people too, but they must learn in silence and ask questions that make sense.

donbenie:
Don't mislead the public by claims which cannot be substantiated,the use of US dollars as a means of international transaction is voluntary and nowhere signed,sealed and enforced by the UN or IMF and many countries including Russia,Iran,Japan and China among others do trade with the Euro,Yen and Yuan as and when convenient and what exactly concerns an importer of goods from China with the World Bank dealing in dollars?

okay let's assume we are a continent with diverse currencies, now use ur little brain,if everyone way dealing with whatever currency that suits them how do thing it will be easier to transact business? "use ur brain please"

I hope this is a short time solution because of the 70% imports mark from China as it currently stands.This is just to alleviate the sufferings of importers and give a little breathing space to the Naira.
I think it would make a lot of good if we can do either the EURO-RIZATION or DOLLARIZATION and fixed exchange thing at this moment.Some countries are doing it especially with the dollar.

Dollarization and fixed
exchange rates.

Other nations besides the United States use the
U.S. dollar as their official currency, a process
known as official dollarization. For instance,
Panama has been using the dollar alongside the
Panamanian balboa as the legal tender since
1904 at a conversion rate of 1:1. Ecuador
(2000), El Salvador (2001), and East Timor
(2000) all adopted the currency independently.
The former members of the U.S.-administered
Trust Territory of the Pacific Islands, which
included Palau, the Federated States of
Micronesia , and the Marshall Islands, chose not
to issue their own currency after becoming
independent, having all used the U.S. dollar
since 1944. Two British dependencies also use
the U.S. dollar: the British Virgin Islands (1959)
and Turks and Caicos Islands (1973). The
islands Bonaire , Sint Eustatius and Saba, now
collectively known as the Caribbean
Netherlands, adopted the dollar on January 1,
2011, as a result of the dissolution of the
Netherlands Antilles. [8][9]
The U.S. dollar is an official currency in
Zimbabwe , along with the Euro , the Pound
Sterling, the Pula , the Rand , plus several other
currencies.
Some countries that have adopted the U.S.
dollar issue their own coins: See Ecuadorian
centavo coins , Panamanian Balboa and East
Timor centavo coins .
A series of Zimbabwean Bond Coins has now
been put into circulation (18 December 2014) in
the following denominations - 1 Cent, 5, 10, and
25 Cents.
A 50 Cents Bond Coin was released in March
2015.
These coins are pegged at the same rate as
American coins.
Some other countries link their currency to
U.S. dollar at a fixed exchange rate . The local
currencies of Bermuda and the Bahamas can be
freely exchanged at a 1:1 ratio for USD.
Argentina used a fixed 1:1 exchange rate
between the Argentine peso and the U.S. dollar
from 1991 until 2002. The currencies of
Barbados and Belize are similarly convertible at
an approximate 2:1 ratio. The Netherlands
Antillean guilder (and its successor the
Caribbean guilder) as well as the Aruban florin
are pegged to the dollar at a fixed rate of
1:1.79. The East Caribbean dollar is pegged to
the dollar at a fixed rate of 2.7:1, and is used
by all of the countries and territories of the
OECS other than the British Virgin Islands. In
Lebanon , one dollar is equal to 1500 Lebanese
pound , and is used interchangeably with local
currency as de facto legal tender. The exchange
rate between the Hong Kong dollar and the
United States dollar has also been linked since
1983 at HK$7.8/USD, and pataca of Macau,
pegged to Hong Kong dollar at MOP1.03/HKD,
indirectly linked to the U.S. dollar at roughly
MOP8/USD. Several oil-producing Arab
countries on the Persian Gulf, including Saudi
Arabia , peg their currencies to the dollar, since
the dollar is the currency used in the
international oil trade.
The People's Republic of China 's renminbi was
informally and controversially pegged to the
dollar in the mid-1990s at ¥ 8.28/USD.
Likewise, Malaysia pegged its ringgit at RM3.8/
USD in September 1998, after the financial
crisis . On July 21, 2005, both countries
removed their pegs and adopted managed floats
against a basket of currencies. Kuwait did
likewise on May 20, 2007, [10] and Syria did
likewise in July 2007. [11] However, after three
years of slow appreciation, the Chinese yuan
has been de facto re-pegged to the dollar since
July 2008 at a value of ¥6.83/USD; although no
official announcement had been made, the yuan
has remained around that value within a narrow
band since then, similar to the Hong Kong
dollar.
Several countries use a crawling peg model,
wherein currency is devalued at a fixed rate
relative to the dollar. For example, the
Nicaraguan córdoba is devauled by 5% per
annum. [12]
Belarus , on the other hand, pegged its currency,
the Belarusian ruble , to a basket of foreign
currencies (U.S. dollar, euro and Russian ruble)
in 2009. [13] In 2011 this led to currency crisis
when government became unable to honor its
promise to convert Belarusian rubles to foreign
currencies at fixed exchange rate. BYR
exchange rates dropped by two thirds, all
import prices rose and living standards fell. [14]
In some countries, such as Costa Rica and
Honduras , the U.S. dollar is commonly
accepted, although not officially regarded as
legal tender. In Mexico's northern border area
and major tourist zones, it is accepted as if it
were a second legal currency. Many Canadian
merchants close to the border, as well as large
stores in big cities and major tourist hotspots in
Peru also accept U.S. dollars, though usually at
a value that favours the merchant. In Cambodia ,
U.S. notes circulate freely and are preferred
over the Cambodian riel for large purchases, [15]
[16] with the riel used for change to break 1
USD. After the U.S. invasion of Afghanistan,
U.S. dollars are accepted as if it were legal
tender. Prices of most big ticket items such as
houses and cars are set in U.S.
dollars.
Dollar versus Euro
Euro-US Dollar exchange rate, 1999-2015
Euro per U.S. dollar 1999–2015
Year Highest ↑ Lowest ↓
Date Rate Date Rate
1999 03 Dec €0.9985 05 Jan €0.8482
2000 26 Oct €1.2118 06 Jan €0.9626
2001 06 Jul €1.1927 05 Jan €1.0477
2002 28 Jan €1.1658 31 Dec €0.9536
2003 08 Jan €0.9637 31 Dec €0.7918
2004 14 May €0.8473 28 Dec €0.7335
2005 15 Nov €0.8571 03 Jan €0.7404
2006 02 Jan €0.8456 05 Dec €0.7501
2007 12 Jan €0.7756 27 Nov €0.6723
2008 27 Oct €0.8026 15 Jul €0.6254
2009 04 Mar €0.7965 03 Dec €0.6614
2010 08 Jun €0.8374 13 Jan €0.6867
2011 10 Jan €0.7750 29 Apr €0.6737
2012 24 Jul €0.8272 28 Feb €0.7433
2013 27 Mar €0.7832 27 Dec €0.7239
2014 31 Dec €0.8237 8 May €0.7167
2015 13 Apr €0.9477 2 Jan €0.8304
Source: Euro exchange rates in USD , ECB
Not long after the introduction of the euro (€;
ISO 4217 code EUR) as a cash currency in
2002, and the Iraq War costs from
2003 [ citation needed ] , the dollar began to
depreciate steadily in value, as it did against
other major currencies. [17] From 2003 to 2005,
this depreciation continued, reflecting a
widening current account deficit. Although the
current account deficit began to stabilize in
2006 and 2007, depreciation persisted. [17] The
fallout from the subprime mortgage crisis in
2008 prompted the Federal Reserve to lower
interest rates in September 2007, [18] and again
in March 2008, [19] sending the euro to a record
high of $1.6038, reached in July 2008. [20]
In addition to the trade deficit, the U.S. dollar's
decline was linked to a variety of other factors,
including a major spike in oil prices . [21]
Economists such as Alan Greenspan suggested
that another reason for the decline of the dollar
was its decreasing role as a major reserve
currency. Chinese officials signaled plans to
diversify the nation's $1.9 trillion reserve in
response to a falling U.S. currency which also
set the dollar under pressure. [22][23]
However, a sharp turnaround began in late 2008
with the onset of the global financial crisis . As
investors sought out safe-haven investments in
U.S. treasuries and Japanese government
bonds from the financial turmoil, the Japanese
yen and United States dollar sharply rose
against other currencies, including the euro. [24]
At the same time, however, many countries
such as China ,[25] India and Russia announced
their intentions to diversify their foreign reserve
portfolios away from the U.S. dollar. [26]
The European sovereign debt crisis that
unfolded in 2010 sent the euro falling to a four-
year low of $1.1877 on June 7, as investors
considered the risk that certain Eurozone
members may default on their government
debt. [27] The euro's decline in 2008-2010 had
erased half of its 2000-2008 rally.

Abudu2000:
okay let's assume we are a continent with diverse currencies, now use ur little brain,if everyone way dealing with whatever currency that suits them how do thing it will be easier to transact business? "use ur brain please"

Apart from the FALLACY you posted that I addressed,maybe you're the one who needs to use your little brain a little,we're not dealing with a continent with diverse currencies HERE,we're dealing with trade between TWO countries in agreement over a common unit of exchange,which by the way is perfectly LEGAL in international trade..

Did i say i don't know the exchange rate.

louiseevents:

That's why we have google
1 yuan to Naira is N30.70
1 Dollar to yuan Is ¥6.48

That means if you're making purchases in Yuan, u pay N30.70 per 1 Yuan and if your're making purchases in dollar and paying in Yuan u'll pay 198.9

If it's made available to banks "hopefully" I'll buy things at the normal dollar rate and not at the parallel market rate using the Yaun

Abudu2000:
okay let's assume we are a continent with diverse currencies, now use ur little brain,if everyone way dealing with whatever currency that suits them how do thing it will be easier to transact business? "use ur brain please"

Your argument holds no water, the UN have never made it mandatory for any country to use a specific currency for exchange be it dollar, pound or euro. Dollar get it's worldwide acceptance simply by market forces.

hardbody:


Yeah, i just reviewed your dp and your posts and then i realized you were seriously seeking for a credible person to add verve and impetus to your illogical reasoning. I am done with you. Come back when you are of age and can reason rationally. Do not bother mentioning me again, i will not respond. I know though that kiddies are people too, but they must learn in silence and ask questions that make sense.

hahahaha, see this small boy forming grandpa here, need I remind you that you're only one in your hut? So you have all the time in the world to go through all that, BTW, hope you like what you saw? That shouldn't be a question self, if you dont you wont bother your ugly mind quoting me,, thought grown ups are supposed to be busy, aburo, well, maybe not all, cos you're just a perfect example of a jobless fellow,,

You're free to read through all my topics too, make sure you dont miss a thing just make sure you dont drop any of your clueless comments on any of my topic,,

I repeat,, your 'logical' observations, explanations and ideas aren't needed,,

hardbody:
The price of having a below school certificate leader in a country of academic giants. Show your certificate, you no gree because you no get, see your life.?

and its that life he's using to rule you and you're just here ranting

Abudu2000:
why are these bloggers deceiving the public for Christ sake,the use of dollars for international trade is a policy already made and sealed in the UN, unless the country wants to face sanction no one can change that treaty,so don't get your hopes up....even if you want to import from China you have to convert to dollar since the world bank deals in dollars
smh for Dollards!!!

Chai.. What happened? Where did you attend school.. Who on earth did this to you..kids of de 80s and 90s.. No.. I can't take this no more.. Nairaland is full of social and uneducated misfits....God have mercy on the Nigerian youth.. Always talking a lot of nothings..

Abudu2000:
why are these bloggers deceiving the public for Christ sake,the use of dollars for international trade is a policy already made and sealed in the UN, unless the country wants to face sanction no one can change that treaty,so don't get your hopes up....even if you want to import from China you have to convert to dollar since the world bank deals in dollars
smh for Dollards!!!

You are very wrong,my friend. Russia and China are currently conducted trade deal in their national currencies.

Abudu2000:
why are these bloggers deceiving the public for Christ sake,the use of dollars for international trade is a policy already made and sealed in the UN, unless the country wants to face sanction no one can change that treaty,so don't get your hopes up....even if you want to import from China you have to convert to dollar since the world bank deals in dollars
smh for Dollards!!!

With your PhD you said this na whaooo pls kindly consult your lecture so they can award you PhD on un decleartion

Abudu2000:
why are these bloggers deceiving the public for Christ sake,the use of dollars for international trade is a policy already made and sealed in the UN, unless the country wants to face sanction no one can change that treaty,so don't get your hopes up....even if you want to import from China you have to convert to dollar since the world bank deals in dollars
smh for Dollards!!!

where did you get that from,un sealed the use og dollar for international trade?lol.

That much said,what china is trying to do as nothing to do with changinh price of phone or easing up the pressure on foreign exchange rate nothing will change there will still be pressure on the naira if we still keep our official rate,we should do away with fixing the rate allow the market to determine the price.
What china is doing is to create an alternative and shock absorber for tje world economy,during the recession couple of years ago,the financial meltdown in the US affected all the major economy in the world,with china holding the highest amount in US bonds which were dominated in dollars,the dollars in pegged on the value of gold at a point,ask your self whats the foreign reserve of the USA?gold,what do you think will happen if a mountain of gold is found today and the value of gold crash like silicon?thats what the chinese are trying to do with yuan and the euro should be.

Tiegarr:
Chai.. What happened? Where did you attend school.. Who on earth did this to you..kids of de 80s and 90s.. No.. I can't take this no more.. Nairaland is full of social and uneducated misfits....God have mercy on the Nigerian youth.. Always talking a lot of nothings..

dont take it personal,most are market boys with laptop,un and dollars cant stop laughing.

My Nigeria don become made in China

Now China will own us...Thr was a country called Nigeria

Some ppl are just say trash and lawman is tired of moving it. Note, if you want to know the real value and contributions of this deal to Nigerian, ask the IBO guy at marina.

Abudu2000:
okay let's assume we are a continent with diverse currencies, now use ur little brain,if everyone way dealing with whatever currency that suits them how do thing it will be easier to transact business? "use ur brain please"

Please, stop misleading, and misinforming people because you don't like the current government. No nation on earth can be sanctioned by the UN because their international trade is not in US dollars.

searchng4love:
watchin Bubu keenly...let us wait to hear from Fayose.


I don't trust APC's stories

searchng4love:
watchin Bubu keenly...let us wait to hear from Fayose.


I don't trust APC's stories

searchng4love:
watchin Bubu keenly...let us wait to hear from Fayose.


I don't trust APC's stories

why from fayose?

donfish28:


http://thewillnigeria.com/news/buhari-emefiele-move-to-crash-the-dollar-sign-landmark-currency-deal-with-china/

I don't think this will crash the prices of phones from China because for example Gionee m5 which cost 2299 yuan from China will still be about 70,000 naira

Economists in the house your contributions please

The response to your intelligent question has been shocking. Not due to lack of knowledge in the house because after all who knows it all? But more because your question should have stimulated people to think and do some research on the issue of currency swaps; merits and demerits. Instead, people in a rush to be on the first page came out with their pre-packaged prejudices. And this is the new generation?

For the sake of the persons that your question was addressed to; please see the link below for an excellent politically neutral look at the Yuan currency swap.
http://www.africanliberty.org/feyi-fawehinmi-how-to-make-sense-of-nigerias-currency-swap-deal-with-china/

Respects.

Tiegarr:
Chai.. What happened? Where did you attend school.. Who on earth did this to you..kids of de 80s and 90s.. No.. I can't take this no more.. Nairaland is full of social and uneducated misfits....God have mercy on the Nigerian youth.. Always talking a lot of nothings..

I am really scared for the future generation when i read comment like the one written by Abudu2000.

Ritchiee:
I hope this is a short time solution because of the 70% imports mark from China as it currently stands.This is just to alleviate the sufferings of importers and give a little breathing space to the Naira.
I think it would make a lot of good if we can do either the EURO-RIZATION or DOLLARIZATION and fixed exchange thing at this moment.Some countries are doing it especially with the dollar.

Next time, don't just copy and paste unless you understand and can distil the issues involved.

Nigeria is not adopting Chinese currency as its official currency or replacing naira with it. It is just a bilateral currency swap. This agreement will not increase our foreign reserve and if you are not importing from China, you will never get to deal in or with it.

Abudu2000:
why are these bloggers deceiving the public for Christ sake,the use of dollars for international trade is a policy already made and sealed in the UN, unless the country wants to face sanction no one can change that treaty,so don't get your hopes up....even if you want to import from China you have to convert to dollar since the world bank deals in dollars
smh for Dollards!!!

U don't have to insult ppl to make your point. check dis link to get clarity on d issue
http://www.bloomberg.com/news/articles/2015-11-30/imf-backs-yuan-in-reserve-currency-club-after-rejection-in-2010

Buhari far brilliant than PhD holder when it come to governance. This is not read and pass book oo.

Abudu2000:
why are these bloggers deceiving the public for Christ sake,the use of dollars for international trade is a policy already made and sealed in the UN, unless the country wants to face sanction no one can change that treaty,so don't get your hopes up....even if you want to import from China you have to convert to dollar since the world bank deals in dollars
smh for Dollards!!!

You have been effectively put in your place by previous posts, no need to add to your woes, but please DO NOT post misleading info on this forum again. There are lots of young and upcoming Nigerians that are here to learn.
The use of dollar is simply based on trust invested on the dollar by the strength and reliability of The American economy. It's not sanctioned by any treaty whatsoever. Nobody goes to Cotonou- Benin republic with Dollars to buy anything. We simply convert our naira to CFA. That is also international trade. I hope you've learnt your lesson.

Naira to yeun or what ever is a function of the. Price of Dollar in the international money market. Nigeria naira is still useless unless Nigerians start working like fixing his refinenary and become a producing country rather than a consuming. It is still the old wine in a different new keg. PMB is a pure fulani normad #change PMB

As a man that sits on the fence, I want to ask you, who certificate don hep for this country Beside, having a certificate does not guarantee success in life. Baba is using common sense here, which I doubt many people with certificate have. Remember, they don't teach you common sense in school, you get it on the street. Buhari na street.

hardbody:
The price of having a below school certificate leader in a country of academic giants. Show your certificate, you no gree because you no get, see your life.?

ddjay:
But this is good o, 1 Chinese yuan is N30.70k (official rate).

Like seriously!

can someone please tell abudu2000 to stope talking?
The more he speaks, the more his ignorance is revealed