₦airaland Forum

TPAND:
Thumbs up man.
I have been thinking. all international trade in the world is transacted in dollars. It amazes Nigerians are falling for the cheap APC media stunt as usual.
China wants to give Nigeria Yuan in exchange for a payback in dollars. China is so smart, give them yuan, protect their foreign reserve and the detriment of Nigeria paying back in dollars

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

benji93:
I would like you to clarify your point, by comparing 'I was the only one in Nigeria that understands the International Commercial Terms and Laws' and 'all international trade in the world is transacted in dollar', i can deduce that you actually mean that the use of dollar as legal tender is a law binding all members of the world trade organization. I would like you to tell me where you got that information from, cos i just read an article titled ''dollars unofficial status as the world's currency'' from investopedia a few minutes ago. I agree dollar is the most used currency in international trade, but there are reasons why the us dollar is prefered, which are reasonable, but in the case where another country's currency can assume all the characteristics of the dollar there would definitely be a tip over, some of us might not be cognizant of the more technical terms used in economics but we are not dumb, we understand it when something is logical, so please i would really like you to give me your source. then i can reconsider my thoughts on the situation at hand. Tnks.

TPAND:
Let me go through my incoterms and UST codes before giving you a cogent response, but it's unheard of by international principle to conduct international trade in a local currency.
Crude oil is never sold in Naira

TPAND:
Let me go through my incoterms and UST codes before giving you a cogent response, but it's unheard of by international principle to conduct international trade in a local currency.
Crude oil is never sold in Naira

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

dukeo:
Upon all the arguments, nobody has managed to answer the ops question. WHAT IS ITS EFFECT ON CHINESE PHONE IMPORTATION? Chai Nigerians nawao

benji93:
Listen bro, i am not an economist, but listen to yourself, you sound as if you are not sure of your assertions, it is unheard of does not mean it is law , convention does not necessarily mean law. The world has adopted the us dollar as a reliable legal tender for certaian reasons, we cannot obviously conduct our oil transactions with other countries in naira. Our currency is not stable, the recnt brouhaha is just an example, however if any other currency can beat the US dollar to its appropriateness then you would see entities moving towards the other side of the boat.

TPAND:
You missed it, 'Our currency is not stable', can you mention one currency in the world that is stable. You need more information on commerce, FOREX, dollarization, International use of the dollar before you dispose my arguments. Do you know in the last 6 months China tightened its Foreign Exchange Policy - twice. Sticter than Nigerias. Don't read from investopedia. Rather read commercial terms and international trade from WTO domiciled source.

intergral:
check this out galaxy s7 is sold in china for 4500 yaun which means 4500x30.7=#138,150 ..... and buying it in us means $670 x #305= #204,350 ................. how u see am

augster:
Nigerians ehn. I wonder if they think at all. Shout from now till tmao that someone is uneducated, it doesn‘t change the fact that he‘s the president till 2019.

Unless death chop off him head....... He won't be president then.

NnamdiN:
same old recycled bulllshytte. what's the effect?

divinecode101:
Choi! Cocont heads plenty for Nigeria!! This is an agreement signed this week!! some are expecting the effect this same work!!! I cry for Nigeria

herbie27:
What phones do they import from China?, are we suppose to be looking at the benefits of importing or exporting to favour our unfavourable balance of payment.

augster:
Nigerians ehn. I wonder if they think at all. Shout from now till tmao that someone is uneducated, it doesn‘t change the fact that he‘s the president till 2019.

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


I don't trust APC's stories

benji93:
Well i can say i now know a little about dollarization(it does not even answer the question i asked you), i stumbled across it, when trying to confirm your assertions. no currency is stable but in the long run some currencies are more stable than others, in a more scientific language, i would use the word elastic limit, some currencies are on the average more resilient than others of the pack. My friend, my speciality is not in economics,though i know a little abt it,fortunately you now sound as someone who knows much about economics, so i would like you to point me towards a particular direction, i would like you to give me a specific url source, to refer to, i have tried tried reading through some WTO documents, but no mention of the US dollar as the official legal tender. I hope i am not asking for too much.

ihearYou:
Why do d igbos hate Nigeria and tend to denigrate anything good that is coming her way? I am not surprised at or statement,it is true to type.

Skanas:
Well said bro...what this all means in plain language is that if you are buying from China and pay directly in yuan technically it feels as if you are paying in dollars at CBN rate(or near CBN rate) i.e $670 * 197=131990 which is better than paying in dollars at the parallel market rate. My only fear about all this is that if it's allowed to stand for too long it will kill production internally for us as more cheaper goods from china will by way of competition force our local shops to closed up....let's not depend on this for so long, we need to use this period to create more industries so as to increase our export...

oshaosha2014:
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.

2n2k:
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.

augster:
You wey get certificate wetin you don achieve? Wetin you do to improve the dusty road that leads to your house?

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!!!

dustmalik:
Don't mind these Buhari haters. This is going to make life easier for those who import from China, and of course, our exporters. In time, I believe this administration is going to get it right.

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.