₦airaland Forum

Abudu2000:
guy you don take your pills today,wetin you call am no be "euro" and we know that even 80% of Europe dey export,now wetin we wan call Nigeria and China agreement? or you want give the both nations their own continent abi smh

Not everyone in the European Union use Euro, ie Uk and Poland.

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...

Y are we all getting this thing wrong,
First of all we are given loans are guaranteed not physical cash
The Chinese export trade is in Dollars not in Yuan
The Chinese yuan is pegged with the Dollar and can be manipulated at anytime as the chinese are know to devalue their currency at moments notice
For every import made by Us from them the chinese will pay the supplier in China from the Loan(at their exchange rate
Question who fixed this rate?
WE WILL ALWAYS CONVERT OUR MONEY TO DOLLARS FIRST THE YUAN.
There is no Benefit if you are not importing from China
Each time you import you are paying into CBN here in Nigeria, would they CBN be honest enough to service this loan? wont this money go to voice mail?
Lastly Bear in mind the Naira is of no need to the Chinese so you wont be physically be seeing Yuan in Nigeria as no one will use the Yuan to buy the naira. and if Indeed the chinese want their money back it will def be in dollars not Naira or Yuan.
NB,You can reference various currency swap deals around the world, its rubbish.The parallel ones are better.ie Cuba.

erico2k2:
Y are we all getting this thing wrong,
First of all we are given loans are guaranteed not physical cash
The Chinese export trade is in Dollars not in Yuan
The Chinese yuan is pegged with the Dollar and can be manipulated at anytime as the chinese are know to devalue their currency at moments notice
For every import made by Us from them the chinese will pay the supplier in China from the Loan(at their exchange rate
Question who fixed this rate?
WE WILL ALWAYS CONVERT OUR MONEY TO DOLLARS FIRST THE YUAN.
There is no Benefit if you are not importing from China
Each time you import you are paying into CBN here in Nigeria, would they CBN be honest enough to service this loan? wont this money go to voice mail?
Lastly Bear in mind the Naira is of no need to the Chinese so you wont be physically be seeing Yuan in Nigeria as no one will use the Yuan to buy the naira. and if Indeed the chinese want their money back it will def be in dollars not Naira or Yuan.
NB,You can reference various currency swap deals around the world, its rubbish.The parallel ones are better.ie Cuba.

Bro you are contradicting the whole issue naaaa, who is talking about LOAN here? We talking "effect of currency swap deal on imports" not loan....pls read here, http://www.africanliberty.org/feyi-fawehinmi-how-to-make-sense-of-nigerias-currency-swap-deal-with-china/
Am sure you'll understand better...cheers

erico2k2:
Not everyone in the European Union use Euro, ie Uk and Poland.

I wonder oo bro,naija has more problems than corruption!

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

the mods can't save you from your ignorance,but what can I say ,some problems are better left bw lecturers and student, if only you knew how world economy works you wouldn't make a sound!!!

Chinom:
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.

you know,the main aim of the usa forming the UN was to kick against the exact same communist inspired ideas from the middle-east and the chinese but I wouldn't expect you to know that,I would have recommended an e-book for you but I feel you are satisfied with your below averaged level of intel.so good luck!!

I pray if the investment will affect phone price in Nigeria

Even Aliexpress doesn't receive payment in yuan (Chinese currency) so how can we go about that?