Btruth:
People should realise that this deal is between Nigeria & China, and it's only for a short term, just to ease the hardship the dollar is giving us in importing products from China nii, since about 70% of things we use in Nigeria is from China.

billyG:

Chinese canot b Trusted,USA cannot b trusted,is it 9jerians that are d most trusted in d world.

greenpasture:


Nigeria gets huge advantages from this deal which by the way is a done deal.
1. China gets to reflate her economy without increasing inflation ( loan in exchange for purchase of goods and services)
2. Nigeria get dollar ( forget those people trying to confuse themselves. China is giving Nigeria dollar, repayable in dollar. China dominates the U.S Treasuries market so dollar isn't an issue for china - they have loads of it
2. Nigeria pushes project risk unto China. Each project must meet specified performance milestones ( nothing like abandoned project)
3. This is the part confusing the writer - Nigeria has held even during GEJ time 7% o it's fx in Chinese Yuan. This has gone up to 10% and nigeria's CBN becomes the Yuan exchange/ access point for Africa. This is huge because 70% of our important are from China so instead of suffering exchange rate loss going from weak dollar to strong Yuan, traders can buy Yuan direct from CBN. In view of the extensive use of this currency in Africa today t provides excellent arbitrage/ commission income to nigeria's CBN
4 yes federalism and diversification are good concepts but Nigeria also needs to bridge it's massive infrastructural deficit and in China it has a good Partner.

All in all, this is a great deal for Nigeria and China and the beginning of an alternative world financial market not solely based on dollars.

Fear not. It's a done deal. Wait for the impact. Tops next 12-18 months.

Respects

Scream:
We should be happy that it is only scamming... They might even colonize us! We that squandered our opportunity to be a great nation.

InvertedHammer:

/
What planet do you live in?

You are already recolonized.
Remember: He who pays the piper determines the tunes. By the time Nigeria finishes dancing to the discordant tunes from the West and Asia, you will hate being a Nigerian.

\

Chukzyfcb:
Everyrone keeps talking about how this move will reduce pressure on dollars. Even the report says 90% of Int'l trade in Nigeria is done in dollars, but nobody is asking
Why then has pounds and euro risen this high?
Coz despite the fact we'v been dealing with dollars, the exchange rate of Euro"s and Pounds has also gone wayyyy High. How does this move help euros and pounds? Coz everybody is just mentioning dollars! Dollars!! Dollars!!!

NwaNimo1:
China plans to colonize Nigeria via the Yuan.....China is the new IMF

Tomorrow we'll be begging for debt relief.

Barcholder:

It's a one way street, they sell and we buy. All we will simply do is convert our Dollar earnings into Yuan at the prevailing FX Rate. More to the point, what is the value of having the bulk of our FX reserves in Yuan, a currency that's only accepted by China, versus Dollars, which is accepted in practically every country in the world?

Sorry, but I'm forced to drop what I'm doing and respond to this. Your assertions are completely wrong on so many levels. Let me explain.

1. Exactly how does Nigeria's FX reserves quadruple overnight by moving to Yuan from USD? That's a nonsensical statement. How exactly will we earn money in Yuan? Does this trade agreement involve any form of reciprocity, that is, Nigerian companies can also sell into the large Chinese economy? Of course it doesn't. It's a one way street, they sell and we buy. All we will simply do is convert our Dollar earnings into Yuan at the prevailing FX Rate. More to the point, what is the value of having the bulk of our FX reserves in Yuan, a currency that's only accepted by China, versus Dollars, which is accepted in practically every country in the world?

2. Even Chinese companies themselves only accept Dollars in payment. Why? Because most countries neither trade in, or want to trade directly in Yuan, due to excessive Government manipulation of their currency

So Unionpay is??

3. The only beneficiary of this move is the Chinese, because it means that our Foreign reserves are useless to us UNLESS we spend it with Chinese companies. This is a form of financial colonisation, as once it starts, it will be almost impossible to reverse it.

4. These so called loans we are getting come with stringent conditions, including the fact that the infrastructure projects must be carried out by Chinese Firms, using Chinese workers. So its a clever way for China to boost their local businesses directly, whilst at the same time getting someone else to pay for it.

This is a terrible deal, and is selling our sovereignty as a Nation. I'm so saddened by this. Anybody who replies to my comment by using the word wailer or any other associated word, symbolising opposition to the deal on the grounds of Political affiliation, is nothing but a fool.

We seriously are foolish people in this part of the world. I predict that very soon, we will adopt the Yuan as our national currency, and people will celebrate it. So tragically sad.

Barcholder:

Even Chinese companies themselves only accept Dollars in payment. Why? Because most countries neither trade in, or want to trade directly in Yuan, due to excessive Government manipulation of their currency

BiafranNigerian:
Chinese are smarter than the jews these days. The Chinese prints their fake Yuan and searches for countries for so called trade deals, and signs agreements to change Yuan to dollars. From fake manipulated money to dollars.

Chinese give loan, but only chinese company must be awarded contract for the construction, and you must buy from only china. But if America gives u loan, you can buy from any country and you can open the bid for any country's company to bid.

greenpasture:


Well said. Good points. Respect

PrinceMario:
You're a genius sir. Thumps up for the simplified explanation.

jumas:
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.

worksmart:
Scam us ?
Has the west not been scamming us for decades?
How have we progressed with western partnership and loans?

China even if they scam us could be no worst than what we are already experiencing through our decades of partnership with the West.

ticker:



https://mobile.facebook.com/story.php?story_fbid=1052689368126246&substory_index=0&id=378378918890631&refid=7&_ft_=qid.6273342050025209960%3Amf_story_key.9015994599598537311&__tn__=%2As

billyG:

Think son,do u know how many SW travel 2 london everyweek 4 mundane things as naming ceremony,wedding,tourism,medical Treatment,shoppings,owambe party,school fees,same with france,germany,italy wher we hav large numbers of SE,making dd 4 pound,euro high.

jpphilips:


Nigeria is operating a fixed currency regimen, like a subsidized currency in lay man's terms, since our oil revenue come in dollars being the world's trading currency, it makes sense to subsidize it more than others.
If we had trade interest in Euros and Pounds more than dollars, the CBN will reverse the trend, it is an economic necessity not an accident.
So the more we lose forex reserves (dropping crude price) the less money we have to support those other currencies.

Now, since China is a manufacturing economy that has everything we need (the Computer you are typing with is a good example), we need to exploit their weak currency since we are equally running out of $$.
Emeka will open LOC with a Chinese company and his bank will pay the company $$ from CBN's reserves that is drying up, now the CBN says I need to get Yuan for Emeka which is lower than the dollar accommodate more Emekas.
Because the $$ is stronger than the Yuan, Emeka's goods will land cheap and you will stop complaining about high cost of living.

Now Clap for Buhari!!

balash:
Buhari and all those governors and reps that represented Nigerians including fashola and amaechi are illetrates and not smart enough to look at the future issues this loans and contracts would bring forth?

This people are old enough to be your father, inshort they can give birth to you, and u beleive they are so daft huh? You youths of nowadays that can't even be class captains in your primary or secondary school just love to beleive you are smarter than everyone else??


Keep your wailing on!! who wail help

Kylekent59:
Na customize scam b dis. I also knw what dey are planning. Cus at first Nigerians will be rejoicing but it has an effect also. Pdp members just dey laugh on dis one.

Goke7:
agreed, so what are the alternatives? We need to proffer solutions more these days than complain.

But if its all about complain, then sorry op you've got no point

jpphilips:



First human being after 3 pages of goats, let me add to yours, if we divest Dollars to yuan, our Foreign reserve will Quadruple because of exchange rate differential, since China is Nigeria's biggest trading partner, it is a good move.

2) America is a debt laden country, it won't be long before another bubble occurs like we saw in 2008, Donald Trump has said it severally, despite the criticism he gets from the establishment who want to downplay the real state of the US economy, never mind that Ted Cruz was one of the GOP senators who held Obama by the Jugular when they nearly defaulted on their loans.
we lost a lot of foreign reserve in the process during Soludo's economic magic era not any fault of ours but the fact that the economic melt down
weakened the dollar.
Most Nigerians don't seem to realize how badly our economy bleed with those Master cards and Visa they use. We lose money while America smile to the bank, never mind that the US shale revolution put us in this mess in the first place, it is unwise to run to them for help.
Even American corporations are all manufacturing in China so getting American goods with Yuan (A currency weaker than $$) is the best deal ever.
The Issues we need to be discussing are how Washington will take it? definitely not lying down, Gaddafi's African dinar proposal landed him in 6ft, Buhari should understand that he just dealt a severe blow to the western economy, May God protect him for us when the hammer of washington falls.

3) The Chinese Yuan is very unstable, if the Chinese economy shrinks, we will lose a substantial sum in our overall Foreign reserve, I think that is why Buhari tied the exchange of goods and services as an addendum to the deal (smart move).

ElCount:
I ve been asking the question "what will China be getting in return?"
Zombies hv failed to give an answer to this question, China is not running a charity organization and nigeria is not a country anyone can count on to manage that loan properly and China is smart enough to know this so its obvious that they have at least a backup plan which we don't know. China is trying to cement its place as a world power and tilt the balance to their favor if buhari has sold us out well... The consequences are better left imagined hopefully by then the country would hv divided and B14FR4 go dey their own away from this nonsense make una dey shout sai buhari una go follow am go 6 ft under if una no take time

SamuelAnyawu:
We Igbos are okay with Buhari on this positive move

Barcholder:


First human being after 3 pages of goats, let me add to yours, if we divest Dollars to yuan, our Foreign reserve will Quadruple because of exchange rate differential, since China is Nigeria's biggest trading partner, it is a good move.

2) America is a debt laden country, it won't be long before another bubble occurs like we saw in 2008, Donald Trump has said it severally, despite the criticism he gets from the establishment who want to downplay the real state of the US economy, never mind that Ted Cruz was one of the GOP senators who held Obama by the Jugular when they nearly defaulted on their loans.
we lost a lot of foreign reserve in the process during Soludo's economic magic era not any fault of ours but the fact that the economic melt down
weakened the dollar.
Most Nigerians don't seem to realize how badly our economy bleed with those Master cards and Visa they use. We lose money while America smile to the bank, never mind that the US shale revolution put us in this mess in the first place, it is unwise to run to them for help.
Even American corporations are all manufacturing in China so getting American goods with Yuan (A currency weaker than Naira) is the best deal ever.
The Issues we need to be discussing are how Washington will take it? definitely not lying down, Gaddafi's African dinar proposal landed him in 6ft, Buhari should understand that he just dealt a severe blow to the western economy, May God protect him for us when the hammer of washington falls.

3) The Chinese Yuan is very unstable, if the Chinese economy shrinks, we will lose a substantial sum in our overall Foreign reserve, I think that is why Buhari tied the exchange of goods and services as an addendum to the deal (smart move).

Sorry, but I'm forced to drop what I'm doing and respond to this. Your assertions are completely wrong on so many levels. Let me explain.

1. Exactly how does Nigeria's FX reserves quadruple overnight by moving to Yuan from USD? That's a nonsensical statement. How exactly will we earn money in Yuan? Does this trade agreement involve any form of reciprocity, that is, Nigerian companies can also sell into the large Chinese economy? Of course it doesn't. It's a one way street, they sell and we buy. All we will simply do is convert our Dollar earnings into Yuan at the prevailing FX Rate. More to the point, what is the value of having the bulk of our FX reserves in Yuan, a currency that's only accepted by China, versus Dollars, which is accepted in practically every country in the world?

2. Even Chinese companies themselves only accept Dollars in payment. Why? Because most countries neither trade in, or want to trade directly in Yuan, due to excessive Government manipulation of their currency

3. The only beneficiary of this move is the Chinese, because it means that our Foreign reserves are useless to us UNLESS we spend it with Chinese companies. This is a form of financial colonisation, as once it starts, it will be almost impossible to reverse it.

4. These so called loans we are getting come with stringent conditions, including the fact that the infrastructure projects must be carried out by Chinese Firms, using Chinese workers. So its a clever way for China to boost their local businesses directly, whilst at the same time getting someone else to pay for it.

This is a terrible deal, and is selling our sovereignty as a Nation. I'm so saddened by this. Anybody who replies to my comment by using the word wailer or any other associated word, symbolising opposition to the deal on the grounds of Political affiliation, is nothing but a fool.

We seriously are foolish people in this part of the world. I predict that very soon, we will adopt the Yuan as our national currency, and people will celebrate it. So tragically sad.