"U.S Market Panics Over Potential Dollar Crash As Buhari Signs Currency Deal With China. Economic pundits have likened this agreement to his 1984 military regime policy when he directed the Apex Bank to cause a change in the colors of the Nigerian currency. The exercise was designed to render the money alleged to have been stolen by Nigerian political leaders useless in their hands.
In a bid not to devalue, Buhari according to experts is seeking for a way to weaken the dollar dominated currency by approving Yaun to be one of the nation’s major foreign exchange currencies."

The Punch News.

To those shouting why buhari is traveling !!!
Naira to Yuan =N30 , Naira to Dollar =N198
70% of our Imports are from China....
No more trading with US '$' Dollar, go get Yuan '¥'
and Import from China.
CHANGE is here, embrace it.. #This is nothing but the truth.

The Yahoo guys are now in trouble. This news sweet my belle. Now I believe Buhari is working, Nigeria is progressing, change is coming. God bless Nigeria

Alright

I still stand with Buhari, having PhD does not make you a good leader critical thinking does.
Most of the goods consumed in nigeria market are from china yet will dont have access to yuan.
Now let expect a better and cheaper materials in the market.
God bless PMB!
God bless Nigeria!

Redomi:
The Yahoo guys are now in trouble. This news sweet my belle. Now I believe Buhari is working, Nigeria is progressing, change is coming. God bless Nigeria

yahoo boys go still change the dollar to yuan. Nd y d bad blood for yahoo boys? It is better than being jobless

This is outrageously interesting.

This is NT a very big news cos Russia nd many other countries have currency exchange deals with china but their economy is still staggering

The beautiful thing about this is that it provides an option. Naturally, the Yuan will begin to increase in value and the dollars will begin to reduce. Common Sense non common abeg. No financial expert to the best of my knowledge ever suggested this option. This is a clear case of thinking outside the box. Khudos to PMB and his team. Fayose can now understand that silence is not stupidity and traveling is part of education.

profdarkin:
I still stand with Buhari, having PhD does not make you a good leader critical thinking does.
Most of the goods consumed in nigeria market are from china yet will dont have access to yuan.
Now let expect a better and cheaper materials in the market.
God bless PMB!
God bless Nigeria!

T

All na wash I don't see wats
so special abt this.APC zombies at work again.For ur info China yuan has always been low to d naira n d dollar,from wen I was young till now DAT am grown.BUBU is a senile daft.NEPA bill president.

very funny post!! this op has zero idea about how the economy works. .The only way to help yor ecnomy is to drastically reduc importation and start your own exportation,whether you import from china or the US,your econmy will continue to suffer.

The dollar is still the reference currency in the world and everyother currency would be referenced by it

[s]

chukwudi44:
very funny post!! this op has zero idea about how the economy works. .The only way to help yor ecnomy is to drastically reduc importation and start your own exportation,whether you import from china or the US,your econmy will continue to suffer.

The dollar is still the reference currency in the world and everyother currency would be referenced by it

[/s]

But your clueless ex president didn't reduce import but expand stealing corruption.

chukwudi44:
.The only way to help yor ecnomy is to drastically reduc importation and start your own exportation,whether you import from china or the US,your econmy will continue to suffer.

You for give this advice to your hero GEJ.

China, here we come!
nice one Mr. President. Meanwhile, fuel is still scarce.

Inani:
"U.S Market Panics Over Potential Dollar Crash As Buhari Signs Currency Deal With China. Economic pundits have likened this agreement to his 1984 military regime policy when he directed the Apex Bank to cause a change in the colors of the Nigerian currency. The exercise was designed to render the money alleged to have been stolen by Nigerian political leaders useless in their hands.
In a bid not to devalue, Buhari according to experts is seeking for a way to weaken the dollar dominated currency by approving Yaun to be one of the nation’s major foreign exchange currencies."

The Punch News.

To those shouting why buhari is traveling !!!
Naira to Yuan =N30 , Naira to Dollar =N198
70% of our Imports are from China....
No more trading with US '$' Dollar, go get Yuan '¥'
and Import from China.
CHANGE is here, embrace it.. #This is nothing but the truth.

and chinese products are not substandard a tall...

most electronics today are from china...

chukwudi44:
very funny post!! this op has zero idea about how the economy works. .The only way to help yor ecnomy is to drastically reduc importation and start your own exportation,whether you import from china or the US,your econmy will continue to suffer.

The dollar is still the reference currency in the world and everyother currency would be referenced by it

but we don't like to produce things...it would be senseless anyways...others produce more cheaper ...wise is to buy cheap and use the change to buy weapons...I suggest rockets and rocket-defense shields...

From the comments I read here, I don't think there is any financial expert in the house to analyse how this policy will really turn things around for Nigerians.
The question I want to ask is, how are we going to get the yuan since payment for our crude oil export are made in dollars?
I don't think am seeing any significant changes since there is no increase in our export thereby leading to increase in our forex.
However we may have a small change due to having two options but let's not forget that dollars is used as a benchmark for every business transaction.

Would like to see a financial expert or an economist in the house analyse how this would favour us.

I hope it's not another trial and error policy.

nice move by Mr President, just when we thought all hope was lost.......

But how does this affect western union and money gram transaction ?

The process of having to first change naira to dollar before you then change dollar to yuan has been wiped out.... it matters a big deal... it means direct pressure on the dollar would reduce considerably!

cyberguy72:
All na wash I don't see wats
so special abt this.APC zombies at work again.For ur info China yuan has always been low to d naira n d dollar,from wen I was young till now DAT am grown.BUBU is a senile daft.NEPA bill president.

How can you say US will Panic because of this?

How many years will it take for us to be like US? Even as we speak we are not ready to develop this country.

We are still talking with ethnic sentiments.

Wait a year or 2 and Naira will be N300 to Yuan

I believe with this news,
in the next few weeks, the wide gap between Dollar Naira black market rate would reduce

BLINGZ88:
This is NT a very big news cos Russia nd many other countries have currency exchange deals with china but their economy is still staggering

Russia imports mainly from USA and Europe cos of quality control

SillyeRabbit:
But how does this affect western union and money gram transaction ?

The only effect is that the value of dollar will drop and yahoo boys will not like it.

chukwudi44:
very funny post!! this op has zero idea about how the economy works. .The only way to help yor ecnomy is to drastically reduc importation and start your own exportation,whether you import from china or the US,your econmy will continue to suffer.

The dollar is still the reference currency in the world and everyother currency would be referenced by it

Don't you think that is in the works? We are doing everything to diversify and it is already in the blueprint. But do we have to endure this glut in the economy and keep on pushing the damaged car and managing? What Buhari has done is to stem the ugly trend and offer respite to Nigerian businesses, while working on the long term plan of diversifying our economy. Please give the FG a break and appreciate a little.

omg...dollar will cast ? But what about british pound sterling.

iblawi:

The only effect is that the value of dollar will drop and yahoo boys will not like it.

SillyeRabbit:
omg...dollar will cast ? But what about british pound sterling.

The demand for the currency have a lot to say about it value. Most of our imported goods are from China. This means the pressure on the dollars will reduce and black market will suffer. As for pounds it also depends on the demand. The prices of these currencies will fall in black market and things will go back to the way they were.

GreatEngineer:
From the comments I read here, I don't think there is any financial expert in the house to analyse how this policy will really turn things around for Nigerians.
The question I want to ask is, how are we going to get the yuan since payment for our crude oil export are made in dollars?
I don't think am seeing any significant changes since there is no increase in our export thereby leading to increase in our forex.
However we may have a small change due to having two options but let's not forget that dollars is used as a benchmark for every business transaction.

Would like to see a financial expert or an economist in the house analyse how this would favour us.

I hope it's not another trial and error policy.

if what i read here sometime ago is true then getting the ¥ will not be much issue cause the loan and other tips from china will come it yuan

Now i get you bro. Hope things become cheap too. Thanks.

iblawi:

The demand for the currency have a lot to say about it value. Most of our imported goods are from China. This means the pressure on the dollars will reduce and black market will suffer. As for pounds it also depends on the demand. The prices of these currencies will fall in black market and things will go back to the way they were.

GreatEngineer:
From the comments I read here, I don't think there is any financial expert in the house to analyse how this policy will really turn things around for Nigerians.
The question I want to ask is, how are we going to get the yuan since payment for our crude oil export are made in dollars?
I don't think am seeing any significant changes since there is no increase in our export thereby leading to increase in our forex.
However we may have a small change due to having two options but let's not forget that dollars is used as a benchmark for every business transaction.

Would like to see a financial expert or an economist in the house analyse how this would favour us.

I hope it's not another trial and error policy.

As a financial expert I can say this is a good decision from the mr president and a big shake up for the USA as whole. Nigeria don't care about them with there dollar as when all the chinese had leave the US to create a better things for the upbringing of their own economic. If US are not supportive Chinese will . This a big bad time for the US as a whole. And I know many african will adopt this. But the other side of thois was when Zimbabwe sign this same deal still the dollar keep on rises. But the positive is what we expect

The theory that the use of Yuan would compel the downward demand and ultimately fall in the value of USD is not 100% valid as Nigerians do not only import from China. USD still remains the most acceptable bi-lateral and multi-lateral trade currency.