Zimbabwe make the Chinese yuan legal tender in a deal.

The southern African nation abandoned its own dollar in 2009 after hyperinflation — which peaked at around 500 billion per cent — rendered it unusable.


Use of the yuan "will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe", the country's Finance Minister Patrick Chinamasa said.

Zimbabwe's central bank chief John Mangudya was in negotiations with the People's Bank of China "to see whether we can enhance its usage here", the Minister said.

China is Zimbabwe's biggest trading partner following Zimbabwe's isolation by its former Western trading partners over Harare's human rights record.

In reaction veteran President Robert Mugabe adopted a "look East policy", forging new alliances with eastern Asian countries and buttressing existing ones.

Zimbabwe, which became a pariah in the West after President Robert Mugabe's government was accused of rigging votes and human rights abuses, has increasingly turned to China for investment to help an economy desperate for new infrastructure like roads, power and water.

Zimbabwe and China's Import and Export Bank is expected to loan Harare more than $1 billion to fund the 600 megawatt (MW) expansion of Hwange coal power station, officials said.

the aftermath of such a deal can be disastrous. we certainly have nothing, i said nothing to give to China. but China on the other hand have everything to give to us.

if we are to pay them bank in yuan I would have had confident on the deal. but if we are to pay them back in USD$ then the whole deal is a disaster and has everything wrong with it.

What happened to Zimbabwe after that?

That's how we could collate reasons and create logical argument

As a nation, we can take the positive out of this.

If we are not careful, we will become the next Zimbabwe

I wouldnt want to compere china-zimbabwe agreement with that of nigeria because zimbabwe already have many enemies from the west.
Nigeria as at today does not have any official enemy even when we know the USA is working against nigeria.

I am in support of buhari in making yuan a legel tender in nigeria just like dollar. My reason is simple. Most of nigeria‘s import is from china cos of that, we can now know how much a good is being sold in china and have our transactions done with thinking that dollar might go up or come down.
I also believe it will help in reducing the important of dollar in nigeria which has become a big problem to nigeria lately. Because with yuan coming into the picture, the demand for dollar will naturaly reduce.
I am 100% in support of PMB in this.

Go and check what the Yuan caused in Zimbabwe.

The National Assembly ought to have check and scrutinise the conditions of this deals before the president signing anything.

President Buhari's meeting with Chinese officials has brought so many benefits to Nigeria, and some of the agreements signed include:
1. 长，水利部苏莱曼阿达姆部长和国防部长丹阿里，长，水利部苏莱曼阿达姆部长和国防部长丹阿里， 长，水利部苏莱曼阿达姆部长和国防部长丹阿里
2.，长，水利部苏莱曼阿达姆部长和国防部长丹阿里，
他来到中国人民共和国长
3.，水利部苏莱曼阿达姆部长和国防部长丹阿里，
他来到中国人民共和国进行国事访问行国事访问长，水长长，水利部苏莱曼阿达姆部长和国防部长丹阿里，
他来到中国人民共和国进行国事访问水利部苏莱曼阿达姆部长和国防部长丹阿里，
他来到中国
4.人民共和国进行国事访问部苏莱曼阿达姆部长和国防部长丹阿里，
他来到中国人民共和国进行国事访问长
And additionally，水利部苏莱曼阿达姆部长和国防部长丹阿里，
他Lagos来到中国人民Calabar共和国进行国事访问他
It's a positive development and I was personally impressed when I read through the points.

Zimbabwe was already grounded economically...Pls don't compare it to Nigeria...it's an insult on Nigerians pls

the aftermath of such a deal can be disastrous. we certainly have nothing, i said nothing to give to China. but China on the other hand have everything to give to us.

if we are to pay them bank in yuan I would have had confident on the deal. but if we are to pay them back in USD$ then the whole deal is a disaster and has everything wrong with it.

Zimbabwe don't have anything to give to China. in that case China will be the only one benefiting. this will only cause inflation and scarcity of the yuan as well.

KissCODE:
I wouldnt want to compere china-zimbabwe agreement with that of nigeria because zimbabwe already have many enemies from the west.
Nigeria as at today does not have any official enemy even when we know the USA is working against nigeria.

I am in support of buhari in making yuan a legel tender in nigeria just like dollar. My reason is simple. Most of nigeria‘s import is from china cos of that, we can now know how much a good is being sold in china and have our transactions done with thinking that dollar might go up or come down.
I also believe it will help in reducing the important of dollar in nigeria which has become a big problem to nigeria lately. Because with yuan coming into the picture, the demand for dollar will naturaly reduce.
I am 100% in support of PMB in this.

In support him too. The demand for dollar is excessive and is causing inflation indirectly. Probably we should begin to add other currencies too

KissCODE:
I wouldnt want to compere china-zimbabwe agreement with that of nigeria because zimbabwe already have many enemies from the west.
Nigeria as at today does not have any official enemy even when we know the USA is working against nigeria.

I am in support of buhari in making yuan a legel tender in nigeria just like dollar. My reason is simple. Most of nigeria‘s import is from china cos of that, we can now know how much a good is being sold in china and have our transactions done with thinking that dollar might go up or come down.
I also believe it will help in reducing the important of dollar in nigeria which has become a big problem to nigeria lately. Because with yuan coming into the picture, the demand for dollar will naturaly reduce.
I am 100% in support of PMB in this.

And you think when this is done your problem is solved?

Watch out for yaun scarcity season 2 when this your projections exists.

asuustrike2009:

In support him too. The demand for dollar is excessive and is causing inflation indirectly. Probably we should begin to add other currencies too

there will be another scarcity for yuan as well... what do you have to give to China in return for Yuan?

to some people,buhari can never do anything good. suddenly they have turned professor of economics

yanshDoctor:
there will be another scarcity for yuan as well... what do you have to give to China in return for Yuan?

That's the problem it's like jumping from frying pan to fire

Nigeria is in doom. oil will never go up again in next 20 years. by then renewable energy will be out which will punch out all oil producing nation.

by then it will be cheaper to use the naira in toilet than the toilet paper

asuustrike2009:

That's the problem it's like jumping from frying pan to fire

USD$ is better. its accepted internationally. the yuan is so useless internationally. go and ask sanusi

Crafty Chinese hian!

yanshDoctor:
USD$ is better. its accepted internationally. the yuan is so useless internationally. go and ask sanusi

..
The USA dollar is accepted but there's no liquidity at the moment. Don't you think we need temporary solution

yanshDoctor:
there will be another scarcity for yuan as well... what do you have to give to China in return for Yuan?

Technology

asuustrike2009:
Technology

hhahahahahahahaga hahahahahahaha hhahahahahahahaga hahahahahahaha hhahahahahahahaga hahahahahahaha is been a long time I had a good laugh.

Opinions are like ar*seholes,everybody has one

yanshDoctor:
hhahahahahahahaga hahahahahahaha hhahahahahahahaga hahahahahahaha hhahahahahahahaga hahahahahahaha is been a long time I had a good laugh.

You are not serious but it's the reality. Loool

hope we dont get to this stage

yanshDoctor:
Nigeria is in doom. oil will never go up again in next 20 years. by then renewable energy will be out which will punch out all oil producing nation.

by then it will be cheaper to use the naira in toilet than the toilet paper

prophet of doom.

Luckylife:
The National Assemble ought to have check and scrutinise the conditions of this deals before the president signing anything.

Which National Assembly? That one or another one you hid somewhere? Mstweee. I am actually disappointed in you OP. That u believe that ur National Assemble has the intellectual capacity to access international trade deals and foreign exchange market...

THEIR TAUGHT HE COULD GO FREE IF HE CHANGES A LAW THAT WAS A CRIME WHEN HE COMMITTED HIS OFFENCE TO A NON-CRIMINAL LAW NOW [A FUTURE DATE]. BUT HE HAS ALREADY COMMITTED THE OFFENCE WHEN IT WAS A CRIME.

That is living proof of the daftness, stupidity, dullness, illiteracy and ... really lost of words..

chiefcontroller:
hope we dont get to this stage

that's old... Zimbabwe has been using US dollars and Rand for sometime now.