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Nairaland Forum / Nairaland / General / Politics / Currency Deal With China: Things To Know (42235 Views)
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Re: Currency Deal With China: Things To Know by kay29000(m): 3:52pm On Apr 15, 2016 |
Seun: You could have made your point without insult. |
Re: Currency Deal With China: Things To Know by Nobody: 3:53pm On Apr 15, 2016 |
Re: Currency Deal With China: Things To Know by Chommieblaq(f): 3:53pm On Apr 15, 2016 |
Dannie2015: Thank you very much, they just don't want to hear about the demerits. This relationship is just modern slavery, China ti take over no more room for competition. Borrow borrow, wetin happened to all the wey dey get from TSA and wey looters return! |
Re: Currency Deal With China: Things To Know by Joel3(m): 3:54pm On Apr 15, 2016 |
CSTR2:hahaha. world class infrastructure. and you expect that from the Chinese ![]() |
Re: Currency Deal With China: Things To Know by Firefire(m): 3:59pm On Apr 15, 2016 |
TheGoodJoe: Anyway, I fear for the indigenous companies, btw., what is the currency of the loan repayment ? Yuan or USD? If USD, what happens if Chinese government continue their open currency (Yuan) manipulation and depreciation occurs? Is Nigeria going to hedge this potential foreign currency risk ? 1 Like |
Re: Currency Deal With China: Things To Know by Tycoflu(m): 4:01pm On Apr 15, 2016 |
focus7: That moment opportunity to punch the senior that deals with you comes up and you go ahead with the action without giving a damn of what other seniors around might do to you. |
Re: Currency Deal With China: Things To Know by ISpiksDaTroof: 4:02pm On Apr 15, 2016 |
Empero1:By the way, there's something called trade by barter. And what does the signed deal sound like to you? Typical malnourished Nigerian bush fowl fancying itself an exotic peacock. You're poor and weak, China is rich and powerful. Deal with it. Your past leaders put you in this position because they knew the bottom is where the followers desired to be. You have natural resources?! Big deal, go ahead and eat it because they've served you well in the past. Diamonds in the hands of a cave man is nothing but rocks and that is exactly where your nation finds itself right now. 2 Likes |
Re: Currency Deal With China: Things To Know by Sanchase: 4:03pm On Apr 15, 2016 |
China is known for imitation products, this Yuan this Yuan that is only for trade between Nigeria an China, besides a little Maths on the actual value of Yuan will give u a better idea of the rate; For example, if you owe a Chinese $1000 and you agree to pay in Yuan to cut costs. Officially $1000 = 6,470 CNY (this Yuan rate is an estimate from current official rates) In Nigeria 1 CNY = N33 (if you are lucky) Therefore to get the equivalent of 6,470 Yuan you will pay; (N6470 x 33) = N213,510 plus around 10 percent charges N21,351. Altogether N234,861. Finally divide N234,861/$1000 = N234.861. $1000 in the Nigerian black market is N320,000 plus 10 percent fees, that's N352,000. If you pay via Yuan, u be saving N352,000 - N234,861 = N117,139 saving per $1000 transaction for paying in Yuan. The big question now is how reliable is the rate of Yuan, and what is the realistic exchange rate in Banks, can you trust the rate and how accessible is the Yuan in Nigeria and ease of sending it to China. All these factors will help you make a decision. Another factor is the rate agreed with the Chinese for collecting payment of $1000 in Yuan may be significantly higher than official so u may end up paying more with Yuan compared to paying with USD. There is a saying the devil you know is better than the angel you don't know but no harm in trial. 1 Like 1 Share |
Re: Currency Deal With China: Things To Know by Alabitrends01: 4:03pm On Apr 15, 2016 |
its good deal, but Nigeria needs to be smart in this game. it should be a win win |
Re: Currency Deal With China: Things To Know by CSTR2: 4:04pm On Apr 15, 2016 |
Joel3:If the price is right. |
Re: Currency Deal With China: Things To Know by jpphilips(m): 4:05pm On Apr 15, 2016 |
[quote author=Dannie2015 post=44727193] Nigerians and their one-wayy thinking pattern. Was there any agreement signed as to what happens should china decide to devalue their currency just as they did b4? Dnt frget in d said agreement, china is expected to construct d rail project frm lagos to calabar which 1. Has not bn included in d much disputed budget in d history of d country. I am not sure if you have the details why China devalue or revalue their currency, perhaps someone just mentioned it and you jump on the bandwagon, Chinese devalue their currency to hurt the west ($&Euro), the last in 2008 (during the Meltdown) was revaluation because America cried for mercy, you don't just knee jerk about news, you need to understand how it applies to your economy before talking. 2. All materials to be used in d said rail project if finally approved will b imported frm china and as such no room for other companies to com bid for d contract which means they dictate all d how much involved in d project while nigeria dances to their tune. Am just sick of d marriage called nigeria The companies that want to bid, why cant they form a consortium and provide the funding for the projects so they can split procurement responsibilities amongst themselves? typical black man, you wait for China to bring the money then position for bidding, I wonder how many companies bidded when we saw this in the news? Minister of Information, Labaran Maku, disclosed this while briefing State House Correspondents on the outcome of the weekly FEC meeting, presided over by President Goodluck Jonathan at the Presidential Villa, Abuja. He said the approval followed a memorandum presented to the Council on the railway modernisation project. The minister noted that the rail project was in 2006 awarded to CCECC Ltd, a Chinese company, but could not be completed due to paucity of funds. Mr. Maku said that the project would now be executed in six phases, saying that the project would cover 2,733 kilometres. Common sense should inform you that he who pays the piper determines the tune, the best our government will dictate is quality standards, ie if Nigerians like you and I does not collect bribe from the chinese firms to falsify inspection results. You can not eat your cake and have it, your previous government squandered your oil wealth yet they have supporters, since they are ok with that, the Chinese will have to tell Nigerians the real cost of funds with strident conditions, that will make the lost souls in Nigeria to appreciate what they lost to corruption. Thank your stars it wasn't world bank and IMF that provided those funds. You want to bid for another man's sweat, wake up!! 5 Likes 1 Share |
Re: Currency Deal With China: Things To Know by Chukzyfcb(m): 4:11pm On Apr 15, 2016 |
One thing I know is, even economist don't sing the same tune when a music is played.....In a stock market even, stock brokers can only speculate but cannot be 100% certain. The oil energy experts didn't expect a fall of oil price down to $35/barrel jan lastyear......that's how economic news is. Its a master dribbler subject to change. We can only but speculate but can never be sure.... Likewise is this news, some have speculated its a positive move while the others are pessimistic....at the end, we will see how the theory work will translate in our day-day activities (pratical work). 1 Like |
Re: Currency Deal With China: Things To Know by Nobody: 4:12pm On Apr 15, 2016 |
ISpiksDaTroof: I don't join issues with a riff-raff like you. I'm a realist and I earn my living from services I render in line of the subject under discussion- this by extension means that I know what I'm saying and the advanced economics that hires my service knows better than you numskull would ever know. More so, I don't need validation of a nonentity like you to substantiate my pronouncement. People are paid for what they do with what they know, no one will pay you for what you think you know, therefore, so long as you are're not earning anything from your empty postulations as seen all over this thread, then you're just yarning trash. |
Re: Currency Deal With China: Things To Know by 400billionman: 4:12pm On Apr 15, 2016 |
NgeneUkwenu: There is a controversy hanging over your gender. Are you male or female ? |
Re: Currency Deal With China: Things To Know by Sibrah: 4:13pm On Apr 15, 2016 |
I go with Seun's position over Mynd44's. The main advantage of the swap to Nigeria is that it allows Buhari to bypass the corrupt system we have to get cheap loans from China while also negotiating some projects himself. To China, it will ensure Chinese company are patronised. It is a mutual thing for both sides. |
Re: Currency Deal With China: Things To Know by bbpin(f): 4:16pm On Apr 15, 2016 |
VocalWalls: You have said it all. This government has refused to understand that the present situation we have found ourselves in has nothing to do with the dollar but our sole dependent on the oil. its only a matter of time before what happened to dollar will happen to Yuan because the Naija i know hmmm, this is going to be good business for some people . God help us |
Re: Currency Deal With China: Things To Know by persius555(m): 4:18pm On Apr 15, 2016 |
PMB needs guidance on how to see that nigeria maximises the benefit of this move. If the chinese are going to build our transport system with the borrowed loans, fine. To strike a balance, we must see to it that the infrastructures provided will enable our producers access the chinese market too. The ultimate goal of the chinese govt is to get as many large economies to buy into the yuan crusade and effectively compete with the west which controls 75% of the global financial institutions. This move is not and at the same time is sucidal. It all depends on our ability to put together a solid economic framework that will see our produce, whether farm or machine produce compete favourably in the global market. If the loans will be used to build rails and power projects then fine. The chinese are very focused bunch of people, so if we are dealing with them, we better do so with extra caution and vigilance. |
Re: Currency Deal With China: Things To Know by 989900B: 4:20pm On Apr 15, 2016 |
Re: Currency Deal With China: Things To Know by imakewealth: 4:23pm On Apr 15, 2016 |
NgeneUkwenu: My simple question is "How will Nigeria generate yuan? China is not one of Nigerian main export partner so no yuan proceed is expected as export proceed Or are we going to continually swap yuan and for how long? |
Re: Currency Deal With China: Things To Know by ISpiksDaTroof: 4:24pm On Apr 15, 2016 |
CSTR2:For your own sanity--- and "respect" on this forum--- DO. NOT. ENGAGE. THAT. KID. MANNY4LIFE. IN. A.DEBATE!!! He always knows a lot of nothing about everything and he will totally deviate from the actual topic. Switch to Medicine, Aeronautics , War planning, Legalese etc and watch him pretend he's an expert on EVERY subject whilst simultaneously driving you crazy. Ignore him. That's the best advise I can give you. |
Re: Currency Deal With China: Things To Know by tarekamos: 4:27pm On Apr 15, 2016 |
DaBullIT: Oooh! No regret too. A school cert holder is doing what a Phd holder couldn't do. All they know is to suck the masses dry. Okonjo Iweala had said it all but unfortunately some paid agent still doesn't see anything wrong in uncle Jona administration. It shall be well with the masses of this nation. Things may appear tight today for our president but we believe that these difficulties shall soon pass away. 3 Likes 1 Share |
Re: Currency Deal With China: Things To Know by sheubaba2013: 4:30pm On Apr 15, 2016 |
Where is fayose? He have to read this. May Allah help you baba we know you have good intention. In shaa Allah the saboteurs will not succeed. 1 Like |
Re: Currency Deal With China: Things To Know by 989900B: 4:30pm On Apr 15, 2016 |
Firefire: You know, if Americans were told in 1970, that over half of their Made in U.S.A. will become Made in China, and that, they will be losing their jobs to China and borrowing money from China, they wouldn't have believed. Almost all major American companies now produce from China! Every major company in the world manufactures from China -- almost! To get there, China: 1. They killed/jailed their corrupt leaders. 2. Installed less corrupt ones (no one is a saint). 3. They learnt/stole from the best. 4. They created an enabling environment. 5. They worked very hard and focused!!! And the rest is history -- we've got to replicate that -- starting from number 1. 2 Likes 1 Share |
Re: Currency Deal With China: Things To Know by Meriekriss: 4:30pm On Apr 15, 2016 |
CSTR2: Bro, you don't have to lie to prove a point.. Your naming a project that Obama denied construction permit and your claiming it was awarded to a Chinese company... I would be glad to see the list you want to make up.. Pls don't fabricate.. We ain't fools.. Google is there.. |
Re: Currency Deal With China: Things To Know by Montaque(m): 4:31pm On Apr 15, 2016 |
NgeneUkwenu just got an article and divided it into numbers. well done. |
Re: Currency Deal With China: Things To Know by ISpiksDaTroof: 4:34pm On Apr 15, 2016 |
Empero1:ROFLMAOOOOOOOOOOO. How the hell did I ever miss this part of your madness when I replied you? 1 Like |
Re: Currency Deal With China: Things To Know by Meriekriss: 4:35pm On Apr 15, 2016 |
Andykruiz: Is Nigeria not an importing country already as it stands? The biggest winners here seems to be the Igbo traders that's if CBN doesn't restrict things imported and the policy isn't sabotaged... Soon a parallel market for Yaun we be created... Finally I think this agreement isn't bad as I see it as a short term but this administration must ensure that the loan is used to actually build refineries and other capital projects as claimed if not, this will be the biggest scam. Can someone confirm if China has a refinery we can buy refined products from using Yaun as currency for trade.. 2 Likes |
Re: Currency Deal With China: Things To Know by Classiqharry: 4:36pm On Apr 15, 2016 |
IVORY2009: Sir there are equally standard Chinese goods, it depends if SON decides to do their job. In most Western countries 80% of goods on their shelves are made in China. 1 Like |
Re: Currency Deal With China: Things To Know by jpphilips(m): 4:39pm On Apr 15, 2016 |
TheRealGEJ: If the situation necessitates that why not? the point is, the so called mainstream economists got their timing wrong, Personally, I know Nigeria hasn't gotten to that level yet. I could still remember the situation that broke Soludo, he did his best, held on for long, the longer we hold on, the better for all of us, any smart economist should know that. The inevitable will surely come just like Venezuela but this Chinese deal is a game changer and our economy is just right for that move, once an economic turmoil comes up, smart leaders capitalize on their strength not weakness. Buhari is capitalizing on his trade volume with China, does Ghana have the same advantage? there are economic moves that will favor Ghana that will disfavour us, eg, redenomination. Mexico signed the NAFTA agreement not because they have so much to offer the US but because there are some strengths they wish to exploit, in this case, proximity, with a few bucks, Mexicans can cross over to work in the US on Sunday and return to their families on Friday, it is that simple.Will that be possible if Mexico is in the middle east or Africa? It is not about noise and snide comments, the time Nigerians use to design meme, cartoon, composing unproductive whatsapp BS is enough time to study and understand how the real world works, other than insulting Mr president. I have no problems with people who deride an unproductive president but for a Buhari that works real hard, that old man deserves some respect. Imagine where someone that has no idea what a presidential trip is will refer to his president as a "Junketeer". If you sum Obama and Kerry's trips this week alone, they would have been wizards by Nigerian standard. This country is in deep sh!t because majority of the beings in it are extremely hopeless. 8 Likes 1 Share |
Re: Currency Deal With China: Things To Know by spinoff: 4:40pm On Apr 15, 2016 |
989900B: |
Re: Currency Deal With China: Things To Know by UndespicableMe(m): 4:40pm On Apr 15, 2016 |
I don't see sense in this, while not devalue the Naira against the dollar, instead of borrowing from a country that devalues their currency against the dollar. We are excited about the currency swap, it won't solve our problems. |
Re: Currency Deal With China: Things To Know by Firefire(m): 4:43pm On Apr 15, 2016 |
989900B: I wonder when Nigeria will start killing all the corrupt and wicked souls in this country. ![]() 1 Like |
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