Some Nigerians are jubilating over $2b loan from China and the so called Yuan trading deal.
China wants to lend us 2 billion dollars, but they want to give us in Yuan and not the dollar itself.
They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others (non Chinese company can’t bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don’t have a choice ‘cos it is on credit.
The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency (Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.
Many Nigerians don’t know that even Chinese company don’t want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.
Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD? Has anyone asked why China hasn’t built any refinery in Nigeria?? They have the money, they want the profit, but never did it.
If China does anything against Washington interest in Nigeria, USA have too much political power over China, they will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.
I don’t blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China. I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in Chinese version of Trojan horse.
We are the only one that can help ourselves, let’s implement true federalism system and free market. Development is a culture and not a product, we can’t buy it no matter how much money we have or borrow..
You must be living in a PARALLEL world if you think that Nigeria’s intention of being a clearing house for the Yuan in Africa means the naira will now hold steady.
If you like tie your currency with Thailand Baht or Ghanaian Cedi, the value of your currency will always have the value it deserves.
Hong Kong for instance is an administrative region of China, but guess what, its currency is firmly tied to the US dollar!
The Yuan is not automatically going to be operating independent of the dollar to boost the naira in any way.
The only thing that has happened here is that the Yuan becomes an accepted currency of exchange to facilitate direct business with Chinese people. This will not in anyway strengthen the naira but the gains will be in the avoidance of double exchange from dollar to Yuan.
The Yuan will swing with the wind depending on what happens to the world’s controlling currency, the dollar.
The naira will continue its natural slide as you produce and export very little and even your trade with China becomes very expensive as the world’s comparative exchange rate will not wait for the Naira/Yuan pretend marriage. The value of the naira will continue to be subject to the international exchange rate, which is controlled by and inextricably linked to (you guessed it?) the DOLLAR!
The silly idea that this arrangement could crash the dollar is only palatable to people living in a cocoon, in a cuckoo land (Nigeria), with a totally warped sense of reality.
The real winners here are the Chinese who have found another place to ship their milling population to recolonise on the cheap.
Nigeria has taken the path of double parallel which will be unsustainable in the medium term as a consumer nation.
The naira will continue to fall unless you can sell more oil or start exporting something the rest of the world would pay you for.
My projection for the naira is 500 to $1 by year end if the oil price does not improve drastically and we sell oil, the only thing we ‘produce’.
By Economists
M. Amuchie & G. Otobo

See More at: http://www.informate247.com/2016/04/419-china-just-scammed-nigeria-and.html

Ehen

That's what we call technical knockout.
Buhari only get technical knockout for the kungfu he went to learn in China.
Howbeit, it is our children that will bear the brunts of his misadventures.

Oya Shalaye

Lalasticlala. Come and see if this makes sense to you...

that's what happens when u vote in a brain dead old man as ur president

WAILING IS ALLOWED



#queSeraSera

But PMB went with some ministers nah, abi you don get sense past them? @op

the people who made the deal knows better than we the outsiders....what we're hearing from PMB is just the headline, lets wait for the total breakdown

Over 90% of Nigerians have been jubilant over this scam of a deal.

Disaster ahead. #IStandWithFayose on this. We don't want the yuan. The yuan is a useless and worthless currency.

Do you guys of late understand that the Chinese government tightened his dollar policy. Even stricter than Nigerias'. The Chinese economy is not in good shape as we speak, her foreign reserve is depleting as they keep growing their power of cheap labor and production hub of the world.

Chinese people naturally know how to manipulate gullible minds. I have done quite a few deals with them and I know well their self idiosyncrasies. It is the same with every Chinese.

Our president and his delegates got this all wrong, this deal was not in the initial plan of going to China, but the Chinese government being smarter than the Nigerian government, manoeuvered the mental alacrity of our president and his delegates to this deal.

Economic experts never weighed on the pros and cons of this before we put pen to paper on this deal. My only prayer is that Buhari comes back from China and denies this deal ever took place.

Disaster ahead. Only the wise would see the looming downside of this deal. MAN should protest.

How is this scam ?

With your Propagandistic post.. use your brain.. Why do we have to first of all change our money to dollar before we can buy from China ?? USA is not needed if we are buying..
This is what GEJ ought to have done since.. He had no balls to do it cos he's always scared what the Empire will do to him. As if they did not do via their boko haram wahhabi takfiri saudi araia terrorist instituition backed by the anglozionist empire..

Now if we are buying from China.. We do not need to first of all convert Naira to Dollar before buying from China. This is putting less pressure on Naira for an Economy that is heavily dependant on Dollar... What Buhari did was just make sure we get bank letter of credit dirrectly from Chinese bank and Nigerian banks.

This makes super sense.. So please stop this stupid propaganda..

Your likes preffer to turn to Somalia where people carry will barrow to change ordinary 300 usd right ??

Plus the dieting fiat regime will die and thank Eledumare Buhari has just saved Nigerians from defauting with the fiat system.. The empire..


Now let me explain why.. The fiat regime will eventually die..


Nigeria is currently in an Economic war with the Anglozionist empire. Empire of lies, Debt and most of all a falling empire
that wants to save the little left in the Fiat regime. Honestly, Buhari has done the right thing and for the first time in the history of Nigeria. We finally have someone that has the balls to do it.

The U.S Imperial weapons give definite form to their Empire. And nothing has shaped the Empire more than the FIAT. The deformation began in the year 1971, when the leader of the anglozionistEmpire, the US imposed her Power to re-define the rules of the monetary system for her sole benefit. The ability to print IOU’s in exchange for real value is more clever than theft as they borrow and do not pay back in kind due to inflation. Their enemies (Nigeria, China, Russia, Iran..., BRICS,AIIB,SCO, African development bank..) adversaries and vassals (All the countries in NATO,Japan, Saudi Arabia, Australia + temporary puppets) must found their financial systems upon the printed dollar which they must purchase with hard earned money. That seizure has financed a vast network of military bases, bribery, assassinations, coup d´états and perpetual war.

When we see debt piled on debt just to prolong the dying system, take note that a few monied men enjoy the fruits of this easy money for a time before defaulting.The world this Global Reserve Fiat creates is one of misery and strife where evil and greed feeds upon the spirit, and the world becomes an immoral wasteland of modernity. The worker is discriminated against as all pressure and stress is heaped upon his future, as the law discriminates between debts held as an asset vs. debt held as a liability. -

Today, the East – China / Russia / India – challenge the Global Reserve Fiat. And when the dollar fails, and it will: For debt is the essence of fiat, and when it defaults, the system defaults with it. Buhari has just saved the future of Nigerians from defaulting with the empire. Yes, it is th reason for all this Boko haram, Nnamdi Kanu in the first place. Containing China, Building Africom basses(Which Nigeria refused comeplyely in West Africa) as if that is what Nigeria or African countries need.

The future is bright, the future is China, Latin America, India.. BRICS, AIIB And African development Bank. Watch them try to remove Buhari the same way they did during IBB era. T

In 1985 when– Dollar rate was 1N = 2$, at the time IBB was offered free loans from the league of Arab nations. IBB (Pentagon's Puppet) instead took IMF loan.

Within one month exchange rate became $1 = 3N we never recovered instead IMF own our mains water supply and we had coumpound intterest which Nigerians never finished paying until Obj finally settled in April 2006. However our currency has never recovered. When you deal with the devil you need a very long spoon.

How can this post made it to front page, i hope not.. Some Nigerians are too un-informed or uneducated. No wonder they call them 3rd world country.. O ga oo.

We will soon see a flood of flat nosed Chinese faces ordering us around in the name of providing jobs.

Meanwhile, the useless Yuan will now replace the dollar here. Someone should ask the Chinese why they prefer their savings in dollars instead of Yuan

iykoblingz:

If you like tie your currency with Thailand Baht or Ghanaian Cedi, the value of your currency will always have the value it deserves.
Hong Kong for instance is an administrative region of China, but guess what, its currency is firmly tied to the US dollar!
The Yuan is not automatically going to be operating independent of the dollar to boost the naira in any way.
The only thing that has happened here is that the Yuan becomes an accepted currency of exchange to facilitate direct business with Chinese

Let me quickly counter this pure dis-information. This is similar to what Buhari did back in the day which is the right thing. He went to latin america to do the samething.. This makes super sense.. if we are buying a lot from CHina.. For example the car Manufacturing company. Why do we have to first of all buy dollar or use our reserve dollar to buy from China ? This will keep dollar reserve in shape and we can use the dollar todeal with U.S or other places where we need the dollar.. For example pay for foreign school fees. Now parents are looking for dollar in the parallel market cos of th measure.. There is oil war.. 90% of our export is in Dollar and its oil. That oil is now 40 usd.. use your brain nah.. Pls

Does it make any sense.. This is reducing massive pressure on our Dollar reserve. By the way this is known as dedollarising the economy..
Which is the best way to go.

The Economic war specifically started by one of the Anglozionist Empire permanent puppet Saudi Arabia is now back fireing because it has lead us to de-dollarize.. Oh ImF think we will be coming begging for dollars right ??

Little did they know that Buhari has played them politics with the Bugdet taking long to sign..


Fayose is nothing but a Puppet and he has shown his puppetry.. He has even gone too far... Chai.. What an Animal.. oloriburuku Governor. American permanent puppet. I dont even know he's this super puppet.. This type of people must never lead us.



In the end if we have more countries doing this. This will be the end of Dollar. The end of Endless Wars..WHich will soon be happening.They are lossing at all fronts in Syria. Ukraine too the empire is lossing. Very desperate.. China Sea.. The battle line is drawn already..

Time for the empire of lies, empire of debt to go.. The future is China, Latin America, Russia,.. BRICS, African Development Bank, AIIB and SCO (EURASIA) economic zones. A mutil-polar world order.

And your alternative is.....?

I laugh when I see some post. But a common sense question show have been:

1. Why do I have to pay my client with another currency other than her legal tender?
2. Will this move easy commerce between this two nation?
3. Will it easy of this mad pressure on naira against the dollar?
4. Will it encourage more export from Nigeria to China, thereby strengthen trade balances?

If you agree with me that answer to question 2-4 are "YES" then we should appreciate Mr President for Job well done"

I no cum study political science.

op.... u are wrong in many ways.
pls explain when chinese currency was 9 yuan to $1?
get your fact right

Eleniyan15:
WAILING IS ALLOWED



#queSeraSera

I really don't think people understand the meaning of wailing.
Important issues of this sort is being discussed and the fool I just quoted is saying Wailing...
This is not about APC or PDP. please grow up!

No
Right now China has more presence in Nigeria than America. Then why do I have to change my naira to dollar and then convert back to yuan,.
The stress on the dollar is too much, it has to be relieved
moreover in contracts, there is always due processes
Meanwhile China gets back his money through our gas and oil
No better deal than this

Nigeria lost so many opportunities that would have made us a Principality on the Africa continent.

Nigeria was the African Nation that contributed the greatest to help South Africa gain independence. Yet when it was time to reap the harvest, Nigeria was no where to be found in setting up economic systems there . Freeing Liberia from its internal wrangling was like a pet project for Obj our president. In fact it was NTA that was flown there with military craft to broadcast their elections and swearing in. Nigeria did not set economic systems to become greatest economic force there.
See Ghana. We had opportunity to set out two legs there economically. Yet our people were crying Ghana must go. We have lost all opportunities to establish our self economically on these African nations. Not even tiny Sao tome and principe!!

China on the other hand is getting right everything we have gotten wrong. So nothing like 419 there.

And, 2 economists wrote this?!!! SMH!

Op,you are wrong,and ignorant of simple economy policy..

The Burahi led economy team did a good job on this,its effect would be less pressure on dollars..

Its a win-win situation for us,whereby we can trade in any of the currency as deem fit.

Op u spoke my mind and really made a great sense in ur writeup. I don't knw y d politicians are blind not seeing what is going to happen in the future. Fayose was really making a lot of sense but he went real far in expressing his mind but the truth should be told that is why I will say kudos to him for taking that step. lalasticlala pls move this wonderful thread to fp so that the dullard will be able to read it for him to have common sense.

naijanaso:


I really don't think people understand the meaning of wailing.
Important issues of this sort is being discussed and the fool I just quoted is saying Wailing...
This is not about APC or PDP. please grow up!

Your life no sweet me!!!
Do you have too call me a fool

I laff in spanish..only if you can say it to my face
We know your type

APC AND PDP OOOO ALL NAH MAGOMAGO

#valueFree
I don't take side

But WAILING IS ALLOWED

#queSeraSera

Pidggin:
We will soon see a flood of flat nosed Chinese faces ordering us around in the name of providing jobs.

Meanwhile, the useless Yuan will now replace the dollar here. Someone should ask the Chinese why they prefer their savings in dollars instead of Yuan

you cant save your foreign reserve in ur own currency unless u are self sufficient

scully95:
How is this scam ?

With your Propagandistic post.. use your brain.. Why do we have to first of all change our money to dollar before we can buy from China ?? USA is not needed if we are buying..
This is what GEJ ought to have done since.. He had no balls to do it cos he's always scared what the Empire will do to him. As if they did not do via their boko haram wahhabi takfiri saudi araia terrorist instituition backed by the anglozionist empire..

Now if we are buying from China.. We do not need to first of all convert Naira to Dollar before buying from China. This is putting less pressure on Naira for an Economy that is heavily dependant on Dollar... What Buhari did was just make sure we get bank letter of credit dirrectly from Chinese bank and Nigerian banks.

This makes super sense.. So please stop this stupid propaganda..

Your likes preffer to turn to Somalia where people carry will barrow to change ordinary 300 usd right ??

Plus the dieting fiat regime will die and thank Eledumare Buhari has just saved Nigerians from defauting with the fiat system.. The empire..


Now let me explain why.. The fiat regime will eventually die..


Nigeria is currently in an Economic war with the Anglozionist empire. Empire of lies, Debt and most of all a falling empire
that wants to save the little left in the Fiat regime. Honestly, Buhari has done the right thing and for the first time in the history of Nigeria. We finally have someone that has the balls to do it.

The U.S Imperial weapons give definite form to their Empire. And nothing has shaped the Empire more than the FIAT. The deformation began in the year 1971, when the leader of the anglozionistEmpire, the US imposed her Power to re-define the rules of the monetary system for her sole benefit. The ability to print IOU’s in exchange for real value is more clever than theft as they borrow and do not pay back in kind due to inflation. Their enemies (Nigeria, China, Russia, Iran..., BRICS,AIIB,SCO, African development bank..) adversaries and vassals (All the countries in NATO,Japan, Saudi Arabia, Australia + temporary puppets) must found their financial systems upon the printed dollar which they must purchase with hard earned money. That seizure has financed a vast network of military bases, bribery, assassinations, coup d´états and perpetual war.

When we see debt piled on debt just to prolong the dying system, take note that a few monied men enjoy the fruits of this easy money for a time before defaulting.The world this Global Reserve Fiat creates is one of misery and strife where evil and greed feeds upon the spirit, and the world becomes an immoral wasteland of modernity. The worker is discriminated against as all pressure and stress is heaped upon his future, as the law discriminates between debts held as an asset vs. debt held as a liability. -

Today, the East – China / Russia / India – challenge the Global Reserve Fiat. And when the dollar fails, and it will: For debt is the essence of fiat, and when it defaults, the system defaults with it. Buhari has just saved the future of Nigerians from defaulting with the empire. Yes, it is th reason for all this Boko haram, Nnamdi Kanu in the first place. Containing China, Building Africom basses(Which Nigeria refused comeplyely in West Africa) as if that is what Nigeria or African countries need.

The future is bright, the future is China, Latin America, India.. BRICS, AIIB And African development Bank. Watch them try to remove Buhari the same way they did during IBB era. T

In 1985 when– Dollar rate was 1N = 2$, at the time IBB was offered free loans from the league of Arab nations. IBB (Pentagon's Puppet) instead took IMF loan.

Within one month exchange rate became $1 = 3N we never recovered instead IMF own our mains water supply and we had coumpound intterest which Nigerians never finished paying until Obj finally settled in April 2006. However our currency has never recovered. When you deal with the devil you need a very long spoon.

How can this post made it to front page, i hope not.. Some Nigerians are too un-informed or uneducated. No wonder they call them 3rd world country.. O ga oo.

Oil is sold in dollars.

scully95:
How is this scam ?

With your Propagandistic post.. use your brain.. Why do we have to first of all change our money to dollar before we can buy from China ?? USA is not needed if we are buying..
This is what GEJ ought to have done since.. He had no balls to do it cos he's always scared what the Empire will do to him. As if they did not do via their boko haram wahhabi takfiri saudi araia terrorist instituition backed by the anglozionist empire..

Now if we are buying from China.. We do not need to first of all convert Naira to Dollar before buying from China. This is putting less pressure on Naira for an Economy that is heavily dependant on Dollar... What Buhari did was just make sure we get bank letter of credit dirrectly from Chinese bank and Nigerian banks.

This makes super sense.. So please stop this stupid propaganda..

Your likes preffer to turn to Somalia where people carry will barrow to change ordinary 300 usd right ??

Plus the dieting fiat regime will die and thank Eledumare Buhari has just saved Nigerians from defauting with the fiat system.. The empire..


Now let me explain why.. The fiat regime will eventually die..


Nigeria is currently in an Economic war with the Anglozionist empire. Empire of lies, Debt and most of all a falling empire
that wants to save the little left in the Fiat regime. Honestly, Buhari has done the right thing and for the first time in the history of Nigeria. We finally have someone that has the balls to do it.

The U.S Imperial weapons give definite form to their Empire. And nothing has shaped the Empire more than the FIAT. The deformation began in the year 1971, when the leader of the anglozionistEmpire, the US imposed her Power to re-define the rules of the monetary system for her sole benefit. The ability to print IOU’s in exchange for real value is more clever than theft as they borrow and do not pay back in kind due to inflation. Their enemies (Nigeria, China, Russia, Iran..., BRICS,AIIB,SCO, African development bank..) adversaries and vassals (All the countries in NATO,Japan, Saudi Arabia, Australia + temporary puppets) must found their financial systems upon the printed dollar which they must purchase with hard earned money. That seizure has financed a vast network of military bases, bribery, assassinations, coup d´états and perpetual war.

When we see debt piled on debt just to prolong the dying system, take note that a few monied men enjoy the fruits of this easy money for a time before defaulting.The world this Global Reserve Fiat creates is one of misery and strife where evil and greed feeds upon the spirit, and the world becomes an immoral wasteland of modernity. The worker is discriminated against as all pressure and stress is heaped upon his future, as the law discriminates between debts held as an asset vs. debt held as a liability. -

Today, the East – China / Russia / India – challenge the Global Reserve Fiat. And when the dollar fails, and it will: For debt is the essence of fiat, and when it defaults, the system defaults with it. Buhari has just saved the future of Nigerians from defaulting with the empire. Yes, it is th reason for all this Boko haram, Nnamdi Kanu in the first place. Containing China, Building Africom basses(Which Nigeria refused comeplyely in West Africa) as if that is what Nigeria or African countries need.

The future is bright, the future is China, Latin America, India.. BRICS, AIIB And African development Bank. Watch them try to remove Buhari the same way they did during IBB era. T

In 1985 when– Dollar rate was 1N = 2$, at the time IBB was offered free loans from the league of Arab nations. IBB (Pentagon's Puppet) instead took IMF loan.

Within one month exchange rate became $1 = 3N we never recovered instead IMF own our mains water supply and we had coumpound intterest which Nigerians never finished paying until Obj finally settled in April 2006. However our currency has never recovered. When you deal with the devil you need a very long spoon.

How can this post made it to front page, i hope not.. Some Nigerians are too un-informed or uneducated. No wonder they call them 3rd world country.. O ga oo.

You just wasted your time with that dead brain

porka:


Oil is sold in dollars.

Yes, and that means shortage of dollar when the only source of Dollar comming in is oil. And it is sold in dollar. Now that dollar is being reduced to 40 usd per barrel. Here Nigeria cannot meet with the huge demand for dollar. So what did he do ? Shut down loxury goods. Perfect way to fight back the Economic war.

This is Oil war ochastrated by Saudi Arabia against (Anglozionist Empire's permament Puppet) against all the countries that the economy is dependant on oil. Particularly Nigeria and Russia. Little did saudi know that it has shut itself in the leg by answering to its puppet master.

We need to de-dollarize here. Diversify the economy that is heavily dependent on dollar. Buhari has just done a very beautiful job. Here other aspect of the economy won't be dependant on Dollar. it will be based of mutual interest with the Chinese banks, loans and Bank letter of credit which makes perfect sense.

Watch them now start marketing Chibok at maximum level and looking for a way to remove Buhari again. This is what happened bck in the day when they removed him and installed puppet IBB.. Since then we have not recovered.

Can't Nigeria do simple Trade by Barter by tying all deals to the number of Cattle the Chinese buy from Audu Ogbeh? I would have suggested Oil instead of Cattle but after the Constitutional amendment that will grant FULL AUTONOMY to the 36 states, the SS will make Oil a no go area to FG and only Herdsmen and their Herds will be common products that will be available for exchange in a trade such as this. So when China does anything for Nigeria, they debit our Loan Account and inform us. We then ask them to come and demand for what they want, and we can provide , like cattle or oil. We then cost them in Dollars, put mark up profits before communicating our Credits to them.. The devaluation of Yuan wouldn't affect anything since all transactions will be made at prevailing rates and proper accounts will be kept simultaneously in both Countries. You see, this is why I supported OBJ that NOI be brought back as Minister of Finance and Mrs. K Adeosun be made CBN Governor, for she will keep the most reliable accounts of all transactions than SLS and Emefiele put together. She will also be the best expert to always reconcile our China accounts with their Nigerian counter accounts to our benefits. She and NOI will work together under PYO very perfectly. We are all working for Nigeria and not APC or PDP.