Before the currency swap deal, an importer must convert naira to dollar then convert dollar to yuan before he or she does business with China. Positive impact from the agreement, before the deal, mr A wants to buy a techno phone at the cost of 50 yuan, mr A will have to convert naira to dollar, the current exchange rate is 6.463yuan to 1 dollar, now 50 yuan now = 50/6.463=7.73 i.e mr A needs 7.73 dollars to buy the techno phone which costs 50yuan, due to scarcity of dollars, i peg 1naira to 320 dollars, now 0r A needs 7.73 dollars, then he will have to convert his naira to dollar i.e 7.73 *320=2475.63, mr A needs 2475.63 naira to buy the techno phone.. After the deal was signed mr A will just need to convert naira to yuan pegging yuan to 30naira, this will be 50*30=1500, mr A now needs just 1500naira to buy the phone. Difference 2475.63-1500=975.63. Mr A have saved 975.63naira.
God Bless Buhari

As easy as ABC

otokx:
As easy as ABC

Not if you are IpOdS and anti Nigerian elements..

I don't totally agree with OP. The advantages to Nigeria is that it helps Buhari bypass people with the tendency to award inflated contracts and budget padders. The exchange of currency in intl forex market is quite stable.

Op u reason well ooo,dats good

With the Nigeria economy being an import based one;
goverment should not go to sleep and assume that this currency swap deal will not hurt in the long run.
A negative balance of trade; will over a period of time, make the Yuan stronger against the naira
China stands to gain more.....

ogoplus:
With the Nigeria economy being an import based. The goverment should not go to sleep and assume that this currency swap deal will not hurt in the long run.
A negative balance of trade; will over a period of time, make the Yuan stronger.
China stands to gain more.....

Yeah but those thinking that the price of phones from China will fall should rethink because it will take some time before it will be actualised and secondly there will be devaluation of naira due to excess demand

aresa:


Not if you are IpOdS and anti Nigerian elements..

You are wrong. For most Igbo importers it is a great blessing if they can and do get it at that rate

Why are we importimng phones. IPOB make urselves useful and make phones please. Thanks

asuustrike2009:

Yeah but those thinking that the price of phones from China will fall should rethink because it will take some time before it will be actualised and secondly there will be devaluation of naira due to excess demand

We do not have to import phones. We can make phones. IPOB be useful please.

asuustrike2009:

Yeah but those thinking that the price of phones from China will fall should rethink because it will take some time before it will be actualised and secondly there will be devaluation of naira due to excess demand

That's if they can get money to buy anything ba? Awoof don disappear!

fallacy

Either way it's good news even if some haters are not satisfied

mashin:
Before the currency swap deal, an importer must convert naira to dollar then convert dollar to yuan before he or she does business with China. Positive impact from the agreement, before the deal, mr A wants to buy a techno phone at the cost of 50 yuan, mr A will have to convert naira to dollar, the current exchange rate is 6.463yuan to 1 dollar, now 50 yuan now = 50/6.463=7.73 i.e mr A needs 7.73 dollars to buy the techno phone which costs 50yuan, due to scarcity of dollars, i peg 1naira to 320 dollars, now 0r A needs 7.73 dollars, then he will have to convert his naira to dollar i.e 7.73 *320=2475.63, mr A needs 2475.63 naira to buy the techno phone.. After the deal was signed mr A will just need to convert naira to yuan pegging yuan to 30naira, this will be 50*30=1500, mr A now needs just 1500naira to buy the phone. Difference 2475.63-1500=975.63. Mr A have saved 975.63naira.
God Bless Buhari

china fone in particular.

enlightenedmind:


We do not have to import phones. We can make phones. IPOB be useful please.

Are you ok at all? Anybody that criticises PMB is labelled IPOB right? We can't make phones because we don't have the raw material to produce and even if we have, most Nigerians wouldn't patronise local made as they will be tagged fake.

asuustrike2009:

Are you ok at all? Anybody that criticises PMB is labelled IPOB right? We can't make phones because we don't have the raw material to produce and even if we have, most Nigerians wouldn't patronise local made as they will be tagged fake.

I did not say u r criticizes him. I am saying it is a danger if we keep relying on imports. What if we did not import. Igbos are industirous people they should contribute meaningfully to society. I did not call u IPOB i pointed out an untapped resource

enlightenedmind:


I did not say u r criticizes him. I am saying it is a danger if we keep relying on imports. What if we did not import. Igbos are industirous people they should contribute meaningfully to society. I did not call u IPOB i pointed out an untapped resource

Ok. it's a gradual process just like other states are now producing local rice. What government does is to place ban on certain products that can be produced locally or hike the tariffs on foreign products. For example if a local bag of rice is N5,000 while foreign is N25,000 provided the local product meets local demand, the demand for foreign products dies naturally. Ipod are industrious and contributing massively to Nigeria economy but that are be stigmatised and sideline. That's why you see them fighting for Biafra. Biafra will die naturally when they are carried along in all ramifications

China would not have given Nigeria a single Yuan if the president hadn't gone there. If you like send 35 Govs and their S.As on spiritual matters

asuustrike2009:

Ok. it's a gradual process just like other states are now producing local rice. What government does is to place ban on certain products that can be produced locally or hike the tariffs on foreign products. For example if a local bag of rice is N5,000 while foreign is N25,000 provided the local product meets local demand, the demand for foreign products dies naturally. Ipod are industrious and contributing massively to Nigeria economy but that are be stigmatised and sideline. That's why you see them fighting for Biafra. Biafra will die naturally when they are carried along in all ramifications

Not sigmatized just that we do not trust. You have to understand that every Nigerian carries a different side of the Biafra war with them. For some it was the sight of hungry dying children, for some it was the long walks to the biafra territories and being turned back by Biafran soldiers as not really 'Igbos', for some it was a war for oil, for some it was a war btw Christians and muslims, for some it was like nothing happened and for some they have to deal with the fact that they lost the war.

Biafra affected everyone. For most Nigerians we are simply scared and do not trust the Igbos. Some feel that the SE can "demand" the presidency. The presidency requires traits of patriotism and sacrifice for every Nigerian. And i will ask the questions at the risk of being banned but since no one will i will.

1) If we vote in an igbo president, do we have to worry about where his loyalty lies? "To his people' or "to the nation"

2) If we vote in an igbo president, do we have to worry that they might sign off Biafra and destabilize this nation we have suffered in?

3) If we vote in an igbo president, are our foreign policies going to be aligned with the west at the detriment of "all" nigerian people?

4) If we vote in an igbo president, are our policies going to be made in favour of igbo states rather than national interests?

5) Can we trust the Igbo president to defend the fulani/hausa/muslim children if need be putting aside religious/tribal sentiments?

AND THIS IS WHAT IT BALLS DOWN TO. I am a catholic benue youth living in lagos. insult PMB and the fulanis all u want and call them "backward dull fundamentalist ancient", "scream till the skies fall down" whatever, but I do not have any problems voting in a fulani, hausa, yoruba, ss,sw,middle-belt person because regardless i can say their loyalty is to country or at least a cabal of corrupt politicians that have nothing to do with tribe. AND THIS IS THE FUNDEMENTAL.

They cannot "DEMAND" the presidency. we have 180 million lives to think about here. I believe that when they show Nigerians that they can be trusted to look out for everyone in this country and stop this crazy talk of 'Biafra", "indigenization", "Nigeria the zoo" and destroying Nigeria, then we can begin to have a conversation. All i see now are meaningless rants not leading anywhere. Most of the igbos do not even understand their problems.

Every other tribe in Nigeria in some ways regardless of our political differences identify as Africans first. And this is what we must consider. How would this break up affect us as Africans?

enlightenedmind:


Not sigmatized just that we do not trust. You have to understand that every Nigerian carries a different side of the Biafra war with them. For some it was the sight of hungry dying children, for some it was the long walks to the biafra territories and being turned back by Biafran soldiers as not really 'Igbos', for some it was a war for oil, for some it was a war btw Christians and muslims, for some it was like nothing happened and for some they have to deal with the fact that they lost the war.

Biafra affected everyone. For most Nigerians we are simply scared and do not trust the Igbos. Some feel that the SE can "demand" the presidency. The presidency requires traits of patriotism and sacrifice for every Nigerian. And i will ask the questions at the risk of being banned but since no one will i will.

1) If we vote in an igbo president, do we have to worry about where his loyalty lies? "To his people' or "to the nation"

2) If we vote in an igbo president, do we have to worry that they might sign off Biafra and destabilize this nation we have suffered in?

3) If we vote in an igbo president, are our foreign policies going to be aligned with the west at the detriment of "all" nigerian people?

4) If we vote in an igbo president, are our policies going to be made in favour of igbo states rather than national interests?

5) Can we trust the Igbo president to defend the fulani/hausa/muslim children if need be putting aside religious/tribal sentiments?

AND THIS IS WHAT IT BALLS DOWN TO. I am a catholic benue youth living in lagos. insult PMB and the fulanis all u want and call them "backward dull fundamentalist ancient", "scream till the skies fall down" whatever, but I do not have any problems voting in a fulani, hausa, yoruba, ss,sw,middle-belt person because regardless i can say their loyalty is to country or at least a cabal of corrupt politicians that have nothing to do with tribe. AND THIS IS THE FUNDEMENTAL.

They cannot "DEMAND" the presidency. we have 180 million lives to think about here. I believe that when they show Nigerians that they can be trusted to look out for everyone in this country and stop this crazy talk of 'Biafra", "indigenization", "Nigeria the zoo" and destroying Nigeria, then we can begin to have a conversation. All i see now are meaningless rants not leading anywhere. Most of the igbos do not even understand their problems.

Every other tribe in Nigeria in some ways regardless of our political differences identify as Africans first. And this is what we must consider. How would this break up affect us as Africans?

There have being biafra agitation since but PMB made it obvious by calling that region 5%. A good leader carries everyone not showing hatred

asuustrike2009:

There have being biafra agitation since but PMB made it obvious by calling that region 5%. A good leader carries everyone not showing hatred

I think he has mostly ignored them not hated. I feel that is the best to avoid any problems. Nothing he says would be seen as right anyway

enlightenedmind:

I think he has mostly ignored them not hated. I feel that is the best to avoid any problems. Nothing he says would be seen as right anyway

It will make sense if he decides to carry them along.

asuustrike2009:

It will make sense if he decides to carry them along.

Yeah it will. But do they want to be carried along? Anything he does they only look for the critizism in it. So what's the point. When they calm down probably

enlightenedmind:


Yeah it will. But do they want to be carried along? Anything he does they only look for the critizism in it. So what's the point. When they calm down probably

He doesn't carry them along forget all those stunts on media.

asuustrike2009:

He doesn't carry them along forget all those stunts on media.

I know he dosen't. But what can he do? They hate him? Any attempt to talk to them will only end in a blind argument. They have refused to be diplomatic and apply strategy to solve issues. What do u expect? Not just Buhari but people would avoid u.. U have to understand that People have different views of life and choose to live in different ways. We only trust people who show us they can be trusted. I might not like Buhari's policies or the way he halted the entire economy, but I trust he is working for a better Nigeria and I will support him bcoz he is my president.