this is a good move by fg this time,with these,things would be more cheaper and the demand for dollar will reduce finally,these would be a huge blow to us and its a commendable strategic movement by the Nigeria govt as we don't have military might to confront the us aggression on countries who drop the us dollar

I can bet a million naira that this thread won't get to 10 pages as most youths on Nairaland barely understand what currency swap is all about. The knowledge of economics, dynamics of trade, international relations and global affairs is zero among many youths. But if it is about Davido and Chioma or Tinubu...and Jonathan now, everyone has something to say. The number one problem of Nigeria just other African countries is 'lack of REQUIRED knowledge' in this 21st century of economic complexities and dynamism.

Good move... A Way of appreciating the Nigeria Naira

jullary:
I think the same way, some people because of hatred they never see anything good! and they will be the first u see in church on sunday and mosque on friday, check there age u will surprised that they are still under 25. thank u jare for comment

are u just realising that 98% of nairalanders are dumbos?

bankylan:
I can bet a million naira that this thread won't get to 10 pages as most youths on Nairaland barely understand what currency swap is all about. The knowledge of economics, dynamics of trade, international relations and global affairs is zero among many youths. But if it is about Davido and Chioma or Tinubu...and Jonathan now, everyone has something to say. The number one problem of Nigeria just other African countries is 'lack of REQUIRED knowledge' in this 21st century of economic complexities and dynamism.

it's just about 33 comments after almost 2 hrs.....most nairalanders are super dull

martineverest:
it's just about 33 comments after almost 2 hrs.....most nairalanders are super dull

If you wanna confirm bro, just open thread on BBN you will be surprise the speed at which it will get to 20page in 29 minute.

Moreoffaith:


If you wanna confirm bro, just open thread on BBN you will be surprise the speed at which it will get to 20page in 29 minute.

it's sad....that's y Linda ikeji commenters are far better and more mature.

Slatemsk:
IN CASE YOU DON'T UNDERSTAND

I know Most of You don't know the meaning of Nigeria naira/yuan swap with China.. And why American government is desperately smoothing their relationship with Nigeria.

This is a clearer picture of the deal and it's effects on our economy and way of life.

Soon, you may be buying that techno phone you bought at N80,000 for N12, 000 .

The Central Bank of Nigeria have finally signed the currency swap deal we have been expecting for the past 2 years with the Chinese government.

The importance of this is that since almost 70% of the goods we import come from China and Asia and only about a meagre 12% come from America, why must we use Dollars to transact with China?

Thus, with the new deal, instead of using dollars at N350 to 1dollar to import those goods, we can now buy Yuan at 47 naira to 1 Yuan and import those stuffs directly. Therefore, Instead of buying these goods in dollars in China, we will now buy them in Yuan at 5 times cheaper than their dollar rates.

Meanwhile, it should be noted that China is now the highest importer of our crude. This means that our trade with them can be on Naira/Yuan basis.

This is a giant stride that our media needs to disseminate. It's a great achievement by this administration in its effort at repositioning our economy.

Of course, with d new deal, d demand for dollars will nose dive, with an attendant crash in its price.

Try to monitor exchange rate. Some of those guys who hoarded foreign currencies to make gains will off load them in order not to have heart attack over their huge loss arising from the currency swap deal with china.
Dollars and pounds will flood everywhere with no buyers, as the buyers will draw naira from their accounts in banks with presence in China.

Many NIGERIA banks will be seeking to have their representative office in China like first bank who saw to the future and already have office in China.
Inflation will go down drastically because of the price of commodities that will drop......

I want it to happen so that I can amass enough dollars and store in my Dorm account, when the need to go on vacation or study abroad arises, k can then go from the storage acct and take some dollars. In fact I am seriously praying dollar should crash, and people should reject it and swoop in for the Chinese currency. so I can buy it at a very cheap rate

martineverest:
wahala ke? expect things to be cheaper and more Chinese investment in manufacturing sector.dollars becomes weaker and as more African countries follow suit,Chinese yuan becomes Stronger and their influence becomes stronger...thus ,stronger symbiotic investment in africa,instead of parasitic investment by other countries

construction in naija by Chinese companies will be cheaper than ever...

The Chinese are centuries smarter than Nigerians in trade deals. So China gives Nigeria $6b loan but keeps the money in a Chinese bank. Then a Chinese company executes the contract in Nigeria and gets paid in China. And that is a loan that Nigeria must pay. It is good for China and Nigerians because it will ensure that projects are actually executed not only on papers. But in terms of business negotiations, the handlers of Nigerian economy are dunces.

/

Nopeace4dwicked:
Hahahahahahahahahahaha

What's funny?

Sit down and watch as our dull government sells their birth right. From public projects. electricity and now currency. Chinese are way wiser. Every deal favours them.

Naira/Dollar exchange and Dollar/yuan exchange is directly proportional in calculation. There is no increase or decrease.

Every international purchases are done in US dollars while being converted to each countries currency on arrival.

Diverting away and relying on yuan for chinese exchanes will suffer the naira and strengthen the yuan againts world currencies including dollar the more and this will make yuan/naira weaker and dollar/naira much more stronger.

In short, This government is a GOAT

chukzyfcbb:


I want it to happen so that I can amass enough dollars and store in my Dorm account, when the need to go on vacation or study abroad arises, k can then go from the storage acct and take some dollars. In fact I am seriously praying dollar should crash, and people should reject it and swoop in for the Chinese currency. so I can buy it at a very cheap rate

Amass and watch the Naira crash against the dollar after this deal, i see naira/dollar at exchange rate of 500/1 after this deal.

Every negotiations with the chinese always crashes the dollar. Mark my words.

hmm

Donharrie:
Sit down and watch as our dull government sells their birth right. From public projects. electricity and now currency. Chinese are way wiser. Every deal favours them.

Naira/Dollar exchange and Dollar/yuan exchange is directly proportional in calculation. There is no increase or decrease.

Every international purchases are done in US dollars while being converted to each countries currency on arrival.

Diverting away and relying on yuan for chinese exchanes will suffer the naira and strengthen the yuan againts world currencies including dollar the more and this will make yuan/naira weaker and dollar/naira much more stronger.

In short, This government is a GOAT

if what you are saying is true then thier would have been no reason for this deal. if i have the yaun, why pay in dollars? do you go to china to buy goods and they demand you pay in dollars? is it same with Nigeria? what stops me from carrying my yaun, buying my stuff in china and ship it to naija? dollars is a barrier to international trade rather than a facilitator and that the problem this deal is trying to solve.

Cuteamigo1:

if what you are saying is true then thier would have been no reason for this deal. if i have the yaun, why pay in dollars? do you go to china to buy goods and they demand you pay in dollars? is it same with Nigeria? what stops me from carrying my yaun, buying my stuff in china and ship it to naija? dollars is a barrier to international trade rather than a facilitator and that the problem this deal is trying to solve.

US dollar is the father of currencies. It is the basis on which all other currencies are weighed from the beginning of time. Feeling smart to get away from it as your country's exchange has a way of depreciating against you and your economy. A word is enough for the wise . Relax and sip a cup of coffee as the dollar will plummet against the naira much higher and the chinese masters will laugh at their black brothers in their secret places.

AlexCk:
Just let #1 become $100 or less biko,
And #1 become £120 or less biko.


All these ying/yang/yuan stories just dey tire person, if it'll appreciate naira in terms of £/$/€, then no wahala.

All na risk, but a sensible risk according to some economists.

it takes a process to making #1=$100. it's not magic.The govt. is on right track.

Donharrie:


US dollar is the father of currencies. It is the basis on which all other currencies are weighed from the beginning of time. Feeling smart to get away from it as your countries exchange has a way of depreciating against you and pur economy. A word is enough for the wise . Relax and sip a cup of coffee as the dollar will plummet against the dollar much higher and the chinese masters will laugh at their black brothers in their secret places.

Alright then. we are observing as things unfold. it makes sense to me sha, since over 70 percent of our business is done with the chinese.

This is what we recommend during Jonathan era but he failed to do it#it's a good development

The bigger problem is that this will draw the wrath of US

Slatemsk:
IN CASE YOU DON'T UNDERSTAND

I know Most of You don't know the meaning of Nigeria naira/yuan swap with China.. And why American government is desperately smoothing their relationship with Nigeria.

This is a clearer picture of the deal and it's effects on our economy and way of life.

Soon, you may be buying that techno phone you bought at N80,000 for N12, 000 .

The Central Bank of Nigeria have finally signed the currency swap deal we have been expecting for the past 2 years with the Chinese government.

The importance of this is that since almost 70% of the goods we import come from China and Asia and only about a meagre 12% come from America, why must we use Dollars to transact with China?

Thus, with the new deal, instead of using dollars at N350 to 1dollar to import those goods, we can now buy Yuan at 47 naira to 1 Yuan and import those stuffs directly. Therefore, Instead of buying these goods in dollars in China, we will now buy them in Yuan at 5 times cheaper than their dollar rates.

Meanwhile, it should be noted that China is now the highest importer of our crude. This means that our trade with them can be on Naira/Yuan basis.

This is a giant stride that our media needs to disseminate. It's a great achievement by this administration in its effort at repositioning our economy.

Of course, with d new deal, d demand for dollars will nose dive, with an attendant crash in its price.

Try to monitor exchange rate. Some of those guys who hoarded foreign currencies to make gains will off load them in order not to have heart attack over their huge loss arising from the currency swap deal with china.
Dollars and pounds will flood everywhere with no buyers, as the buyers will draw naira from their accounts in banks with presence in China.

Many NIGERIA banks will be seeking to have their representative office in China like first bank who saw to the future and already have office in China.
Inflation will go down drastically because of the price of commodities that will drop......

tankx for this explanation but my fear is all dis inferior good entering naija nko now that yuan will be easy to get.
but dis will take a while before the dollar will go down coz many nigeria dnt know understand dis deal and dey really need to be enlightened more bout it

chukzyfcbb:


I want it to happen so that I can amass enough dollars and store in my Dorm account, when the need to go on vacation or study abroad arises, k can then go from the storage acct and take some dollars. In fact I am seriously praying dollar should crash, and people should reject it and swoop in for the Chinese currency. so I can buy it at a very cheap rate

It's a win win situation for us. It means will always put our money in the right places. Trade with the Chinese, vacation and studying in the US and Europe. The over reliance on dollar has cost us too much. Imagine tuition fees reaching #10m just because £ is 500+. But there's another side to this currency swap deal, Nigerians need to do more production. Either unprocessed, semi, or fully processed materials should find their ways to China. The citizens of this country have a role to play

InvertedHammer:


The Chinese are centuries smarter than Nigerians in trade deals. So China gives Nigeria $6b loan but keeps the money in a Chinese bank. Then a Chinese company executes the contract in Nigeria and gets paid in China. And that is a loan that Nigeria must pay. It is good for China and Nigerians because it will ensure that projects are actually executed not only on papers. But in terms of business negotiations, the handlers of Nigerian economy are dunces.

/

I assume the cost of paying back a loan Nigeria took when $ was 360 to naira should be cheaper to pay when $ becomes 200. But then subsequent loans would be negotiated in naira/yuan

My own question is, what are the products we can export to China,
because I need to start my own exporting plans to China.
And also how to get the buyers in Chinese market

bankylan:
I can bet a million naira that this thread won't get to 10 pages as most youths on Nairaland barely understand what currency swap is all about. The knowledge of economics, dynamics of trade, international relations and global affairs is zero among many youths. But if it is about Davido and Chioma or Tinubu...and Jonathan now, everyone has something to say. The number one problem of Nigeria just other African countries is 'lack of REQUIRED knowledge' in this 21st century of economic complexities and dynamism.

gbammm


Imagine one ediot asking if Chinese will be spending naira now

Salas4oru:

It's a win win situation for us. It means will always put our money in the right places. Trade with the Chinese, vacation and studying in the US and Europe. The over reliance on dollar has cost us too much. Imagine tuition fees reaching #10m just because £ is 500+. But there's another side to this currency swap deal, Nigerians need to do more production. Either unprocessed, semi, or fully processed materials should find their ways to China. The citizens of this country have a role to play

Yea, over dependence on us dollars or pounds has made study abroad very very expensive.

Fully processed materials will hardly find its way to China from Nigeria, they have reduced manufacturing cost to the barest minimum over there at China, we can never compete with them in processed item.

Come to think of it, I don't think China will be trading OIL with Nigeria with this swap deal because OIL is traded with the us dollars, that's how we build our foreign reserves. However, if the swap deal includes China paying for our oil with their currency then that's a good thing :-) Although With Dangote's refinery in sight, that may cut down the Chinese yuan overtime, thus adding more demand pressures on the govt.

whichever way it may seem, getting the dollars at a very cheap price is the best deal, knowing how crazy our govts economic policy can be.

This is a very good development to us as a nation!!!. I am impressed and hopefully this would move us to next level in economic development.

chukzyfcbb:

Yea, over dependence on us dollars or pounds has made study abroad very very expensive.

Fully processed materials will hardly find its way to China from Nigeria, they have reduced manufacturing cost to the barest minimum over there at China, we can never compete with them in processed item.

Come to think of it, I don't think China will be trading OIL with Nigeria with this swap deal because OIL is traded with the us dollars, that's how we build our foreign reserves. However, if the swap deal includes China paying for our oil with their currency then that's a good thing :-) Although With Dangote's refinery in sight, that may cut down the Chinese yuan overtime, thus adding more demand pressures on the govt.

whichever way it may seem, getting the dollars at a very cheap price is the best deal, knowing how crazy our govts economic policy can be.

You're right. Fully processed goods can't find its way to China and also the oil prices are usually quoted in $. Yuan against the naira will appreciate with time but the govt still have a list of imports not allowed into Nigeria and that list has done a lot of good even b4 the swap.

Slatemsk:
IN CASE YOU DON'T UNDERSTAND

I know Most of You don't know the meaning of Nigeria naira/yuan swap with China.. And why American government is desperately smoothing their relationship with Nigeria.

This is a clearer picture of the deal and it's effects on our economy and way of life.

Soon, you may be buying that techno phone you bought at N80,000 for N12, 000 .

The Central Bank of Nigeria have finally signed the currency swap deal we have been expecting for the past 2 years with the Chinese government.

The importance of this is that since almost 70% of the goods we import come from China and Asia and only about a meagre 12% come from America, why must we use Dollars to transact with China?

Thus, with the new deal, instead of using dollars at N350 to 1dollar to import those goods, we can now buy Yuan at 47 naira to 1 Yuan and import those stuffs directly. Therefore, Instead of buying these goods in dollars in China, we will now buy them in Yuan at 5 times cheaper than their dollar rates.

Meanwhile, it should be noted that China is now the highest importer of our crude. This means that our trade with them can be on Naira/Yuan basis.

This is a giant stride that our media needs to disseminate. It's a great achievement by this administration in its effort at repositioning our economy.

Of course, with d new deal, d demand for dollars will nose dive, with an attendant crash in its price.

Try to monitor exchange rate. Some of those guys who hoarded foreign currencies to make gains will off load them in order not to have heart attack over their huge loss arising from the currency swap deal with china.
Dollars and pounds will flood everywhere with no buyers, as the buyers will draw naira from their accounts in banks with presence in China.

Many NIGERIA banks will be seeking to have their representative office in China like first bank who saw to the future and already have office in China.
Inflation will go down drastically because of the price of commodities that will drop......

thanks bro....I just pray america allows this

coz I may smell jealousy

Xtopher123:
The Comments above tells very bad about Nigerian youths..

They dont read and cant make a meaningful convo out of this post..

And want to rule the country? I doubt we can..

I noticed the mediocrity took. It is disheartening and very dismal.
Why won't buhari say Nigerian youths are lazy?

with the presence of our banks in China we will start having master cards with yaun instead of dollar cards..will buy stuffs easily from China ..send more students to study there because is cheaper.. i see the dollar crashing very soon..like in southafrica the dollar to the south African currency is not up to 1$ to 100 rand so it will crash in Nigeria too

Slatemsk:
IN CASE YOU DON'T UNDERSTAND

I know Most of You don't know the meaning of Nigeria naira/yuan swap with China.. And why American government is desperately smoothing their relationship with Nigeria.

This is a clearer picture of the deal and it's effects on our economy and way of life.

Soon, you may be buying that techno phone you bought at N80,000 for N12, 000 .

The Central Bank of Nigeria have finally signed the currency swap deal we have been expecting for the past 2 years with the Chinese government.

The importance of this is that since almost 70% of the goods we import come from China and Asia and only about a meagre 12% come from America, why must we use Dollars to transact with China?

Thus, with the new deal, instead of using dollars at N350 to 1dollar to import those goods, we can now buy Yuan at 47 naira to 1 Yuan and import those stuffs directly. Therefore, Instead of buying these goods in dollars in China, we will now buy them in Yuan at 5 times cheaper than their dollar rates.

Meanwhile, it should be noted that China is now the highest importer of our crude. This means that our trade with them can be on Naira/Yuan basis.

This is a giant stride that our media needs to disseminate. It's a great achievement by this administration in its effort at repositioning our economy.

Of course, with d new deal, d demand for dollars will nose dive, with an attendant crash in its price.

Try to monitor exchange rate. Some of those guys who hoarded foreign currencies to make gains will off load them in order not to have heart attack over their huge loss arising from the currency swap deal with china.
Dollars and pounds will flood everywhere with no buyers, as the buyers will draw naira from their accounts in banks with presence in China.

Many NIGERIA banks will be seeking to have their representative office in China like first bank who saw to the future and already have office in China.
Inflation will go down drastically because of the price of commodities that will drop......

I wish the matter is as easy and juicy as u make it sound.
But I assure u, it is very far from reality

Donharrie:


US dollar is the father of currencies. It is the basis on which all other currencies are weighed from the beginning of time. Feeling smart to get away from it as your country's exchange has a way of depreciating against you and your economy. A word is enough for the wise . Relax and sip a cup of coffee as the dollar will plummet against the naira much higher and the chinese masters will laugh at their black brothers in their secret places.

Mr economik! What arrant nonsense are you talking about? Get learned on matters before you comment on them