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Nairaland Forum / Nairaland / General / Business / Nigeria, Sierra Leone Plan Currency Swap (41817 Views)
CBN Issues Guidelines For China-Nigeria Currency Swap Deal (Pics) / 41 Items Still Banned Under Nigeria-china Currency Swap Deal / How Nigeria Will Benefit From Currency Swap Deal With China (2) (3) (4)
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Re: Nigeria, Sierra Leone Plan Currency Swap by Kenturkey048(m): 8:42am On Jan 02, 2020 |
OgunLaakaye:I remember when Chinese government agreed to borrow major general Buhari 6mill yuan,some Nigerian folks celebrated that,ask them why??they don't know. Now will this currency swap benefit you in particular..? Do you do business with siera-leaone?? Nigerians love celebrating mediocrity. |
Re: Nigeria, Sierra Leone Plan Currency Swap by Okoroawusa: 8:43am On Jan 02, 2020 |
Pharovo:For that one you r just wasting your advice |
Re: Nigeria, Sierra Leone Plan Currency Swap by EgusiShankly: 8:46am On Jan 02, 2020 |
lexy2014:add to the fact that this "rules" could be detrimental to a nation's sovereignty.. |
Re: Nigeria, Sierra Leone Plan Currency Swap by Saintp(m): 8:47am On Jan 02, 2020 |
Make una no vex oooo. The question I want to ask is that what has been the outcome in Nigeria China swap deal since it was signed? I mean how has it made any difference to the economy or the average man on the street? What key performance indicators are we actually looking at besides symbolic theoretical sentiments? Please someone should explain. Thanks 1 Like 1 Share |
Re: Nigeria, Sierra Leone Plan Currency Swap by DexterousOne(m): 8:49am On Jan 02, 2020 |
CSTR2:After doing the bolded We would have to prepare for French inspired invasion or destabilization Check this link https://www.globalresearch.ca/hillary-emails-reveal-nato-killed-gaddafi-to-stop-libyan-creation-of-gold-backed-currency/5594742 France especially is a blood sucking country that must be dealt with decisively |
Re: Nigeria, Sierra Leone Plan Currency Swap by lexy2014: 8:51am On Jan 02, 2020 |
EgusiShankly: That is if we could even establish what d rules are in d first place 1 Like |
Re: Nigeria, Sierra Leone Plan Currency Swap by DexterousOne(m): 8:53am On Jan 02, 2020 |
lexy2014: Gadaffi ousting was partly his fault And mostly because of France greed and paranoia (may you rot in hell Sarkozy) And African leaders instead of standing and speaking in one voice. They connived to get him kicked out Now look at the results. Africa does not know the game the outside world plays with us 1 Like 1 Share |
Re: Nigeria, Sierra Leone Plan Currency Swap by ken6488(m): 8:54am On Jan 02, 2020 |
Saintp: ![]() Nothing again |
Re: Nigeria, Sierra Leone Plan Currency Swap by WorWorBoy: 8:54am On Jan 02, 2020 |
Good. |
Re: Nigeria, Sierra Leone Plan Currency Swap by lexy2014: 8:58am On Jan 02, 2020 |
DexterousOne: Tnx 4 ur response but I wanted d gentleman to clarify his statement that Gaddafi died because he didn't obey "simple rules". Its quite vague. I was hoping he will shed some light on what thpse rules are, who made d rules and if d punishment for not obeying those rules is death 2 Likes 1 Share |
Re: Nigeria, Sierra Leone Plan Currency Swap by DexterousOne(m): 9:01am On Jan 02, 2020 |
lexy2014: So any country that refuses colonialism should be scattered right? Rubbish |
Re: Nigeria, Sierra Leone Plan Currency Swap by babz11(m): 9:10am On Jan 02, 2020 |
OakConsultNG:o Nawa so them dey register church for CAC also? |
Re: Nigeria, Sierra Leone Plan Currency Swap by Multiplier7(m): 9:16am On Jan 02, 2020 |
This is what I have been talking about. Naira should be the main talk of all these ECOWAS countries not ECO. Nigeria has the capacity to make the Naira the general acceptable currency starting with West African countries. This is a good move by the Sierra Leonian Government. They swallowed their pride to adopt the Naira currency. I know one country that can never do that even if their economy is shrinking to death. Ghana pride to see themselves as a competitor to Nigeria that's why they are OK to accept ECO to Naira. But all things being equal, whom God has made Great is Great indeed. I advice other West African countries to follow the footstep of Sierra Leon. It is better to make Nigeria greater than making France. It will benefit us all at the long run. Nigeria has the capacity to play the big brother role by fathering all this countries. Since plan are in place by the Central Bank of Nigeria to be printing other countries currency, it will be nicer if this countries adopt naira instead of dollar to trade with in the subregion. Lastly, I see Nigeria having a greater role to play in the ECOWAS region. Appointing or setting up a committee on Economic development will be a great idea. Nigeria has great minds that can drive and control these economies and more for greater good. That's why Nigeria can't afford to fail as a nation talk more of making mistakes in their decision making. It is the Economic power house of Africa and must live up to standard and also man up to its responsibilities as giant of Africa which they are. 1 Like 1 Share |
Re: Nigeria, Sierra Leone Plan Currency Swap by lexy2014: 9:17am On Jan 02, 2020 |
DexterousOne: I don't no and i dont think ur question should be directed at me cos as u observed, my post was full of questions seeking clarification from d gentleman about what he meant by Gaddafi not obeying "simple rules". |
Re: Nigeria, Sierra Leone Plan Currency Swap by BonPatrick(m): 9:29am On Jan 02, 2020 |
Thanks alot for the information BeachLife: |
Re: Nigeria, Sierra Leone Plan Currency Swap by AngelicBeing: 9:33am On Jan 02, 2020 |
BeachLife:Gbam ![]() 1 Like
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Re: Nigeria, Sierra Leone Plan Currency Swap by APOSTLECHUMA: 10:18am On Jan 02, 2020 |
SIERRA LEONE NA MI COUNTRY, WAS THERE IN THE DAYS OF KRAUMA. |
Re: Nigeria, Sierra Leone Plan Currency Swap by Daguccizgreat(m): 10:42am On Jan 02, 2020 |
Bighead9:see this aboki which North? The one that has the highest rate of hunger and poverty or another north |
Re: Nigeria, Sierra Leone Plan Currency Swap by SamOyovwi: 10:44am On Jan 02, 2020 |
Lie. Corruption is Nigeria's number one problem. Am from the South Nonybb: |
Re: Nigeria, Sierra Leone Plan Currency Swap by tck2000(m): 10:45am On Jan 02, 2020 |
GreetMe:Now you made me understand. 1 Like |
Re: Nigeria, Sierra Leone Plan Currency Swap by Kingstanding: 10:47am On Jan 02, 2020 |
CSTR2:. Thanks so much, but a good leader will treat is country the way he/she treats his/her country. Our leaders are not really care about their citizens. |
Re: Nigeria, Sierra Leone Plan Currency Swap by Blue3k(m): 11:12am On Jan 02, 2020 |
Sammy07: It reduces demand for dollars. You have to go to bank to borrow these funds. The currency swaped between countries must also be returned after certain time. Kingstanding: It makes doing business in China easier. Why should they do a deal that would expand trade with an ECOWAS partner? |
Re: Nigeria, Sierra Leone Plan Currency Swap by diplomat058(m): 11:41am On Jan 02, 2020 |
Sammy07:Sir, based on my understanding, the currency swap deal will not affect the dollar forex exchange rate. This is because exchange rates are premised on the inflow-outflow quantity of the currency in question. For instance, if there is more outflow than inflow of dollars in an economy, the value of its currency goes down in relation to the currency exchange deficit. This is applicable to the US Dollars versus the Nigerian Naira On the other hand, the inflow- outflow quantity of the Chinese Yuan and Nigerian Naira will only affect the value of the latter to the former, and NOT to the US Dollars A major defect if this, however, is that Nigerian Naira can go really down against the Chinese Yuan because the value of our imports( electronics, phones, drugs, construction services, industrial services, etc.) from China may be more than that of Our exports (majorly crude oil and lil primaries) to China. It may also be an advantage because we would, in the long run, create more important substitution mechanisms since we cannot to rely on China for ever, particularly, given the precariousness of the exchange relations Hope this helps 1 Like |
Re: Nigeria, Sierra Leone Plan Currency Swap by kjhova(m): 11:45am On Jan 02, 2020 |
Saintp: Been a long time I made a comment on NL due to the amazing drop in brain power of members over time. However, your question elicits a desire to educate you & many others on this topic, even if I sense your pessimism. So I comment thus: -Nigeria signed Bilateral Currency Swap Agreement (BCSA) with China in April, 2018 and the BCSA became effective in August same year. -Initial agreement is for 3yrs (2018-2021) with total volume of CNY15B (N720B) which average to CNY5B (N240B) annually. -Nigeria's 1yr import from China from Sept. 2018 to Aug. 2019 was N1.7Tr (CNY35B) which is over 700% of available CNY for the year under the BCSA. -Therefore, the current BCSA can only finance 15% of Nigeria's annual import from China. -The above, indicates that the BCSA volume will have to be increased when due for renewal in 2021 as it is currently oversubscribed. -Over-subscription indicates that the market highly appreciate the BCSA. -The BCSA has aided Nigeria's ability to manage our FX (i.e. dollar) & renewal in 2021 will further aid our FX stability. -All the above explains the diff the BCSA has made to our economy. As for the common man, it depends on how common the individual is. A policy that helps the fish farmer to produce more fish for the market will not necessarily put money in the pocket of the buyer to buy more fish. It is the duty of the "common man" to understand the dynamics of the economy & position himself in a way to benefit. Rem, information is king! -Performance indicators to pay attention to: Naira stability, FX availability, market liquidity, growth in foreign trade, increased BCSA burse etc. are a few for any genuinely interested questioner to review for success. -Future prospects for Nigeria: Increased trade with China (Import/Export), become the financial hub for Africa-China business, Acceptance of Naira as swap currency with Chinese Yuan for many other African countries in Back-to-Back swap deals with Nigeria. For shorts, the BCSA with China is a fantastic deal for Nigeria and subsequent swap deals between Nigeria and other African economies can only be a blessing to Nigeria and our economic partners across Africa. Anybody who sees otherwise will NEVER see good in this country and needs not be given attention by real citizens of this country! 5 Likes 2 Shares |
Re: Nigeria, Sierra Leone Plan Currency Swap by cutegentility(m): 12:44pm On Jan 02, 2020 |
kjhova:Thanks for the information Sir. I really gain a lot from your post. 1 Like |
Re: Nigeria, Sierra Leone Plan Currency Swap by kjhova(m): 1:00pm On Jan 02, 2020 |
cutegentility: Thanks Gentility, Hopefully, we will become a nation of knowledgeable citizens by aiding each other rather than fighting each other. Regards 2 Likes 1 Share |
Re: Nigeria, Sierra Leone Plan Currency Swap by Bighead9: 1:32pm On Jan 02, 2020 |
Daguccizgreat: Poverty knows no race or tribe. Go to the East, you will see poverty everywhere.
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Re: Nigeria, Sierra Leone Plan Currency Swap by MickzyDonald: 1:44pm On Jan 02, 2020 |
God help us o |
Re: Nigeria, Sierra Leone Plan Currency Swap by Dozie32(m): 1:51pm On Jan 02, 2020 |
k2money: Must you insult me, you this dying idiot ![]() ![]() |
Re: Nigeria, Sierra Leone Plan Currency Swap by Dozie32(m): 1:51pm On Jan 02, 2020 |
Topmaike007: Mumu! |
Re: Nigeria, Sierra Leone Plan Currency Swap by Dozie32(m): 1:53pm On Jan 02, 2020 |
farem: Mumu idiot!! Who tell you say I no understand what they wrote there? ![]() |
Re: Nigeria, Sierra Leone Plan Currency Swap by Dozie32(m): 1:55pm On Jan 02, 2020 |
Pharovo: Idiot!! Who tell you say I no read am? Abi wetin kill your papa never want make you sabi something. |
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