The Implication of Nigeria Naira/Yuan Swap with China - - Naija News, Jobs, Universities, Scholarships

May 16, 2018

The Implication of Nigeria Naira/Yuan Swap with China

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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 meager 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.

The Implication of Nigeria Naira/Yuan Swap with China

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 re-positioning our economy.

Of course, with the new deal, the 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 Nigerian 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. All thanks to President Muhammadu Buhari led administration.

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