Thursday, April 14, 2016
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End time Yuan
ReplyDeleteThis isn't great news. We'll suffer it in the long run. This is the economic implication:
DeleteCost of importation will fall as a result of crashing the monopoly of dollar as the means of exchange. Then importation will increase and this will stiffle infant industries within the country making us absolutely dependent on China. Its just like we are begging them to adopt us now... China is looking at the long run benefit while we are looking at the short run.
Whoever advice's The President on Economic and trade matters does a good job which could be improved upon.
Import, Import, Import. When are we going to start producing, and exporting. Smfh for this failed state called Nigeria. Some of u r here cheering like it's a good thing.
DeleteThis is good news cos traders will save more 1 yuan=$6.5 1yuan=30naira. We save more
DeleteBut even if u wanna shop on those Chinese sites, they'll still require you to pay dollars. Do not also for that the product might be going for 4 dollars but if you are to pay in Yuan it would be 40Yuan...so it still the same naira equivalent you end up spending.
DeleteThe solution is to stop importing everything and start producing our own. There's nothing good about this deal. China is the only winner. Buhari just sold us out.
DeleteHahahahahahahahahhahaha.
ReplyDeleteAnything is possible is just to give it a try.
I reject it with the blood
ReplyDeleteWhat are you rejecting it for? Do you think at all? Most of all these foreign goods are produced in China.Even those found in almighty America.Just that unlike America,China produces according to your specifications.Therefore Nigeria nd will always tell them to produce goods of inferior quality and send down to us in order to make more gain.The goods made in China for their own country use is actually superb and you're here talking nonsense.Be there rejecting what would help your life...olodo.Only downside is that we'll be solely dependent on China,which isn't too good for us either.
DeleteThe president already signed an agreement that makes it easier for importers now. Stella learn how to post news in full..
ReplyDeleteHe told them he was going to divert our foreign account in the sense that any one importing things from China would do so in their currency and not dollar whixh is favorable
I can't wait for it to start happening. China importers would be smiling now..
Hmnnnn,Brilliant. This is what our youths should be doing. Not jamming people on twitter. This is the real common sense.
ReplyDeleteSomething of this nature was mentioned in the full write up that said the president had gotten the loan he went for in China but you didn't post the full details. This is a good thing if it happens as they said they will be diverting our dollar account and part going to China to make it possible for importers importing from China to use the yuan instead of dollar. Which is food as it saves the naira against the dollar. It will see a drastic fall in dollar as most things imported are from China.. It's a good step. I hope they follow thru to it. It will help the economy also as things will be relatively cheap and also make standard of living better..
ReplyDeleteSomething of this nature was mentioned in the full write up that said the president had gotten the loan he went for in China but you didn't post the full details. This is a good thing if it happens as they said they will be diverting our dollar account and part going to China to make it possible for importers importing from China to use the yuan instead of dollar. Which is food as it saves the naira against the dollar. It will see a drastic fall in dollar as most things imported are from China.. It's a good step. I hope they follow thru to it. It will help the economy also as things will be relatively cheap and also make standard of living better..
ReplyDeleteI agree if it can be possible,aliexpress and dhgate,here I come
ReplyDeleteIt will work if Chinese will not sell their goods in dollars. They ain't stupid.
DeleteMe too
DeleteThat's part of the agreement between Nigeria and China. It's to the advantage of both Nigeria and China. It'll reduce the stranglehold of the dollar on our necks.
ReplyDeleteStranglehold my dear.
DeleteThanks for the correction dear, I appreciate
DeleteI don't get this correction. You guys wrote the same thing abi? Is it not "stronghold"?
DeleteHa ha ha ha, end time correction!
DeleteAnon what are you thanking her for?
Lmao...@ endtime correction!
DeleteIt could (?)
ReplyDeleteI wish it would work sha.
ReplyDeleteIt will work Stella. It is a major breakthrough for importers. Chinese yen to dollar is abt how many dollars. This is actually the step buhari and Cbn governor should have taken a long time ago to crash the dollars . Watch and see dollar will come crumbling.
ReplyDeleteJapan yen hunnie
DeleteChina+Aba=?
ReplyDeleteI must belong
DeleteBecause ABA people dey go China produce the lowest quality to make a lot of profit.
DeleteHmmmmm.. Sounds interesting. But china products no dey last na..
ReplyDeleteBecause the ones our importers bring to us here is of lowest quality. Just travel to China yourself you will be amazed.
DeleteThis is why they beg kids to face their books and leave yahoo and nairabet alone. Who told dis clown dat fallen naira is solely bcos of imports from d usa
ReplyDeleteAre you able to explain your point? Back up your perspective with facts not insults.
DeleteUse your brain for logical analysis. This is what is needed. Brainless mimi from miami
DeleteIt will work o if our leaders can think with their brains n not legs.
ReplyDeleteLol China tins too de spoil
ReplyDeleteIt may not work. Why because, the Chinese will sell anything to you at the dollar equivalence, still using their currency. It is however worth trying. But the question is, How readily available is Yuan?
ReplyDeleteMy thoughts though....
Don't think so
ReplyDeleteDon't seem to make sense out of this....somebody please explain to me
ReplyDeleteGet sense u no gree
DeleteYou will know anything about it na when it's not about babes,boobs or ass.
DeleteWhen you keep face like broken mannequin, how you wan take understand? Annoying boy.
DeleteIt's not for chicken brains like you to understand.
DeleteAnon and Babyeyez, your comments are very unhelpful. He asked for an explanation you responded with mockery. I'm guessing you're both ignorant but arrogance won't let you admit it.
DeleteHenry, the premise is on the exchange rates margins. So it will cost far less naira to convert to Yaun which will be used to import from China.
DeleteIt may or may not work but we should pray for our country to progress. PS it's a smart person who asks questions.
Yepa..u r finished
DeleteMc pinky
Yinmu
ReplyDeleteWhy import at all?
ReplyDeleteBesides everything these Chinese people make is fake, toxic or both.
Na dem de make plastic rice, na dem start wax covered noodles when no de digest for three days, na dem de manufacture egg with yellow dye, cornflour and some other chemicals...
This clueless government should provide adequate infrastructure and policies that would attract investors.
There's no reason why Louis Vuitton cannot have a factory in Nigeria. No reason why we cannot produce food for export, rather than importing rice that won't digest.
Spot on
DeleteGbamest
DeleteChina has the highest quality control in the world. There are various levels of quality. It's up to the buyer to choose and for the recepient nation to set their own standards of what quality of products can enter into thier markets. Made in China products in the UK are of very good quality and highly competitive. Take the steel industry for example where Chinese products have obliterated Indian and UK producers by supplying passable, level and even better quality steel at lower prices.
DeleteChina is always a good ally. Equatorial Guinea is a great example of the benefits of doing business with China.
It is what our people tell them to do..they work according to instructions given by Nigeria importers
DeleteIt's Nigerians that ask them to make subpar products that will be imported here to us.The products they use in their own country are actually very good.These imported goods should be monitored and inspected after importation so as to make sure they are of superior quality.Chinese products are very good.
DeleteExcept for a few indigenous brands like Burberry (it's a British brand) , all other companies actually make their products from China , Nike, adidas, h&m , m&s , and same goes for primark just that it's the quality you ask for you get... Same shoes you find in primark you also find in Aldo, new look , Zara , difference is quality.. They all make their products in China, it's cost effective, cheap labour!!! In my Masters class all of these were taught with proofs
DeleteThe meaning of change is to do away with the old order And establishemt. Does change come quick? The answer is no! Christ had to die including his many miracles and st Paul undertook several missionary journey's to do away with the old order of idolatry and establish Christiendom. My point is that for the change we want so desperately, PMB has to form new alliances with world powers, explain to them his plans for the nation and woo them into seeing Nigeria in better light so they can invest. This is not a day's job. The opposition knows PMB's plan will work hence they create distractions here and there with trival issues. Guys ask yourself why after a forceful removal from office and 3 failed attempts at presidency, God gave him the mandate now that Nigeria is at the brink of depression, why now! It is because he is God sent... wait and see...
ReplyDelete*takes a pill of flunitrazepam*
I like ur analysis and hope it works
Deleteindeed there is light at the end of the tunnel..patience my fellow country pipo..
#God bless naija and naira
*Paragraphs needed urgently in that epistle of Nikodemus
Delete@Greg Thank you very much for this.... just that nigerians are so impatient!
DeleteThat's the plan been? to sell us cheaply to China and flood our land with their substandard goods abi? Talk of falling from frying pan to fire.
ReplyDeleteChina is a big market.they produce for so many countries. Just that our importers go there and demand for the lowest grade of products. They have the man power. Our importers are our problem. They make cheap so that they can make lots of profit.
DeleteSeek knowledge madam, ignorance is a psychological disease. Who told you that is the plan? Abi u dey work for radio Nigeria or the budget office...
DeleteHey madam how are you and your son doing?
DeleteGod bless you @ Nwa Amaka. A lot of the clowns here just jump in and criticise without an understanding of the issue
Delete@divalicious,tnx my Sist for asking we are well and God is on our matter.
DeleteBv NwaAmaka tnx for the enlightenment. I usually don't come to reply comments made under an opinion of mine and I don't also insult pple when they make an obvious stupid comment, so anyone who wishes to rant under my comments be prepared because where I am now I have excess time on my hands to say my mind on every topic Stella decides to post. Anon21:40 as a clown I've kept you entertained, get an id you will feel better afterwords.
Hmmmm really?
ReplyDeleteIt will work stella,we all just need to support bubu.
ReplyDeleteYou are wise!
DeleteLol! Why won't it work?
ReplyDeleteDunno how possible, however, the logic seems probable... It will be great if it is achievable
ReplyDeleteHmmmmmmm
ReplyDeleteI believe it will work, because USA manufacture their goods from China. There is a prediction that in 10 years, China will be the economy power.
ReplyDeleteilliterate
DeleteMmmmmm ok..
ReplyDeleteAre dey fcuking kidding me?!...yuan ba wo?
ReplyDeleteWhat is this one saying?is it buying in dollar that made the naira weak?the naira is weak against all currencies. See him talking about buying in CFA like he knows the value of the CFA against the naira. 1000 CFA is equivalent to 540 naira now.so now that oga has has gone to borrow money for infrastructural projects that haven't even been identified yet,I guess it is now okay to import from China abi?what happened to operation #buynaijatogrowthenaira?how are we sure this Chinese borrowing is not the reason he is insistent on the the Lagos-calabar rail project being included in the budget?the terms of the Chinese giving us the money is that there must be infrastructural projects before the money can be released.the more you think about it,the more sense it makes because this wasn't a part of any of his campaigns promises. Why not build a refinery or two to curb this crippling fuel crisis?now you are including a 60 billion naira rail project so you can have access to a 2million dollar loan(over 600 billion naira). I read that nnpc said they spend up to $1.8 billion per quarter to make fuel available for everybody(and there are still queues?). That doesn't make any sense na,why not allow the marketers and everybody else bring in petroleum products to sell for the next two years and use this money you spend quarterly to build refineries,power plants and other meaningful projects around the country? Oga that is referring to Benin Republic, they don't have a drop of crude oil and they sell a litre of fuel for almost 300naira(when converted) but you just drive into a filling station, buy and go about your business.with what Nigerians have suffered in the past one week or thereabout, do you think we won't buy fuel at 300 if we know that we can get them at any time we want?if NNPC uses this hands off approach,it would save this country $7.2billion per year and there won't be cases of vandals and pipeline vandalism anymore.Nigerians believed in PMB as the man to steer us out of troubled waters (a lot of us still do).obama met a mess in the american economy and it took him almost three years to turn things around but at every stage of the turnaround process,the average american was aware of what was going on.we know real change does not come in one day but we want to see and know what is happening. Give us a monthly progress report on projects that are being implemented, let us see how we, as a nation,are rising again.let NTA and every other tv station that is willing to,show us things that were done within the last month on every last Sunday of the month from 8 to 9pm.i assure you that will be the most watched program on air for that time slot. Nigeria is going to be great again someday, how soon we just don't know. God bless Nigeria
ReplyDeleteHey bv
DeleteU not a villager
But a smart literate
Spot on!
DeleteYou deserve a bottle of Dom perignon for this analysis....👊
DeleteSorry to derail the post. Please I need the contact for ajay's cake. Does anyone have it? Thank you.
ReplyDeleteThe naira is weak against every other currency out there,even the CFA francs. Why are they making it sound like it is just against the dollar? Now importation is good abi?most products listed on alibaba,aliexpress and other b2b sites are quoted in dollars so what are these guys getting at. The main koko of this trip na the money wey he wan go collect. At this same phase,during his first tenure,Obj was also traveling but he was doing this to appeal to powers that be to please reduce our country's debt,not borrowing more for yet to be identified projects. This is like borrowing money to increase your savings, which doesn't make any sense at all.
ReplyDeleteThe naira being weak against CFA is cos Benin rep residents have no direct access to sufficient dollar which they also need for most of their trade. They get their dollar mostly from Nigeria and in order to get it, they need naira. When Naira fell to the dollar, they started raising their rates so it could help them get enough naira to meet up with the increasing exchange rate here.
DeleteThey're suffering it now cos patronage from Nigeria has reduced drastically over there. If in doubt, take a trip to ritis and check out the poor rate at which vehicles are leaving the port. That's if you'll even see any on the queue. The lebanese are complaining bitterly. Their transporters are also complaining, especially those shuttling border-cotonou routes.
They are badly affected because the CFA is not synonymous to them alone, thus they cannot unilaterally decide to devalue it. Togo and other WA countries using CFA are not ready to shake bodi.....and France seems to be gradually leaving Benin to her fate.
I'm pretty sure people like you were busy hailing jona when he was depleting the foreign reserves on his smelly campaign like it was going out of fashion.
Make una let us hear word with una complaints and bad belle abeg. That Nigeria has not economically closed shop by now, is an indication that Buhari is doing something right even if seeming reality out there casts aspersions on this line of thought.
Chai! Se as I just love you and your comment thesame time
DeleteWhere can I kiss ? You lips or chick?
Let me rant small. D worst kind of husband u can ever marry is a man without faith. I have been married for just a year and I am still trusting God for the fruit of d womb but each time my period comes my husband will not eat or talk to me. I keep wondering wheres his faith like I will never have kids or what. I have decided to ignore him and concentrate on God my faith isn't shaken at all I must be pregnant this year in Jesus name. Amen
ReplyDeleteAmen.
DeleteAmen dear
DeleteNa wa oh.
DeleteDid he marry you just to have kids?pls ask him oh.
It is well with you.
Okay...
DeleteHmmmmmm..... madam your husbands problem is deeper than having a child..... he'll start obsessing with something else after the baby comes.... as for you, try not to get too worked up.. the children will come...
DeleteJust one yr and he's like thus? Am sure there's more to it, Sist if nothing happens after this month tell oga both of you need to go for checks I think he's hiding something, all this face he's making is a coverup of the main issue. Don't be threatened my babe all may not be well with daddy.
DeleteSome people are fucking dumb on this blog. So dumb that it's hard for others to relate with them
ReplyDeleteFirst of all, China has 3 different type of quality. They give you what you want. You want cheap, economic or high quality, that's what you get. So blame Nigerians for wanting overtly cheap things and the importers doing their bidding..
Countries like USA import from China, hope you all know that?? But they go for high quality products. All designers have their sewing factories in China because of cheap Labour. And you are talking what??
Someone is asking why should we import?? Do you think going from a country based on import to a country that doesn't import happens in a year, it happens in years. Because you have to set the ground running. You have to be sure you can boast of electricity for 24hrs which isn't achievable now. The president has said by 2018 before we can get 5000 mega watt. 5000 mega watt can't even give 24hrs light so what do you want the country to do?? Be at a standstill still??
Someone mentioned this is going from bad to worse, please how exactly?? 95% of the items used in Nigeria is imported from China. So wouldn't it be better if we deal with them based on their currency than dollar?? Do you want importers to continue importing with dollar price that is currently high?? This innovative will make the price of dollar fall flat. Because we wouldn't be dependant on dollars. What has dollar done for us. China is about the world top powerful country. So we better ask for help from them like other countries do and make things easier for us. You all are complaining that standard of living is high and this is about to make your lives better and you complain??
I am not a fan of political parties and have seen so many things the president have done wrong but this right here is a good step. He did something good and this will remove hardship in the country before the year comes to an end
This will make importers happy not basic Nigerian who know nothing but be on blogs dropping senseless comment
God bless you. It's amazing how the average Nigerian reasons!
DeleteGod bless you! Youu tried that for explaining to some of these dumbass
DeleteU even get time to dey explain gv ppl,even after ur explaination, some 1 wld still insult u and call u daft,this is a gossip blog,so I don't expect too much intelligence jare.
DeleteWell said. I concur 100%. Too many daft people on this blog.
DeleteWell said.A million likes anon 20:37.
DeleteNwa Amaka welcome. You have ranted all over and finally settled here as anonymous.
DeleteLike you said, Nigerians just need to order quality, U.K. Imports from China well most stores.... Primark orders from China , same as New look but difference is quality, Same goes for all other big brands , difference is branding(goodwill) and quality!!! Someone said H&M is expensive primark (because of brand/image/goodwill)....Nigerian importers and manufacturers need to sit up and request good quality!!!!!
DeleteThis seems good ooo, we're finally getting to hear something intelligent from this government.... if we follow this through, it is going to be a thorn in the flesh of the American monopoly. Kudos to whoever suggested this to PMB.
ReplyDelete.
.
*Sips Hennessey from a platinum chalice and adjusts concave lenses*
Story for d gods.
ReplyDeleteBia no be China d phone charger and battery u sell come frm?
DeleteChina do very good products.some of these top designers get their raw goods or sometimes finished product from china.its just that some of our greedy import and export personal tell them to do sub standard products for we Nigerians. As we are the dump of Africa. Anything goes
ReplyDeleteIt's because Nigerians like cheap things. I once imported baby diapers from China. And I made the first container high quality. Very high quality thay it cost me so much. Only for me to bring it in and people wanted buying it same price as the cheap once in the market. I gave out samples for people to use and they testified that it was better than Huggies but it was expensive. I sold at a loss for that container and went back for economic quality. I didn't even try high quality again. Even the economic quality there isn't much gain as people will come out and want to price the goods to very low price forgetting the price they are quoting is for those who sell low quality..
DeleteWhat I did now is make low quality and economic quality. So whatever one you want, you get. I wouldn't kill myself. Economic quality is very good as that's the standard for all African country. But Nigerians like too much cheap things. Hence the low quality you see in the market.
If you want something of better quality, China will give it to you. It's your money thay will pay for it
Let dem think more out of d box and revive Nigeria's dead infastructure,so that our economy we grow geometrically.
ReplyDeleteIt will not work because the US will do away with Buhari. Same happened with Gaddafi. Watch and see!
ReplyDeletePlease where can someone get the Chinese yen to buy in Nigeria?
ReplyDeletePlease where can someone get the Chinese yen to buy in Nigeria?
ReplyDeleteAll I see is chinko yuck. Joh o Stella ibiakwa
ReplyDeleteThatz a good deal....at least I gave seen what to congratulate PMB for since he became president . Nigerians they make me laugh. ..lol so you guyz don't know 70% or even more than the fabulous and expensive hone appliances, gadgets, cloths you use daily are either made in China, or raw materials is from China, or finished in China, don't be deceived,China has good and duarable products.its a matter of choice...una like fake,my igbo importers like excess profit,so the import inferior product you buy it and end up buying it two times or more than.not necessary that China only has substandard products .
ReplyDeleteHow can i like The Villager's comment? we need monthly reports from Government, that's all... We will be patient when we see your action plan and performance reports in all sectors. become Accountable
ReplyDeleteTyped Japan's yen instead of Chinese Yuan.#yesterday
ReplyDeleteBuhari should watch his back if this pulls through.