Nigeria’s plan to increase the availability of renminbi (Yuan) has already favored the Naira against the U.S. dollar, a top official with the Association of Bureau De Change Operators of Nigeria said Sunday.
Aminu Gwadabe, President of the Association disclosed this to reporters in Abuja, saying since the announcement, the Naira had appreciated by 10 naira against the dollar.
The Industrial and Commercial Bank of China Ltd and the Central Bank of Nigeria signed a deal on Yuan transactions, as a way to resuscitate the current currency slump in Nigeria.
The deal meant the Yuan will flow freely around Nigerian banks and will even be included in the country’s foreign exchange reserves.
Since 2014 when Yuan was recognized as a likely global reserve currency, Ghana, South Africa and Zimbabwe have integrated the currency into their financial markets.
Gwadabe said the dollar was now changing for 310 as against the former rate of 320 and predicted that once the policy is in force, the price of dollar will continue to fall.
He told reporters that this new policy will help the informal payment sector.
“You know more than 50 percent of foreign businesses in Nigeria is with China and before now, Nigerians doing business in China have to change their money to dollar, then from dollar to Yuan,” he added.
“You can all testify to the number of made in China things in the country. So if small and large businesses can convert straight to Yuan, it’s better,” he told reporters.
He urged the CBN to monitor the development closely for effective implementation of the policy.
I think it is recognition accorded YUAN not the loan thing which the Central Bank Governor happen to be the Hidden finger that is behind this magic just like what Okonjo Iweala did during OBJ regime as regards to debt cancellation.It takes someone with the knowledge and the workings of finance to achieve that. Emefiele have that in aboundance.
Sai mumu Buhari is ready to fight with kunfu style
Who is buhari
Do you need to be a rocket scientist to be able to borrow money from someone? what makes him a genius by taking loan? how do people describe being a genius?
Your useless father that gave birth to a prostitute like you is the certified *mumu*
Mumu wey get sense pass your entire village.
2003…. in politics no permanent friends n no permanent enemies.
Ihiovi Precious Sali and Success Irene-Oshias
Ihiovi Precious Sali and Success Irene-Oshias
Success Ireen-Oshias
Nigerians have been severely beaten by the system to extend that no one has time for constructive criticism on critical issues affecting their lives.
Wooow so nice
But they said he did not collect any loan from China
Rejecting dollar to choose yuan means NIGERIA is now under the covering of China not Usa. And World Power is God’s Choice. As it’s what d Arabic Nation is running after now & removing d nations that are under USA one by one is their new strategy. What will this analysis do for Nigeria, when we still have hatred, disunity & tribalism among we Nigerians. Before u go outside, u need to start from inside. Instead of begging China, why can’t we go into farming, work on our Gold, Diamond, charcoal & etc. No effort is put-in internaly, no attempt to improve d road, Light, Fuel issue, Schools, improving our talented ones & etc. AND Why Nigeria is not being frequently attacked by d foreign nations is becoz we’re under USA (The World Power) Can china guarantee security for Nigeria? Now we know d begining of the deal, what would d future truly bring to this nation? I av seen how china uses our people here for labour job whenever they’re constructing Nigeria’s road. This is when we’re still yet to be under them. I believe i will be critized but future shall justify d Truth.
You are not being logical bro, first relax and think very well before you comment, yes china has never been friendly to Nigeria or any nation,it is true that the president have made the biggest mistake and got know account to give to his subject because he is confused but presently Nigeria is in deep cheat,borrowing isn’t the right option indeed but fixing Nigeria would not happen with such system and this govt.the best solution for Nigeria is division.when your grown up children isn’t doing well,or don’t like each other, the best thing to do is to separate them and allow them associate with others,from there they will learn how to behave at home.Nigeria is being timid,inactive and careless in every aspect of human right and economic management.all govt came with self interest,to extract and export our valuables to other countries that is even better than us in terms of development.
Which genius … Who wrote this
Thank you Mr President
You people should stop replying that bitch called obianuju. Have seen many of her comments on gossip nigeria. she is just like the rest of the igbo filth who wants to get attention by posting what she thinks is provocative to other tribes in nigeria. She is jobless and people like her love to do compare and contrast debate about what tribe did this and that.
Osayuwamen Osaigbovo wrm lenen nigerianen altijd van chinezenU0001f602
Samuel D Akinola
Whahahah, je weet tochU0001f602
Samuel D Akinola, see your house boy brother lmao
I think it is your damaged brain and psych that needs fixing. A healthy sane man/woman can tell by reading all the comments you have made on gossip mill so far that your brain and psych needs surgery you jobless igbo fool. You seem like the damaged type who was not loved growing up… you were probably rejected and called all sorts of names growing up…you just grew up physically, you never grew up psychologically. Go away you toddler kid.
Raheemat Owolabi and Samuel D Akinola
I never take anything from gossip mill serious cos all they do is gossip lies
Replying a derange person in the first place, is dangerous to your health..
Na lie ,,,but he said he did not borrow now ,,,,APC liars
Aboki Ahmed Mudashiru, I go send this your brother to scatter your anusU0001f61cU0001f602U0001f61cU0001f602
Samuel D Akinola, see your mama legs
Aboki Ahmed Mudashiru, tell your follow Aboki Buhari to show us
ordinary 2 billion dollar loan .., peanuts !!
Obianuju Nwokoma Thank you for indirectly talking about your mama ok..am sure she bleached to become white so that white men can screw her stinky dirty p**y, but still, they won’t hit it. am done with you..you can keep replying like the fool you already are…have reported your stinky defeated thief self to Facebook. You must be one ugly igbo gal..a pretty gal won’t have such extreme degrading attitude unless she does not love her self enough.
Who wrote this nonsense? Where is the dollar down, in lagos abi? And fools go believe it U0001f602U0001f602U0001f602U0001f602U0001f602
Samuel D Akinola, you are an imbecile. Yoruba tout, u seriously need this for ur weed teethU0001f61cU0001f602U0001f61cU0001f602U0001f61c
Obianuju Nwokoma LOl…….I guess i got under your drug trafficking skin. you are the imbecile here…a stupid nincompoop who is extremely damaged, who don’t like herself enough..it shows in all your comments. by their fruit, we shall know them.
I called you imbecile because u were advised not to respond to my post. U agreed with ur follow moron, yet an imbecile like u is still commenting. Yoruba traitor ha ha ha ofe mmanu U0001f602U0001f61cU0001f602U0001f61cU0001f602U0001f61c
Samuel D Akinola
Obianuju Nwokoma Lol..You are a case. How come you can’t type your own words. Are you not intelligent enough to make up a statement of your own instead of using google images to convey what you feel about yourself to me lol. Typical brainless jobless proud igbo filth.
Samuel D Akinola, mumu. The one typed before sending you the images, were they your bleaching cream fat cow mother? Lmao
Your elder brothers
Jobless Yoruba he-goat. Yoruba house boy to the HausasU0001f61cU0001f602U0001f61cU0001f602U0001f61cU0001f602
Samuel D Akinola, may
Obianuju Nwokoma Now I can tell I got under your stinky shitty igbo skin. Bravo to myself…Am done given you the attention you so desperately want from me..attention you can’t get in the real world so you spend your shitty life behind a computer screen being a punk keyboard warrior. BYE BYE FELICIA. Am not here to debate about tribe or politics ok..am here to expose your damage self to you and to remind you how damage you are lol…..job well done to me.
For you to be awake by this time, hunger must be the cause. You can have this one, before you start eating the keyboard. Mumu ofe mmanu, for sure Yoruba food will not pass those smelling foods of yours. And when your done eating the Internet food I send you. You can take your miserable sorry ass off from the internet and go to ur casket you called bed. Moron
Samuel D Akinola, identify yourself hereU0001f61cU0001f61cU0001f61cU0001f602U0001f61cU0001f602U0001f61c
See your useless Bokohari, he is back from China. He can now fight Kunfu. Samuel D Akinola, if you don’t like my post, go and drink rat poison and die like chicken. Garbage like u
See your useless Bokohari, he is back from China. He can now fight Kunfu. Samuel D Akinola, if you don’t like my post, go and drink rat poison and die like chicken. Garbage like u
Your illiterate papa
Your illiterate papa
Illiterate president of Hausas and Yorubas republic U0001f62cU0001f600U0001f601U0001f44aU0001f600U0001f601
Illiterate president of Hausas and Yorubas republic U0001f62cU0001f600U0001f601U0001f44aU0001f600U0001f601
Ha ha ha goat, go and reconstruct your sorry life. And don’t forget to take your illiterate dementia Buhari with u. Nincompoop
Ha ha ha goat, go and reconstruct your sorry life. And don’t forget to take your illiterate dementia Buhari with u. Nincompoop
Go and shoot that stinker @ Samuel D Akinola
Sai Baba, the kunfu president
Obianuju Nwokoma Common miss, don’t take things personal. You don’t have to block me. I thought you have a resilient personality. I dished it out to you the same way you did it to other people. am not the type that reply people the same way I did it to you. Now you did not give me the chance to delete my comments cos you have blocked me. anyway woman. peace be still but know sth, even though you blocked me, that does not mean you and I won’t encounter each other on gossip mills. there are ways to do that. I blocked you once today but i undid it just to reply you. don’t take all this personal sister. I believe you replied me out of having fun but I did to make you feel how it is to reply people in a rude manner. Have a nice day in australia sister. You can block me if you want sis..i really don’t care.
Nigeria hasn’t rejected Dollar. Only transactions between Nigeria and China will involve the use of Chinese yen, any other transaction with any country would remain in dollar. Both the US and China are world economic giant and it’s simply wise to Tap from the wealth of both rather than inclining to one. So far south Africa, Zimbabwe and Ghana have the currency swap agreement with china and it’s working for them.
Whatever which is meant to be will be
If that’s true thank God
That is pure propaganda..people should not be optimistic about PMB travelling to China to get a hupping sum of $2B loan from the central bank of China because we all did not see it from this aspect that China are not ready to get back the money in cash but in Services to Nigeria…so that means if for example they get a contract to build new roads in Nigeria, they might charge the FG more than the worth of the services which is to be provided, e.g building a road of 1000 meters for $500M…Please open your eyes people, we are in the 21st century. No offenses please, just expressing my right to the freedom of speech. Thanks.
Samuel D Akinola.Are u sure ur a real man?I dnt think so,cos if ur a real man,u wont be busy exchanging words with a woman.
da wan no concern me….my magga stil dey coperate…lolxx
What about d looted funds($200billion) he repatriated from United Arab Emirates? How can we have such amount and still go ahead and collect ($2billion) loan from China?
This man is clueless. First, he and his cabals claimed that they recovered Trillions of stolen and looted wealth from politicians, yet he went to China to take a loan of $2billion. Who does he think he is fooling sef?
You are very funny .. Dollar just increase by 1. 34 percent yesterday
Only fools believe such garbage news..
Only fools believe such garbage news..
But many say its wasn’t a wise move by President
But many say its wasn’t a wise move by President
It didn’t change anything in the parallel market….nonsense newsU0001f982U0001f982U0001f982
It didn’t change anything in the parallel market….nonsense newsU0001f982U0001f982U0001f982
Wow… This lady is strong…..
Hahaha only an illiterate won’t understand $2billion is irrelevant in the currency market. Worst of all the most powerful currency in the world. Crap article.
Samuel D Akinola as social & well educated u claimed to be, why calling Igbos “when u think the lady post is provokable” among u & she I think ur the one who brought ethnic divisions by mentioning Igbos on the matter…sorry if I may have insulted u but I don’t mean to,,and not willing in doing that.!!!
Brian Turaki pls tell them. People just write unknowingly. Almost every country is trying to do that with China because of the fast economic growth in China. We never see anything good with our eyes only the bad ones