Bank Of Nigeria Have Finally Signed The Currency Swap Deal With China
I know Most of You don’t know the meaning of Nigeria dollars, yuan swap with China.
And why the American government is desperately smoothing the relationship with Nigeria.
Soon you will be buying that techno phone you bought at N80,000 for N12,000.
The Central Bank of Nigeria has finally signed the currency swap deal we have been expecting for the past 2 years into existence with the Chinese government.
The importance of this is that since almost 70% of the goods we import come from China and Asia and 12% America why must we use Dollars to transact with China? from now 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 stuff directly.
Instead of buying these goods in dollars in China, we will now buy them in Yuan which is 5times cheaper than dollars.
A giant stride against Nigerian looters who will not want it to be reported or allow end-users to understand this victory over supremacy of dollars in our daily lives and economic activities.
Upcoming reality is that from tomorrow, try to monitor the exchange rate. Some of those guys who hoarded foreign currencies to make gains will offload them in order not to have a 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 a presence in China.
Many NIGERIAN banks will be seeking to have their representative office in China like the first bank saw to the future and already have an office in China.
Inflation will go down drastically because of the price of commodities that will drop.
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