IN CASE YOU DON'T UNDERSTAND.
Soon you will be buying that phone you bought at N100,000 for N15,000.
The Nigerian Central Bank have finally signed the currency swap deal which have been in the pipeline for the past 2 years with the Chinese government.
The importance of this cannot be overemphasized as almost 70% of the goods we import come from China and The Asian market and only 12% is American, so why use Dollars to transact with China? from now on instead of using dollars at N356 to 1dollar to import goods, we can now buy Yuan directly at 47 naira to 1 Yuan and import those goods.
Instead of buying goods using dollars in China, we will now buy them in Yuan their official currency which is 5 times cheaper than the US dollar.
Up coming reality is that from the minute the deal was signed, 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 soon flood everywhere with no buyers, as the buyers will draw naira from their accounts in banks with presence in China, so the need of the dollar would soon reduce.
Many NIGERIAN banks will be seeking to have their representative office in China just like first bank who foresaw the development and already have offices in China.
Inflation will be down to the barest minimum because of the price of commodities that will drop.
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