The Central Bank of Nigeria have 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 stuffs directly.
Instead of buying these goods in dollars in China, we will now buy them in Yuan which is 5times cheaper than dollars.
As usual, another giant stride which Print Media, Electronic Media and Nigerian looters will not report or allow you to understand this victory over supremacy of dollars in our daily lives and economic activities.
Up coming reality is that from tomorrow, 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 saw to the future and already have office in China.
Inflation will go down drastically because of the price of commodities that will drop.