Chinese Yuan beta pass American Dollar?
Wia dis foto come from, Getty Images
- Author, Ogechi Obidiebube
- Role, BBC News Pidgin, Lagos
- Read am in 2 mins
Nigeria dey redi to begin pay for goods wey dem buy from China with Yuan instead of dollar, as part of di currency swap deal wey Nigeria enta with China.
Central Bank of Nigeria (CBN) start to dey sell Chinese Yuan to foreign exchange dealers on Friday 20 July .
Inside dis currency swap deal, China go collect 16 billion Chinese Remnibi wey be di Chinese currency, while Nigeria go give $2.5 billion.
Wia dis foto come from, Getty Images
Di main koko of dis deal na to change Nigerian foreign exchange from dollar to Yuan.
CBN governor, Godwin Emefiele say dis one go help Nigerian and Chinese business men to di see local currency to do dia business.
As e be so, 1 dollar dey trade for 360naira while 1 yuan dey trade for 53naira.
Financial Analyst tell BBC Pidgin say di deal go reduce di way Nigeria dey depend on dollar.
Di analyst wey give only one name as Idowu explain say as China be di biggest partner wey Nigeria dey do business with, di deal go make am possible for business pipo wey dey import goods from China, to exchange Naira direct to Yuan.
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Importers no go need to use dollar to dey pay for goods wey dem buy from China.
"If dem comot di demand for dollars, e go help reduce di naira to dollar exchange rate small."
Dollar or Yuan?
Wia dis foto come from, Getty Images
No be say one currency beta pass di oda one but Idowu gree say as tins be for Nigeria, e beta make di kontri dey do business direct with Yuan as dollar don too cost for Nigerians.
Some Nigerians don alredi dey hapi say dis deal go crash di dollar and e go make tins cheap for exchange rate for naira to yuan.
Ahmad Bashir, di assistant to Nigeria Presido Buhari even tweet as belle dey sweet goment on top dis swap deal.
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If di exchange rate for naira to yuan dey low den e fit reduce di cost of tins for market, especially di ones wey dem dey import come from China.
