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 ord...
