Nigeria and the China Currency Deal- Dollar Palava

Fashion home! President Muhammadu Buhari and Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele were obviously not joking when they assured Nigerians of victory of dollar rise. In a bid to win this tough war, they have signed a currency deal with the Industrial and Commercial Bank of China Limited on Tuesday in Beijing, China.

What this means is that Nigerian traders and importers with majority import from China will now be able to carry on their transactions using the Chinese currency, Renminbi (Yuan) instead of dollar.

Over 90% of Nigeria foreign transactions are in dollars which puts so much pressure on the naira. This new agreement will however ease the pressure on dollars and enable Nigeria-China transactions to be carried out in the Yuan.

Well done presido!