PMB,a classical Economist!
PMB has done it again. The school cert holder (?)
has done what a PhD holder could not.
Very simple economics. We buy most of our
goods from China, so why must we pay the
Chinese in dollars? The Chinese buy a lot of crude
oil from us, so why must they pay us in dollars?
So PMB made a deal with the Chinese. We pay
for the goods we buy from China in Yuan, the
Chinese currency. They buy our crude oil and pay
in Yuan.
The exchange rate is to be pegged at 30 Naira to
one Yuan or RMB.
So how does it favour us? Simple.
The Yuan is now 6.48 to a dollar. So if you pay
30 Naira to the Yuan, that would be equivalent to
194.4 Naira to the dollar.
Since the dollar exchanges for 199 Naira, you
save N4.6. 199 - 194.4 = 4.6. Simple, huh?
In simple terms, PMB has just strengthened the
Naira by 9.15%!
And that's not the end of the story. As we begin
to deal in the Yuan, the demand for dollar would
plummet and this in turn would weaken the
dollar. It would crash to around 140 Naira to the
dollar.
May God bless PMB. Can I hear Amin.

https://mobile.facebook.com/photo.php?fbid=1028572250522555&id=100001093685714&set=gm.599655820191454&refid=17&_ft_=top_level_post_id.1180501468636311%3Atl_objid.1180501468636311%3Athid.100000294081770%3A306061129499414%3A2%3A0%3A1462085999%3A488369425221972506&__tn__=%2As

moderate99:
PMB,a classical Economist!
PMB has done it again. The school cert holder (?)
has done what a PhD holder could not.
Very simple economics. We buy most of our
goods from China, so why must we pay the
Chinese in dollars? The Chinese buy a lot of crude
oil from us, so why must they pay us in dollars?
So PMB made a deal with the Chinese. We pay
for the goods we buy from China in Yuan, the
Chinese currency. They buy our crude oil and pay
in Yuan.
The exchange rate is to be pegged at 30 Naira to
one Yuan or RMB.
So how does it favour us? Simple.
The Yuan is now 6.48 to a dollar. So if you pay
30 Naira to the Yuan, that would be equivalent to
194.4 Naira to the dollar.
Since the dollar exchanges for 199 Naira, you
save N4.6. 199 - 194.4 = 4.6. Simple, huh?
In simple terms, PMB has just strengthened the
Naira by 9.15%!
And that's not the end of the story. As we begin
to deal in the Yuan, the demand for dollar would
plummet and this in turn would weaken the
dollar. It would crash to around 140 Naira to the
dollar.
May God bless PMB. Can I hear Amin.

https://mobile.facebook.com/photo.php?fbid=1028572250522555&id=100001093685714&set=gm.599655820191454&refid=17&_ft_=top_level_post_id.1180501468636311%3Atl_objid.1180501468636311%3Athid.100000294081770%3A306061129499414%3A2%3A0%3A1462085999%3A488369425221972506&__tn__=%2As

You are simply a LEARNER. Wait until you see the real deal. Buhari has gone back to his "counter trade economics of 1984", which ruined Nigeria and led to his removal. Just wait boy, do not jubilate yet!

From your reasoning changing our foreign reserve to Yuan is for Nigeria benefit?

Kai people reasoning

Hmm thats good God will bless this man if he really want to help Nigeria