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Thursday, September 2, 2021

CBN AT LONG LAST SIGNED THE CURRENCY SWAP DEAL WITH CHINA

 



The Central Bank of Nigeria have at long last marked the cash trade bargain they have been expecting for the beyond 2 years with the Chinese government. 


The significance of this is that since practically 70% of the products we import come from China and Asia and 12% America for what reason must we utilize Dollars to execute with China? from now as opposed to utilizing dollars at N500 to 1dollar to import those merchandise, we would now be able to purchase Yuan at 47 naira to 1 Yuan and import those stuffs straightforwardly. 


Rather than purchasing these products in dollars in China, we will presently get them in Yuan which is 5times less expensive than dollars.

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