The APC Youth League, Rivers State Coordinate has commended President Muhammadu Buhari on his move in actualizing his promise to strengthen the naira against the United States dollars by signing the landmark currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday in Beijing, China.
The Cordinator of the APC Youth League in Rivers State Abiye George said the agreement will allow Nigerian traders and businesses, which imports mainly from China conclude their transactions in the Chinese currency, the Renminbi (Yuan), instead of the dollar.
Abiye George stated that the new agreement would see Nigeria-China trades, which accounts for over 70 percent of imports into Nigeria, concluded in the Yuan.
”Another economic benefit of this agreement is that Nigeria would become the clearinghouse for Yuan denominated transactions for the whole of Africa following the agreement”.
”It will be almost living in a dream world to ignore China. It’s the second-largest economy in the world and it’s well managed. It is now clear to everyone that the future of international economics and trade will shift in large part to business with and by China. Ultimately the renminbi (Yuan) has become a global convertible currency”.
”This move by President Buhari will reduce the over dependence on the Dollar with its negative impact on the Naira. This is a practicable and wise economic decision to take”.