Nigeria : nigeria goes for chinese yuan

Discussion in 'Nigeria' started by jamesfrmphilly, Sep 13, 2011.

  1. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    For all those arguing the U.S. isn’t on the decline, one of the biggest initial indicators has been our economic global influence.
    Say what you want about the dollar, it still beats out most other currencies. Most others, that is, but the Yuan.

    This week, Nigeria seemed to confirm this by aiming to replace 10 percent of their reserves, historically held nearly completely with U.S. dollars,
    with Chinese Yuan instead.

    Bloomberg reports:

    The nation plans to start holding the Chinese currency next quarter, predicting it will appreciate given the strength of China’s economy, central bank Governor Lamido Sanusi said today in an interview in Hong Kong, adding that the target was set more than a year ago.
    He said the yuan will “inevitably” become a reserve currency and that increased convertibility outside China had boosted its appeal.

     
  2. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    No matter what paper currency some country decides to embrace, I'd hold personal reserves of precious metals i.e. copper, silver, gold, and platinum.
     
  3. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    how will you secure it?
     
  4. Khasm13

    Khasm13 STAFF STAFF

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    i have junk silver at the crib....
    everyone should at least have 1000 worth of junk silver quarters in their possession...
    and a means to protect it....

    one love
    khasm
     
  5. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    a) Never put all your eggs in one basket (location)
    b) That's what safes are for.
    c) Firearms