Buhari infuriates United States as Nigeria abandons the Dollar for Chinese Yuan

Buhari infuriates United States as Nigeria abandons the Dollar for Chinese Yuan

God almighty has led General Muhammadu Buhari to make the greatest mistake of his life. Biafrans rejoice as Buhari abandons United States that railroaded him into power. Buhari and the Nigeria's Central Bank of Nigeria (CBN) signed a currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday in Beijing, China.

The agreement is expected to allow Nigerian traders and businesses, which imports mainly from China conclude their transactions in the Chinese currency, the Renminbi (Yuan), instead of the dollar.

This is a tremendous blow to the dollar as the new agreement would see Nigeria-China trades, which accounts for over 70 percent of imports into Nigeria, concluded in the Yuan.

Until now over 90 percent of international trades between Nigeria and the world is done in dollars, and in the process putting so much pressure on the naira. Nigeria imports almost all it needs from the West, Middle East and Asia.

The CBN is expected to diversify a huge chunk of Nigeria’s foreign reserve from the dollars to the Yuan to perfect the agreement.

“It means that the renminbi (Yuan) is free to flow among different banks in Nigeria, and the renminbi has been included in the foreign exchange reserves of Nigeria,” Lin Songtian, director general of the African affairs department of China’s foreign ministry, told reporters in Beijing a few minutes after the agreement was signed between the Governors of the nations’ reserve banks in the presence of President Buhari and President Xi Jingping of China, who is hosting Buhari and top Nigerian officials to a state visit.

Lin said a framework on currency swaps has been agreed with Nigeria, making it easier to settle trade deals in Yuan. China has signed currency swap deals with countries ranging from Kazakhstan to Argentina as it promotes wider use of its Yuan.

Nigeria would become the clearinghouse for Yuan denominated transactions for the whole of Africa following the agreement.

China and United States are battling for international supremacy and especially the soul of Africa. Analysts have posited that the presence of United States Africa Command, (U.S. AFRICOM) is to intimidate and counter China as it continues to make inroads into the African market. United States had expected Buhari to align with it, considering the role it played in bringing him into power. However, Buhari has shown with every opportunity he gets the disdain he harbours for the United States. 

This latest move is expected to rattle strategists in the United States, especially as Beijing also signed agreements to develop infrastructure in Nigeria, as part of Chinese drive to deepen its ties with Africa. It has offered Nigeria a loan worth $6 billion to fund infrastructure projects.

Buhari is surely rubbing it in and cruelly twisting the knife inside. Whether United States could bear the pain is just a matter of time.

Vice Admiral Robert Moeller declared in a conference in 2008 that Africom was about preserving "the free flow of natural resources from Africa to the global market", and two years later, in a piece in Foreign policy magazine, wrote: "Let there be no mistake. Africom's job is to protect American lives and promote American interests."

China’s official Xinhua news agency cited President Xi as telling Buhari that there was huge potential for economic cooperation, naming oil refining and mining.

Nigeria is also considering issuing Panda bonds (mainly Yuan denominated) as against euro bonds because they are cheaper.

Biafrans should rejoice as Buhari has just the death of Nigeria. He is towing the part that the likes of  Hugo Chavez and Gaddafi towed.

Venezuela under Chavez abandon the dollars, choosing instead to establish barter deals for oil. These barter deals allow Venezuela to trade oil with 12 Latin American countries and Cuba without using the dollar, shorting the US its usual subsidy. Chavez is not shy about this decision, and has publicly encouraged others to adopt similar arrangements. In 2000, Chavez recommended to OPEC that they "take advantage of high-tech electronic barter and bi-lateral exchanges of its oil with its developing country customers," or in other words, stop using the dollar, or even the euro, for oil transactions. In September, Chavez instructed Venezuela’s state oil company Petroleos de Venezuela SA to change its dollar investments to euros and other currencies in order to mitigate risk.

Muammar Gaddafi  also planned  to quit selling Libyan oil in U.S. dollars — demanding payment instead in gold-backed “dinars” (a single African currency made from gold). The regime, sitting on massive amounts of gold, estimated at close to 150 tons, was also pushing other African and Middle Eastern governments to follow suit. This move literally had the potential to bring down the dollar and the world monetary system by extension, according to analysts. French President Nicolas Sarkozy reportedly went so far as to call Libya a “threat” to the financial security of the world.  

"Any move such as that would certainly not be welcomed by the power elite today, who are responsible for controlling the world's central banks,” noted financial analyst Anthony Wile, editor of the free market-oriented Daily Bell, in an interview with RT. “So yes, that would certainly be something that would cause his immediate dismissal and the need for other reasons to be brought forward [for] removing him from power."

According to Wile, Gadhafi’s plan would have strengthened the whole continent of Africa in the eyes of economists backing sound money — not to mention investors. But it would have been especially devastating for the U.S. economy, the American dollar, and particularly the elite in charge of the system.

You know the rest of the story. . .

Biafrans your job is to circulate this information to the American public. Let them know that their 'boy' Buhari has abandoned them. They will do the rest of the job.