Angelina Jolie Speaks of Her New Film. “I Hope This Doesn’t Cause Hate” - AreaGist.com
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    THE NIGERIA - CHINA FOREX DEAL EXPLAINED


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    Much has been said and celebrated this week about the Nigeria - China Forex deal, but much is undoubtedly yet to be understood about the deal leading to all sorts of interpretations and postulations from different school of thoughts on whether we should at all be celebrating or how loud we should indeed celebrate. As it turns, and like in all other issues 'Nigerian', the school is quite a large one, with discussion participants ranging from Market Women to Economic experts all expressing their opinions even before President Buhari and his team returned to Nigeria with details of the deal. To this end, we are going to attempt to throw some more light on this issue as we see it in the proceeding write up. Please note that this is a very simplified version of the story, brought down to level of the man in the streets. Also note that the figures used here are not the exact rates, but convenient approximations for ease of calculations so as to drive the important points home.

    HOW CURRENCY EXCHANGE WORKS
    For international transaction between two countries to work, there must be a mechanism for the two different to exchange their currencies via their Central Banks to settle the transactions .e.g. if Nigeria buys 600 Chinese Yuan worth of products from China and China buys N20 worth of products from Nigeria, it means currency has to be exchanged between these two parties at an exchange rate of 20 to 600, i.e. 2 to 60 or simply put, a ratio of N1 to Y30 .
    However, there are over 200 currencies in the world today and not every country has the wherewithal to do exchange settlements with every other 199 countries at the same time, most countries just cannot afford it. America is however big enough to do this so for countries who cannot afford it the dollar now becomes the standard international exchange currency. i.e. You can exchange your currency to the US Dollar, and then the US dollar can then be converted to any currency of your choice. This is essentially what is meant when we refer to the dollar as an international Medium of exchange.There are other internationally exchangeable currencies e.g. Euro, Pound etc but they are not as convertible as the dollar.

    Before now the Chinese currency (Yuan) was not easily convertible to the Naira because both countries' Central Banks do not store their reserves in each others currency, thus the only way to transact between China and Nigeria was to first convert either currencies to the dollar. In line with this,facts recently made available showed that 70% of the Nigerian demand for the dollar was to convert eventually to the Yuan to conclude transactions between Nigeria and China. This multiple currency conversions inflates currency price due to what economics call TRANSACTIONAL COSTs .e.g. The bank has to make profit,the Nigerian selling to the black marketers has to make profit and also the black market sellers have to make their profit. This is further complicated by demand,supply and availability issues, adding to the cost of exchange rate.

    THE ADVANTAGE OF THE NEW DEAL
    With this recent agreement between Nigeria and China, the Chinese currency and Nigerian currencies are now directly inter-convertible via their central banks, meaning Nigeria will make Naira available to the Chinese central bank and vice versa. This will enable Nigeria and Chinese business men and women trade together easily knowing their governments will settle the transaction using the prevailing exchange rate. Thanks to this , the cost of converting from the naira to the yuan will no longer be impacted by transactional cost of passing through an intermediary currency - the dollar. This means that it will now be cheaper to convert from naira to yuan.
    For example, prices listed on a popular Chinese trading portal, which quotes the price of goods in both yuan and US dollar, shows a particular leather Handbag quoted as 297yuan or 46dollars, this shows that the dollar exchanges for about 6.5 yuan. Therefore, a Nigerian who wants to buy this bag now has the option to pay in dollars or pay in yuan with varying consequences as follows;


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    Angelina Jolie Speaks of Her New Film. “I Hope This Doesn’t Cause Hate”

    by AG | Mar 06,2017

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    Angelina Jolie is hoping that with the release of her film “First They Killed My Father” on the horizon; which sheds light on the genocide in Cambodia under the Khmer Rouge communist party’s regime; the Cambodian people will take pride in what they survived instead of feeling hatred or resentment for what the country endured in the late 1970s.

    Speaking with BBC in a behind the scene specials produced by BBC, Jolie noted that; “I hope this doesn’t bring up hatred.  I hope the people of this country are proud when they see it, because they see what they’ve survived.”

    Earlier in February, Jolie made her first official appearance at the premiere of her film in Cambodia since her split from Brad Pitt. She attended the event with her children at the event and was interviewed by the BBC.

    The new film [is] based on the autobiography of Cambodian human rights activist Loung Ung, who is a friend of Jolie. It further tells the story of the devastation inflicted on the southeast Asian nation by the Khmer Rouge. More than 2 million people out of a total population of 7 million were [killed] during the purge, including Ung’s father, mother and two sisters.

    Speaking further on the story, she said; “I thought, ‘What story do I feel is really important to tell? I felt this war that happened 40 years ago and what happened to these people was not properly understood. And not just for the world, but for the people of the country. I wanted them to be able to reflect on it in a way that they could absorb.”

    The special behind the scene show covers the scope of what led to the human rights tragedy; and also sheds light on the lasting effect it has had on Cambodians — many of whom still suffer from survivor’s guilt.

    Apart from interviewing Jolie, BBC also interviewed survivors to speak to what they endured, including one man who was [beaten] daily but kept alive because he was a mechanic. The BBC follows him as he returns to his cell for the first time. The network also interviewed one of the interrogators for the Khmer Rouge; and note the startling historical fact that only four people [were] ever [prosecuted] for the genocide. People who worked with the regime were not [arrested], only the top officials.

    She further added; “I hope the people of this country are proud when they see it, because they see what they survived.  And I hope it sheds light on what it is to be Cambodian; and the beauty and love of the family.”

    Her connection with Cambodia began during the filming of Tomb Raider in 2000; which grew when she returned as a volunteer for the U.N. refugee agency, UNHCR.

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