Grammy Awards ceremony holds tonight - 12th Feb. - 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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    Grammy Awards ceremony holds tonight – 12th Feb.

    by admin | Feb 12,2017

    Grammy Awards,12th

    The  59th Grammy awards ceremony holds tonight, the 12th of February 2017 at the Staples Center Los Angeles. ( see time of the show and list of nominees below). The Grammy awards which is named after the Gramophones – that olden days music recording and playback technology, will be given in 83 categories tonight. The categories are mainly divided  along music genres such as Pop, Rock, Rap, etc. However, there are about seven main categories for which most people are interested to know the winners , hence these will be hotly contested this year as always.

    The Big Contestants

    Beyonce and Adele are slated to battle it out in the three of the biggest seven categories namely  Album of the year, record of the year and song of the year as they have both been nominated for each along with other people. Beyonce’s “Lemonade” is nominated in the Album of the year versus Adele’s “25”  while Beyonce’s “Formation” will fight it out against Adele’s “Hello”.
    Artists with the highest nominations this year are Beyonces with nine nominations, followed closely by Rihanna, Kanye West and Drake, each with eight nominations.

    Grammy awards

    The Grammys will hold tonight at the Staples Center Los Angeles California by 5pm Eastern Time ( 11pm Nigerian Time) starting with the Red Carpets. It will be hosted by James Corden of Carpool Karaoke series. Unconfirmed reports has it that the Red Carpets will be shown on E ! the Hollywood Channel. The Grammys will be shown Live on DSTV Vuzu AMP on channel 103.

    Controversies and Political undertones

    The Grammy awards organized annually by the American Record Academy will sure not be without the usual controversies and political undertones. Firstly, it will not be shown Live in the UK tonight as the British have scheduled their own BAFTA Awards (British Academy Film Awards) to also hold this night. There will also be the usually political statements as the likes of Beyonce, Lady Gaga, Adele etc may likely have a few anti- President Donald Trump statements to make. And of-course, the usual boycotts which is being expected by the Likes of Kanye West, Justin Bieber and Frank Ocean. Frank Ocean refused to even submit his songs for nomination. Below is the list of nominess in the seven to Categories ;

    Categories and Nominations For 2017 Grammy Award

    CATEGORY : Album Of The Year
    Adele – 25
    Beyonce – Lemonade
    Justin Bieber – Purpose
    Drake – Views
    Sturgill Simpson – A Sailor’s Guide To Earth

    CATEGORY : Record Of The Year
    Adele – Hello
    Beyonce – Formation
    Lukas Graham – 7 Years
    Rihanna ft Drake – Work
    Twenty One Pilots – Stressed Out

    CATEGORY : Song Of The Year
    Adele – Hello
    Beyonce – Formation
    Justin Bieber – Love Yourself
    Lukas Graham – 7 Years
    Mike Posner – I Took A Pill In Ibiza

    CATEGORY : Best New Artist
    Kelsea Ballerini
    The Chainsmokers
    Chance The Rapper
    Maren Morris
    Anderson .Paak

    CATEGORY : Best alternative album
    David Bowie – Blackstar
    PJ Harvey – The Hope Six Demolition Project
    Bon Iver – 22, A Million
    Iggy Pop – Post Pop Depression
    Radiohead – A Moon Shaped Pool

    CATEGORY : Best pop album
    Adele – 25
    Justin Bieber – Purpose
    Ariana Grande – Dangerous Woman
    Demi Lovato – Confident
    Sia – This Is Acting

    CATEGORY : Best rap album
    Chance The Rapper – Coloring Book
    De La Soul – And The Anonymous Nobody
    DJ Khaled – Major Key
    Drake – Views
    Schoolboy Q – Blank Face LP
    Kanye West – The Life Of Pablo

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