Renminbi: Nigeria’s New International Trade Currency

It is no longer news that Nigeria has entered into a bilateral agreement to swap currencies with China for international trade purposes. In this piece, I intend to introduce you to the Chinese currency, the Renminbi.

Renminbi (RMB) is the official currency of the Chinese. Renminbi literally means, ‘people’s currency’. The Yuan, often used loosely as China’s currency is actually the primary unit of the renminbi. The relationship between renminbi and yuan is similar to the relationship between Britain’s Sterling and pound, the former being the official name of the currency and the latter being its primary unit. Other units of renminbi are the jiao and the fen mathematically represented below as:

1 yuan=10 jiao

1 jiao=10 fen

1 yuan=100 fen

The People’s Bank of China, China’s monetary authority issues and regulates the supply of renminbi. On October 1, 2016, the currency was included in the IMF’s special drawing rights basket making it a global reserve currency for the first time.

RMB is legal tender only in mainland China, but not in its Special Administrative Regions of Macau and Hong Kong. Even though both of these offshore China regions do not transact with the currency, it can be easily exchanged for the Hong Kong dollar and the Macanese Pataca. However, individuals and businesses can keep bank accounts denominated in RMB in both regions.

To be continued…

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POOR- Passing Over Opportunities Repeatedly

Several years ago…in fact the very first time I recognized God speak to me, part of what He said that day was:

The greatest resource in the world is people. Invest in people.

The people around us–wherever we find ourselves– are our opportunity. And how you take this statement can draw a line to demarcate what side of the divide you fall into–whether you are rich…or poor.

A great preacher once said that the secret of success is to find a human need and reach out to meet it. Success is not in the vaults of a central bank or in the deep recesses of the earth where oil and other minerals are dredged. Success is with people; lodged in their needs.

Think about it, people around you need capital; need food; need housing or a place to do business. They need groceries, water, a place to workout…or someone to teach them a skill. And maybe you are the person to meet their need if you’d just take a deeper look at them when you pass by in traffic, at work or in your neighborhood.

When next you pass by someone, catch yourself and look him or her in the eye. See the opportunity if you can and if you can’t, just salute the divinity in that person and move on. But never pass over people as if they are nothing because to do so, is to settle yourself behind the divide of that line that reads POOR.

Poverty is not the absence of money but the absence of ability-the ability to recognize opportunities.

Little wonder someone came up with a meaning for the acronym, P-O-O-R to be Passing Over Opportunities-Repeatedly.

Low Birthrate, Robotization and the Case for Test Tube Babies


Malthusians have been correct for quite a while now. Low birthrate trends in the developed world have shown no sign of abating, going by statistics.

While countries like Canada have turned to immigration to solve potential demographic problems of an ageing workforce and weak taxation, Japan is turning to robotics because of its desire to remain a homogenous society.  But other homogenous first world countries seem to be caught in a dilemma with many playing the proverbial ostrich; holding out on diversity and economic growth.

Finland for example, like most of its neighbours, has been experiencing lower birthrates on a consistent basis.  It response: state incentives for mothers; the kind that would almost certainly make it a lucrative business to have children in other climes, but no. 

2016 birthrate figures show that Finland recorded its lowest number of babies born in 150 years. Statistics Finland, the country’s team of statisticians, projected birthrate figures for last year to be a worrisome 1.57.

Be that as it may, this kind of problems could eventually lead to the rise of gestational surrogacy as a solution…with a new kind of migrant worker–the surrogate mother from the third world.

Gestational surrogacy is an arrangement in which a woman just carries and delivers a baby for another person or couple. She has no biological relationship with the baby because the sperm and egg are cultured in a test tube via the process of in vitro fertilization (IVF) and placed in her womb to carry it to term. The woman who carries the baby is the gestational surrogate, or gestational carrier.

Governments like Finland’s, concerned about keeping their populations homogenious while improving the number of future taxer payers may jolly well consider incentivizing healthy surrogate mothers from abroad to come and help create its own Finnish baby boom. 

But that’s only the beginning. Artificially boosting the number of babies born could pose new problems like higher foster care costs and even, human right violations. This is why government cannot approach the problem of low birthrate without carefully making laws and planting a pro-family message in its citizenry by way of national orientation to help encourage adoption and healthy families.

Robotization may be Japan’s way of dealing with its ambitions to sustain a homogenous society and sustain economic growth. But the rise of ‘test tubers’ could answers the demographic questions that face the most of developed world in the years to come.