HOW THE NIGERIA-CHINA $2.5B SWAP DEAL IS MAKING THE PRICE OF SMARTPHONE DROP REALLY FAST.

The highlight of the execution of the bilateral currency swap agreement between Nigeria and China which was announced in 2016 but executed last week is the compound positive effect it’s already generating for Nigerian businesses doing business with Chinese companies as they no longer need to worry about sourcing for dollars for their transactions.

Information we are getting from places like Computer Village in Ikeja is that prices of mobile phones are beginning to drop and hope to drop even further as businesses begin to take full advantage of this swap deal.An inside source has confirmed that SLOT,a major smartphone sales company in Lagos just reduced the price of the latest Samsung S9 by N20,000 and even hope for a further reduction in price for other brands as well.The source even advised that if you need to buy a new smartphone and it’s not urgent,you should wait for another 2weeks to a month as they foresee a further decrease in price of smartphones.

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This swap deal with China will make Nigerian businesses save about N73 from every N360 ($1) spent which is a massive deal for both the businesses and the Nigerian economy.

Techmainland hope to carry out further market survey by the end of the month of May to see the effect of this swap deal on prices of goods from China generally.If this works out,it will be a massive plus for this administration.

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