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…


You Are a Person

Sometimes, all some people want is for you to be a role: husband, wife, father, boss, son or friend. And that’s all. They aren’t interested you, your likes or dislikes,and so on.

As far as you play your role like an actor following his or her lines, they are fine. They’ll reward you. After all, that’s why we have the Oscars.

But the problem is, because they don’t see you for who you really are, they lose a lot. And this is sad, both ways . It deprives you of the opportunity to be a blessing to them while depriving them of a similar opportunity to be blessed by you.

In many mentor-mentee relationships this is very common. Blinded by shortcomings, or the personal need to understand their own selves, some people leave when they should stay; run away when they should stick around; judge when they should pray. And all of that.

If you’ve been blighted by such a gaff in any of your relationships, it’s the tale of most of human existence; that all of us, somehow, want to be loved for who we are, and not for the roles we play; for being a person, not a colleague or a driver or a mother or a step son; that we get noticed for the haircut or the new dress or the freckles that are strewn on our faces; to know that we can connect with you in a visceral way when you ask, ‘How are you?’ It appears that when we know this, that you truly care, then we whip out the person that we are—good or bad.

And yet, when striking up a conversation with any person for the first time, we often clutch at platitudes for follow up questions like ‘What do you do?’ or ‘Where do you work?’and answers like, ‘Oh I am an accountant’ or ‘I am a house wife’ not mattering who asks… or who answers.

We quickly look past the person to what they do or rather, what they can do…for us; never really bothering what we can do for, with and through them.

It’s a shortsightedness that almost all of us have been socialized by; to look past a person to their the commercial, social or emotional benefit without thinking; to look past ourselves to what we do, more than who we are.

You are not what you do for me or her or anybody. You are a person–with an essence. And if you ever find someone who focuses on who you are–your worth– you should never let them go.

May your week be blessed with victories.

Who Is Preparing for this?

By 2020, there will be 20 million self-driving cars. And by 2030, Artificial Intelligence (AI) would have eclipsed nearly 2 billion jobs. Jobs as diverse as catering and article writing are set to be taken over by robots.

With the world population on a steady rise, one is poised to wonder what cataclysmic problems the impending surge of technologically-induced unemployment is set to reek. The steady lure of profits from globalization to technology for world commerce is going to have a sudden impact on people, like a sledgehammer on an ant, when the day comes, but not today.

Today, technology is advancing at mind-boggling speeds so that employers are now in need of employees with computer science skills.

According to LinkedIn, about 96 percent of jobs across the globe expected to be filled this year alone require some knowledge of computer science from cloud computing administrators to digital marketers.

This means that young people going into university to study courses like accounting, banking, journalism, agronomy and general surgery may be out of work before they even graduate.

The career guidance department of many schools have a task at hand. PTA’s really need to start giving attention to STEM ( Science, Technology, Engineering and Math) education from as early as kindergarten so that children learn to solve problems and adapt solutions to real lite situations using STEM.

In many parts of Africa, policy makers are yet to formulate policy for integrating STEM into in-country curricula which could spell doom if parents, teachers and the students themselves don’t take the initiative.

Management guru, Peter Drucker once said, ‘ the only way to prepare for the future is to create it.’ Don’t wait for the government, wherever you are.

Prepare yourself for the future.