It’s no secret that the current state of Naira as a currency is disheartening. Buying dollars, yuan, euros, or pounds in Nigeria is expensive and hard (that’s if you can find it at all). In other words, making it harder to find a good exchange rate for foreign currencies. For businesses and enterprises who rely solely on buying products from outside Nigeria, this becomes a prominent problem that needs to be solved quickly. Luckily businesses and enterprises that rely on buying yuan to pay their Chinese manufacturers or suppliers, there is a solution.
In April 2020, electronic Chinese yuan (e-CNY) pilot programs launched in four cities. The digital currency’s debut was the culmination of a six-year journey that began when China’s central bank, the People’s Bank of China (PBOC), announced its research into a “Digital Currency/Electronic Payment” system in 2014. Since 2014 payments and money transactions can be done via apps such as Dingding, Wechat, and Alipay in mainland China. This enables for fast and easy transfer of money with China.
Back to the situation in Nigeria and the solution to where to buy yuan cheap. There are two possible solutions to solve this problem. First and foremost if you are in business with a Chinese supplier or manufacturer it’s best to have an Alipay account.
Read Now: How to open an Alipay account outside China.
Contact your shipping agent (China to Nigeria)
Most shipping companies that deliver goods from China to Nigeria, have their customers pay in naira on pick-ups. Contact the head of the company and propose the idea of giving naira to him/her in exchange he/she sends the equivalent to your Alipay.
Usually, it’s best to bring this idea to a shipping company you are already in business with to make it easier to negotiate. This is the best and safest way to exchange naira to yuan at a cheaper rate compared to the black market in Nigeria.
Contact Nigerians working in China
It’s no secret that China makes it hard for money to leave their country especially since the pandemic hit China ending of 2019. There have been new restrictions on foreigners and Chinese alike on sending money outside China in order to maintain a stable economy during the pandemic. In August of 2021, more restrictions have also been added such as limits to the amount that can be sent out and more.
This opens an avenue to leverage this opportunity. Contact any Nigerian staying in China that’s working and purpose the idea of him receiving naira while you get the yuan. It’s a more convenient way to solve your problem while buying yuan at a cheap rate.
Contact Nigerians suppliers/ traders in China
The Nigerian traders/ suppliers in China are in a similar boat as the Nigerians workers. Sending money outside China for them is next to impossible because of their visa type hence they tend to buy goods and send them back to Nigeria for them to be sold and turned into naira. If you can find a Nigerian trader in China then you can negotiate for a cheap rate when buying yuan from him/ her.
Read Now: Why are things so cheap on Alibaba?
For more security and assurance when exchanging money via these methods it’s best to have an Alipay account. Alipay enables you to receive the yuan and also to pay the Chinese suppliers/ manufacturers with who you are in business. Don’t receive money via any other method apart from Alipay to avoid scams. Only agree to money transfer between trusted parties, once trust has been established then the transaction can be repeated.