CFCfan:

The CBN could convert our dollar reserves to euro or the Chines Yuan.

how would you convert it,if it has lost its value or been devalued

CFCfan:

The CBN could convert our dollar reserves to euro or the Chines Yuan.

At what rate? The ripple effect of the trashing of the dollar will be disastrous to our externak reserves. It will mean we have to spend more of our dollars to buy a fixed amount of Euro i.e. If the depreciation of the dollar is sharp. The only way to avert this is for the CBN to start converting NOW if such is to happen in future if not? Wahala go dey o! You suggested Yuan for foreign reserves? China is a currency manipulator and any country that has its reserves (say 80% and above) that country does so at its own risk. These things are more complex than the layman thinks.

manny4life:

Abeg o, no to either.

The Yuan on purpose devalues its currency from time to time and their economy ain't doing well lately.

The Euro has been sick for a while now, how many Euro countries aren't experiencing austerity measures?

All these are fiat money and prone to devaluation so let's hold our reserve in what we know best - THE GOLD STANDARD.

Gold as a commodity doesn't seem to be on the harsh decline now.

GOLD is the true money

trolling: dethrone the petrodollar..dethrone America....i for send you one link as how things go unfold but i no no if u get liver

Any country that tries this will face the full wrath of the american military and NATO.
Bro ghadaffi is an example.
The petrodollar is the only reason why america is still the world largest economy.

manny4life: I know na, that's why I forgive her...

My sister I've just been frustrated... This is Manny just ranting out of frustration.

It's been a very frustrating week.

Did you see Michele Bachmann fighting to keep the veterans memorial open? As if she and her cronies aren't the ones who closed it in the first place. I couldn't believe my eyes.

ogugua88:

It's been a very frustrating week.

Did you see Michele Bachmann fighting to keep the veterans memorial open? As if her cronies aren't the ones who closed it in the first place. I couldn't believe my eyes.

Don't you know that as a Teapublican, she has to be seen to be "pro-military".

Please people, a friend needs your help to win the Etisalat Prize for flash fiction literature. Click here to vote for him .Thanks... etisalatprize.com/unforeseen/

CFCfan:

GOLD is the true money

yeah.
That was ghadaffi's idea.
Convert african reserves to gold and make international transaction in gold,which would have given african countries a massive advantage and accelerate our devt.
Well,uncle sam was alarmed,and took ghadaffi out.

ogugua88:

It's been a very frustrating week.

Did you see Michele Bachmann fighting to keep the veterans memorial open? As if she and her cronies aren't the ones who closed it in the first place. I couldn't believe my eyes.

Very frustrating, many people will come back only to get furloughed.

That's what you see na, God help me, this country is on the path of ruins, and God help us all.

CFCfan:
Don't you know that as a Teapublican, she has to be seen to be "pro-military".

I've not laughed in days, this got me cracking up... Teapublican

CFCfan: Don't you know that as a Teapublican, she has to be seen to be "pro-military".

Of course, which makes her dumb for two reasons (at the very least).

1. Pretending like her stance has nothing to do with the government or memorial shutdown AND

2. Fighting for old people to visit memorials when there are children in federal-funded school problems not whose lunches are not being delivered, and for some of those kids, what they eat at school is their only guaranteed meal.

Politics is nasty.

solomon111: yeah.
That was ghadaffi's idea.
Convert african reserves to gold and make international transaction in gold,which would have given african countries a massive advantage and accelerate our devt.
Well,uncle sam was alarmed,and took ghadaffi out.

This is what I've been advising, holding reserves in GOLD STANDARD. Let there be a world gold trading platform for exchange, the only problem with Gold is that it has its limitations such as logistics and storage, but hey, anything but the failing $$$ will work.

solomon111: yeah.
That was ghadaffi's idea.
Convert african reserves to gold and make international transaction in gold,which would have given african countries a massive advantage and accelerate our devt.
Well,uncle sam was alarmed,and took ghadaffi out.

thats why a lot of people and nations are buying gold

ogugua88:

Of course, which makes her dumb for two reasons (at the very least).

1. Pretending like her stance has nothing to do with the government or memorial shutdown AND

2. Fighting for old people to visit memorials when there are children in federal-funded school problems not eating, and for some of those kids, what they eat at school is their only guaranteed meal.

Politics is nasty.

Don't you know that most republicans are "dumb by nature"? Look at Bush, he clearly had no idea what he was doing? Look at Boehner, he looks confused and retarded, all he know how to say is NO. Republicans are literally dumb and don't mind grinding the economy to a halt to satisfy their selfish and wicked desires.

manny4life:

Abeg o, no to either.

The Yuan on purpose devalues its currency from time to time and their economy ain't doing well lately.

The Euro has been sick for a while now, how many Euro countries aren't experiencing austerity measures?

All these are fiat money and prone to devaluation so let's hold our reserve in what we know best - THE GOLD STANDARD.

Gold as a commodity doesn't seem to be on the harsh decline now.

Thank you! Modern day banking and currency is traced to the british goldsmiths. Owners of gold deposited gold and they got reciepts/paper. After a while, the owners of the gold could exchange their reciepts for other commodities. The next recipient of that paper/reciept knows that it is backed by a certain value/quantity of gold. That is note/"money" backed with value. But today what are our currencies backed with? And this is the way things are to be done, and that is the only safe way. This is the reason why inflation was alien to Britain until the turn of the 20th century/late 19th century. P.S. I know it's a bit off topic... My apologies.

https://www.youtube.com/watch?v=l1gSfGXiJ6o&feature=c4-overview&list=UUvsye7V9psc-APX6wV1twLg
Scary!!

trolling: thats why a lot of people and nations are buying gold

That's right and another commodity with a good potential with high margin is Silver, at least, it's lighter than Gold.

manny4life:

I've not laughed in days, this got me cracking up... Teapublican

I learned that term from huffpost

solomon111: yeah.
That was ghadaffi's idea.
Convert african reserves to gold and make international transaction in gold,which would have given african countries a massive advantage and accelerate our devt.
Well,uncle sam was alarmed,and took ghadaffi out.

Saddam tried to trade in Euro,u know what happened,Ghaddaffi tried to,you know what happened but when China calls for it, America wont able to do jack,its inevitable, consider BRICS

ogugua88:

Of course, which makes her dumb for two reasons (at the very least).

1. Pretending like her stance has nothing to do with the government or memorial shutdown AND

2. Fighting for old people to visit memorials when there are children in federal-funded school problems not whose lunches are not being delivered, and for some of those kids, what they eat at school is their only guaranteed meal.

Politics is nasty.

Most members of Congress are merely 'created' creatures by lobbyists. Only a few of them have independent minds.

Ugosample: Thank you! Modern day banking and currency is traced to the british goldsmiths. Owners of gold deposited gold and they got reciepts/paper. After a while, the owners of the gold could exchange their reciepts for other commodities. The next recipient of that paper/reciept knows that it is backed by a certain value/quantity of gold. That is note/"money" backed with value. But today what are our currencies backed with? And this is the way things are to be done, and that is the only safe way. This is the reason why inflation was alien to Britain until the turn of the 20th century/late 19th century. P.S. I know it's a bit off topic... My apologies.

There's nothing wrong in it, I have studied the issues plaguing the U.S. and soon realized that U.S. is on the verge of collapse and when it does, several other nations are going down with it unless they begin to reverse the trend. Most nations need to start implementing harsh policies towards the $$$, at least Nigerian CBN that released a new policy requesting NO $$$ PAYOUT on transfers. I thing that's a very good move, and I will also encourage CBN to start encouraging banks with commodity banking. Several nations are protecting themselves from the imminent downfall of the U.S.

manny4life:

This is what I've been advising, holding reserves in GOLD STANDARD. Let there be a world gold trading platform for exchange, the only problem with Gold is that it has its limitations such as logistics and storage, but hey, anything but the failing $$$ will work.

I don't why Nigeria is still storing reserves in dollars.
I mean,it's very obvious that the american economy is failing.
And it's even more unfortunate,when you take note of the fact that Nigeria is rich in gold.

trolling: Saddam tried to trade in Euro,u know what happened,Ghaddaffi tried to,you know what happened but when China calls for it, America wont able to do jack,its inevitable, consider BRICS

Bros, as big as China is, they are very cautious about their trade relationship with the U.S. because at the end of the day, 55% of Chinese exports is to the U.S. so go figure. As for the BRICS nations, they've not been able to decide on whose curency to hold, unless they come up with a different currency which I think is what Russia proposed back in 2012 when they attended the WBG summit in DC.

I may ask CNN's Brooke Baldwin what her views on the US economy are.

solomon111: I don't why Nigeria is still storing reserves in dollars.
I mean,it's very obvious that the american economy is failing.
And it's even more unfortunate,when you take note of the fact that Nigeria is rich in gold.

Unfortunately, the world traders are still accepting $$$ as a form of payment, you can't blame an export trader who accepts $$$ as a form of payment, granted that the CBN has the responsibility of diversifying our reserve currency, but it's not that easy as you think.

manny4life:

Bros, as big as China is, they are very cautious about their trade relationship with the U.S. because at the end of the day, 55% of Chinese exports is to the U.S. so go figure. As for the BRICS nations, they've not been able to decide on whose curency to hold, unless they come up with a different currency which I think is what Russia proposed back in 2012 when they attended the WBG summit in DC.

its inevitable bro,its gonna happen....read Jeremiah 50:37

trolling: its inevitable bro,its gonna happen....read Jeremiah 50:37

I never said it wasn't, what I said was they are very cautious because U.S. remains their largest export market. In a market, the sellers suffer more than the buyers, which in this case, Corps will shift focus based on U.S. Strategy to avoid China. Now that's will happen if China doesn't tread carefully, reasons why China is seeking other partners as well as other markets.

such a beautiful woman. RIP

trolling: its inevitable bro,its gonna happen....read Jeremiah 50:37

A bible verse?
Lol.

solomon111: A bible verse?
Lol.

its funny right? its prophecy deal with it...everything that would happen in this world has been predetermined,get ready for a third world America

I jpoin oga Obahiagbon in saying "cabodo rejectamenta" to recession

https://www.youtube.com/watch?v=ozxY6V-vx-0

ogugua88:

As long as they leave Boxer and Pelosi alone lol.

animal farm tinks.