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Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira - Politics (6) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira (38054 Views)

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Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Helinus: 8:46pm On Mar 08
VanuatuWycombe:


We can buy from Europe and China with Euro, Yuan or any other foreign currencies.
Receiving our oil sales in Naira doesn’t stop us from buying in foreign currencies at all. Such move would make buyers of our oil to start looking for Naira to pay us. In the process, Naira will become stronger, so that if you are buying in Dollar,eg, you would need less Dollar to pay for what you are buying because Naira’s value is better.

It’s because no importer of any of our commodities is paying us in Naira, that’s why Naira can’t compete with any of those developed countries currencies.

Most countries have fault, using USD as measure of their own local currencies.
That’s why in Europe, you would see some countries, they would still be spending their countries currencies why also adopting the Euro, because they believe Euro is being manipulated by some people or some economies.
If all countries in the world can be collecting/receiving sales from their exports in their local currencies, no country’s currency would be bad. All currencies would be available on currency trading platforms and be paired against every available currencies for sale or purchases.

If our government still wants to help us further and make air stronger, after receiving all our exports in Naira (including non-oil sales), they should allow our Naira cards to function for purchases abroad.

How many people would source for Naira using their Dollar?

Only people that wants to buy oil right?

What's our other major export that would require people to seek for naira?


Does Nigeria have 100% ownership of the oil companies they want to be selling our crude in naira?

At what rate would the buyers be buying the naira? CBN or black market rate?

The problem of our currency is not because crude is sold in dollars, its because we import most of the things we use.

Local production should be encouraged by the government, so that we export more and earn more forex.

Government and misplaced priorities.

3 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by BigBashiru: 8:54pm On Mar 08
Feldie:
because the US won the cold war and they will kill you if try to ditch their currency.

You know whatsup. Excellent comment. You know what's going on
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by zeyt: 8:56pm On Mar 08
Then the next thing you will hear is ' it's fake news'. Its Ok to take it with pinch grain of salt.
African leaders has inexonarably became slave to US Dollar, World Bank and IMF.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by JuanDeDios: 9:01pm On Mar 08
NPFLADMIN:


I think they are meant to buy the "Naira" they want to use to buy the crude oil with dollars.
Hence more dollars.
They could buy it with roubles or rupees. But yea, all na forex. Sourcing dollars to buy naira to give to whoever sells oil (NNPC, IOCs)... Hmm. Fingers crossed.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by treatise: 9:02pm On Mar 08
Islie:


https://saharareporters.com/2024/03/08/nigeria-set-join-russia-china-brics-may-start-trading-crude-oil-naira
How many of the BRIC members buy Nigerian oil that would make paying for oil in naira feasible?
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by amaridigital(m): 9:02pm On Mar 08
AllenSpencer:
The US/UK will start making trouble with Nigeria soon

They will. Tinubu must prepare for anything those guys will throw at him from sponsoring the opposition or military to overthrow the Government or they might to ruin the economy completely. Those evil Angels won't fold their hands and allow the two most powerful African nations to go the BRICS way.

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by CyberWolf: 9:05pm On Mar 08
How will the country earn forex again? Because we are an import dependent country. How do this idiots we call leaders think? You don’t have common electricity and you want to flex with countries that has got their shits together? Try and fix the right things in place and every other thing will fall in place.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Gajagojo: 9:06pm On Mar 08
Helinus:


How many people would source for Naira using their Dollar?

Only people that wants to buy oil right?

What's our other major export that would require people to seek for naira?


Does Nigeria have 100% ownership of the oil companies they want to be selling our crude in naira?

At what rate would the buyers be buying the naira? CBN or black market rate?

The problem of our currency is not because crude is sold in dollars, its because we import most of the things we use.

Local production should be encouraged by the government, so that we export more and earn more forex.

Government and misplaced priorities.

You really do not know what you are talking about

If we sell oil in Naira in practice the only thing that will change is the trade happens on CBN platform or the platform of a Nigerian bank.
The dollar will be accepted in a. BASKET of currencies and instruments approved by the CBN
It must. ENTER NIGERIA. change to Naira first
At the moment it does not enter Nigeria
This policy is already operating in practice to a limited extent
The oil majors have already been told 50 % of sales must come to Nigeria..
So going forward oil will still be priced in dollars AMONG. other instruments. But but instead of happening in CITIBANK ,HSBC or Goldman Sachs it will happen in Zenith or Access banks in Naira sourced from the CBN

It is not complex at all

The difference is this will now happen daily ,predictably and transparently instead of occasionally at the whim of NNPC

2 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by fabolouz1(m): 9:07pm On Mar 08
This is a right step and it's even coming late.
If one of the conditions for been a member is for countries that are influential in their continent , I see no reason why South Africa should be a member and Nigeria isn't .
Our international policy need to change towards emerging economies and cut off the reliance on the west , they are hypocrites and parasites .
You can only imagine how our local currency will fare if we trade our major export which is crude oil in Naira .

3 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by VanuatuWycombe: 9:09pm On Mar 08
Helinus:


How many people would source for Naira using their Dollar?

Only people that wants to buy oil right?

What's our other major export that would require people to seek for naira?


Does Nigeria have 100% ownership of the oil companies they want to be selling our crude in naira?

At what rate would the buyers be buying the naira? CBN or black market rate?

The problem of our currency is not because crude is sold in dollars, its because we import most of the things we use.

Local production should be encouraged by the government, so that we export more and earn more forex.

Government and misplaced priorities.

Not only oil. All Nigerian exports would be paid for in Naira, including all services, salaries of remote workers, diaspora remittances etc. They will all be buying Naira with their respective currencies.

The rate they would be buying would be determined by market forces.

Go to oanda.com now and you will see the rates there. Oanda is one of many websites where currencies of countries are traded. It’s because we have been bamboozed with Dollar as measure of our own values and that Aboki had spoilt market for us, that’s why we feel it would be tough getting a fair rate.

Once Naira improves, it will be cheaper to bring in machineries from abroad to start small scale industries which would then help in developing our economy.
As we export to African countries and other countries, they would also be looking to pay us in Nigerian Naira.
So Nigerian government is looking beyond only oil revenue.

It’s a gradual process thing. It’s only good they start from somewhere and they take things as they come, there after.

We ought to have detached ourselves, long ago, from Dollar but it was IBB that put us in this deep mess.
IBB ruled Nigeria from 1985 to 1993. Abacha, Shonekan, Abubakar all toed the same paths IBB toed until 1999 when Obasanjo took over.

From OBJ till now, none of them had the balls to reposition our economy and release is from the grips of USD. They were all lucky to enjoy oil boom and were able to defend Naira with lots of Dollars they made from the oil boom.

GEJ was the luckiest of them all but he didn’t make any move. The same thing happened to Buhari. They all ruled and left quietly because they don’t want their names mentioned as being bad presidents.

This thing Tinubu is doing is good but it’s going to be very tough on people because it’s like you are trying to drive out a vehicle that has long entered the bush for over 70 years.

If we are all sincere and supportive of our government and refrain or even reduce, considerably, our level of corrupt!on, I am certain Nigeria will be great but not up to the level of Spain, Switzerland, Norway, America, Canada etc.

2 Likes 1 Share

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Twist4u: 9:10pm On Mar 08
Bababluuuu..... Always putting the cat before the Horse.

Recall, at some point in history Nigeria was unanimously categories as equals to BRICKS Nations.

I can't remember Nigeria applying for that status. It was earned through improved economy and increase in GDP per capital during the ObJ - era 2003 - 2008.

The world came to Nigeria. Nations cup, under 17 world cup..host of global committee meetings

But, in bababluuuu world..we can buy recognition, even if Nigeria has been reduced to looting warehouses and trailers with food stuff daily to Survive the Hardship.

Now you're blaming the dollar, you depreciated without foresight of statistics.

When PO gave analysis on the GDP per capital of Nigerians during campaign. You said " NA STATISTICS WE GO CHOP"

Now look at the Nigeria your APC has created : Hardship, hunger, insecurity..name it..

OGA, I Suggest you start CHOPPING THAT STATISTICS....

And now, you are applying to join bricks so you can play global politics even with your bad economy.

Small yansh de shake

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by zeyt: 9:11pm On Mar 08
Helinus:
We import most of the things we use.

If we start selling oil in naira, can we buy from China and Europe with Naira?

It will bring more hardship.

Why don't we wait till we start producing most of the things we use in Nigeria?

Nigeria is like a child that his father is a Village palm wine tapper, managed to send him to a university, and the child is trying to chill with the big boys, it will end in tears.

You sound like a proponent of US Dollar
Will appreciate it if you elaborate on how selling oil in Naira will bring more hardship.
If for example China want to buy Nigerian oil China has to secure Naira first. The value of Naira increases in the process. Currently Naira is like a trash in the international arena.

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by femmy2010(m): 9:15pm On Mar 08
Helinus:


Why don't we wait till we start producing most of the things we use in Nigeria?




100 years more?
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Debangis20(m): 9:15pm On Mar 08
Ola9ja23:
Nigeria shall be great again
Ameen!
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by VanuatuWycombe: 9:16pm On Mar 08
Mandate1:
when every nation trades internationally in their local currency, the international market will become a mad house of confusion.

It won’t. It requires just pairing, which is done by computer and the rate is determined by market forces.

If you are trading on a pair of currencies, you may not even know what’s happening to another pair of currencies until you are interested in it. It’s as simple as that.

All countries shouldn’t have allowed their currencies to be dominated by a few currencies.

If we can follow this New World Order, there would be lesser poorer countries, because every country exporting anything, no matter how little, would be relevant.

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Samtob90(m): 9:18pm On Mar 08
Arobaga:



Partisan aside

In my assessment, you not Tinubu is useless

Talk truth is Tinubu not useless?
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by PastorOlokonla: 9:20pm On Mar 08
Them nor born Tinubu well. Where will he recharge his batteries if western countries ban him from their hospital.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Gajagojo: 9:21pm On Mar 08
zeyt:

You sound like a proponent of US Dollar
Will appreciate it if you elaborate on how selling oil in Naira will bring more hardship.
If for example China want to buy Nigerian oil China has to secure Naira first. The value of Naira increases in the process. Currently Naira is like a trash in the international arena.
He is ignorant
At the moment NNPC and oil majors run accounts abroad with banks like HSBC, CITIBANK etc
Usually this is in London. So receipts for sales accumulate in foreign banks and when they like they bring in a little amount.
If we sell in Naira the buyer will still bring in dollars but is now obliged either to open a Naira account with a Nigerian bank of use a Nigerian agent and to pay for oil THROUGH NIGERIAN BANKS IN NAIRA

That way we can account for every drop of oil

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Charly68: 9:23pm On Mar 08
Why didn't Buhari follow this path while in power ?
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by VanuatuWycombe: 9:25pm On Mar 08
treatise:

How many of the BRIC members buy Nigerian oil that would make paying for oil in naira feasible?

We are not selling to BRICS only or at all. Whoever Nigeria is selling goods and services to will have to pay in Nigerian Naira. Not even only oil, once we join.
Common fertilizer export to Cameroon from Dangote’, for example, would have to be paid for in Nigerian Naira but not in USD again, as it is being done before.
It means a Cameroonian importer of fertilizer has to approach any of its preferred Nigerian banks or currencies trading platform and buy Naira with Cameroonian CFA.
In that process, Naira will gain value because demand for Naira will rise and those selling Naira will increase the price of Naira once there are many buyers.

2 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Jibsonified(m): 9:26pm On Mar 08
Helinus:
We import most of the things we use.

If we start selling oil in naira, can we buy from China and Europe with Naira?

It will bring more hardship.

Why don't we wait till we start producing most of the things we use in Nigeria?

Nigeria is like a child that his father is a Village palm wine tapper, managed to send him to a university, and the child is trying to chill with the big boys, it will end in tears.


grin grin grin grin grin
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by aidoko1: 9:32pm On Mar 08
Can Iran and Northern Naija Sunnis blend?
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Jeboy(m): 9:32pm On Mar 08
If we do sell our pms to international market in Naira, do you know what the implications will be on our intl buyers?

It means China, Brazil, Egypt or any foreign country that is interested in procuring our pms will have to look for naira to pay us. This is where our currency develops international value as countries will now seek it as a means of payment to us.

How will they be able to pay us, they will look for a Intl business Nigerians do Intl order from and request that Nigerians pay with Naira instead of USD so they too can mop up fund to pay for pms they will buy from Nigeria. They will not want to risk buying Naira with foreign currency in Nigeria which is an option but dangerous.




Helinus:
We import most of the things we use.

If we start selling oil in naira, can we buy from China and Europe with Naira?

It will bring more hardship.

Why don't we wait till we start producing most of the things we use in Nigeria?

Nigeria is like a child that his father is a Village palm wine tapper, managed to send him to a university, and the child is trying to chill with the big boys, it will end in tears.

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by TheRedpillguy: 9:34pm On Mar 08
Ebubu2:
If trading Oil in Naira will boost our Naira.

Then let’s do it. Western Powers won’t do anything!

Why are we not doing it in the first place ?
Because Tinubu is an American Asset, he can't , the western countries got dirt on him, they will not only mastermind his removal out of power, they will probably find a reason to seize his money.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Mcslize: 9:37pm On Mar 08
This is a good gesture. This is what we all want Tinubu to be doing, not chasing Aboki and Binance up and down. Nice one as far as they will keep to their promise.

ogbonti won on this one, trust me.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Inosky(m): 9:39pm On Mar 08
They are following Peter Obi's leadership ideology. I remember he said this during his campaign that he will be selling Nigeria oil in Naira. Obi is a great leader, now they are stealing his ideas from the backdoor. I hope they implement it well because most of his ideas they stole they forget to do the homework first before swift implementation.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by PEACE2023: 9:48pm On Mar 08
Helinus:
We import most of the things we use.

If we start selling oil in naira, can we buy from China and Europe with Naira?

It will bring more hardship.

Why don't we wait till we start producing most of the things we use in Nigeria?

Nigeria is like a child that his father is a Village palm wine tapper, managed to send him to a university, and the child is trying to chill with the big boys, it will end in tears.

For China Yes
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by dvcompany: 9:48pm On Mar 08
Dey play u wan chill with the big boys
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Jesubaby: 9:58pm On Mar 08
I'll only comment when the action is been taking.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by lastkingsman: 10:18pm On Mar 08
pansophist:
As Falana noted, the Bretton woods system is the chief cause of economic failure in the third world.

If you doubt me, let anyone name just ONE example of the IMF and world bank saving any third-world economies through their policies and aids.

I will save you the stress. You will find none.

The western world is not your friend. You don't expect those who colonized you for centuries to want you to do better than them.

But I keep wondering about the caliber of leaders we have in Nigeria. They run to London, talk in Chatham's house, implement IMF policies, and still shock things aint working.

Whatever.

Let's stop this blame game. It's the same bretton wood system that made Chile, South Korea, Japan, Malaysia and so on great.

The problem I have with us Africa is that while we point fingers at others, three are pointing back to us. These world is a competition and every country will put thier interests first

I recently watched a documentary "the British second empire" and it's estimated that 900bn USD have left sub-sharan via corruption and ended up in financial safe haven. Nigeria figure is estimated to be more than 500bn USD. Is it the bretton wood institution that forced our leaders to steal funds meant for development and stash it in financial safe havens?

Just recently Buhari printed (money supply) 50bn USD and spent the money without budgetary approval. Where on earth does that happen? This money alone could have fixed our dilapidated power system. Up till this moment nobody knows what the money was spent on, how it was spent and the why Senate approved this economic sabotage.

Tinubu has continued from where he stopped. Increasing money supply again like an idiot but bretton wood system is the problem. Lmao.

Since 1960, we don't have a functional refinery. Tell me any opec country that doesn't have a functional refinery.

Nigeria's problem is not caused by bretton wood system. It's a structural and operational problem. Structural in the sense that 36 states and capital federation system we are running is too expensive and inefficient coupled with a useless constitution that's a fraud. Operational in the sense that only 15% of budget is utilized, the remaining 85% are diverted through inflation of public procurement contracts and works

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Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Omoapena(m): 10:25pm On Mar 08
Brics ideology doesn't make sense to me

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