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1 Barrel Of Oil = $40 = 1 New Naira - Business - Nairaland

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1 Barrel Of Oil = $40 = 1 New Naira by KnowAll(m): 5:55pm On Aug 09, 2016
This means 1 New Naira = 40 Dollars.

If we tie our currency to d value of a Barrel of oil we as nation would be very wealthy.

Minimum wage currently is 18000 Naira = 45 Dollars = 1.1 Barrel of Oil = 1 New Naira.

Let us tie our currency to d value of a Barrel of oil and we can kiss the crazy devaluation we are currently witnessing good bye for good.

It is either we tie our currency to d value of Oil or the value of Gold.

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Re: 1 Barrel Of Oil = $40 = 1 New Naira by CACAWA(m): 6:12pm On Aug 09, 2016
Pass me that thing wey you dey drag abeg
Re: 1 Barrel Of Oil = $40 = 1 New Naira by Sweetguy25: 6:13pm On Aug 09, 2016
Not possible. Such a monetary system can't support the financial system. Besides, it will make no difference.

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Re: 1 Barrel Of Oil = $40 = 1 New Naira by frudum(m): 6:42pm On Aug 09, 2016
KnowAll:
This means 1 New Naira = 40 Dollars.

If we tie our currency to d value of a Barrel of oil we as nation would be very wealthy.

Minimum wage currently is 18000 Naira = 45 Dollars = 1.1 Barrel of Oil = 1 New Naira.

Let us tie our currency to d value of a Barrel of oil and we can kiss the crazy devaluation we are currently witnessing good bye for good.

It is either we tie our currency to d value of Oil or the value of Gold.

i like your idea. America was doing d same back in the 60s with gold before they started using IOU. it will be a nice idea and will be profitable if oil price will increase in the future. you have an idea but it still has to be refined. people like who think outside the box are people who do exploit.

keep it up.
Re: 1 Barrel Of Oil = $40 = 1 New Naira by stagger: 6:54pm On Aug 09, 2016
So we should tie the Naira to a commodity whose pricing mechanism is out of our control. Hmm.

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