@Denex,

You have suceeded in lowering the quality of this debate. I have tried to overlook your insults and will continue to do so in the interest of reaching a reasonable conclusion with all interested parties in this discussion.

Well, now that the US has set itself against OPEC, we may as well start selling our Crude Oil in the more valuable and stable euro, rather than continue with the slipping and sliding dollar.
But first, it is adviseable that we dump all foreign reserves held in the dollar and opt for the euro instead. As this new Oil trade in euro will increase it's value and simultaneously reduce the value of the dollar as there will be less demand for the dollar.
That makes sense. I see no reason why a German would be buying crude from Nigeria in dollars when none of them actually use the dollar in the real sense of it.
I guess the Petrodollar system was initially viable when the dollar was very stable. But such is no more the case right now.

It is very funny that you would rather have us sell our oil in another country's currency. You've been proclaiming everything african and nigerian since but your latest post just shows your hypocrisy.
Don't you think Nigeria has more to gain if we sell our oil in Naira? Why do we sell in dollars? Because OPEC insists! Why does OPEC insist on the dollar? You may get the answer from the article above if it is to be believed. In order words, Nigeria's interest isn't the topmost priority of OPEC. These are the issues I am still getting at.

yaaawwwwwwwwwn

Na wah ooo.

With petroldollar the US may be getting free crude oil anyway, just print more notes and ship in more crude.

If euro is used toady the US will be in deep trouble, little wonder Saddam had to leave the scene because he was a strong proponent of currency shift.