The gamble on U.S dollar by US law makers is a signal that united states law makers can't be trusted, the continuous decline of the US dollars by 17% till date is evidence. Those of us in Africa who continuously live within our means can not afford to be burnt by the irresponsibility a super power who can't make the right decision at the right time. GEJ govt should switch our reserves to Swiss franc immediately, even if the U.S law makers are able to raise the debt ceiling they still can't be trusted and the damage has already been done!! OPEC should equally consider using the Swiss franc as a standard currency for trading oil. It is my hope that other African leaders would follow suit, it is time to abandon the US dollars let them lead themselves to the pit.

Valid points . . . .

But oil is traded in US dollars.

Therefore we will be forever dependent on that 'dead currency' - unless we break away from opec.

its called petro dollar and is the main reason the dollar remains a major foce in currency trading.All "friendly" states to USA use petro dollars and thus makes a good chunk of countries reliant on the dollar.

Iraq switched it's oil trading to the euro and was invaded several months later.
the first thing uncle sam did was change the trading back to the dollar



But anyway Nigeria should just use those dollars to buy gold. Gold just keeps going up.

Very good question! This man will drive this country into the ground, beyond where it is now without serious questions like this one? Do his FB friends ask him real questions like this? Yes?

You are assuming that you can run and hide from U.S. influence by changing the currency it uses to pay for most of your oil exports. That is fallacy at its best. The U.S. $ has to decline because China is holding so much of it and refuses to let its own currency re-equilibrate.

I am afraid the chinese are overplaying their hands, and might end up crashing the world economy by making the U.S. carry the entire burden of adjusting to the new world economy. That would be the beginning of Armageddon. America taught the chinese to manufacture through their investments and the smart chinese took it from there (unlike a country that I will not mention). It is time for them to reciprocate.

dinggle:

The gamble on U.S dollar by US law makers is a signal that united states law makers can't be trusted, the continuous decline of the US dollars by 17% till date is evidence. Those of us in Africa who continuously live within our means can not afford to be burnt by the irresponsibility a super power who can't make the right decision at the right time. GEJ govt should switch our reserves to Swiss franc immediately, even if the U.S law makers are able to raise the debt ceiling they still can't be trusted and the damage has already been done!! OPEC should equally consider using the Swiss franc as a standard currency for trading oil. It is my hope that other African leaders would follow suit, it is time to abandon the US dollars let them lead themselves to the pit.