themanderon:


It will surely reduce the pressure on forex. This is the reason Russia was able to stay very much above water despite the Western sanctions. They started selling their oil which is a necessary commodity to the Europeans in the Russian rouble making the rouble to appreciate against the dollar as Europeans scrambled for it to buy their oil.
Even the Afghanistan Afghani rose against the dollar because a similar measure was adopted to save their currency.

is it because Nigeria does not sell crude oil in naira that there is pressure on the forex?

Anyhow it is, Nigerians always need dollar even to import basic needs.
The only advantage is that naira will be sourced which might eventually add value to it

Why NOT join first or apply before making noise. This government like propaganda than hardwork

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 ?

If you seel your oil in Naira, they give you Naira, then how una go get dollar wey una go dey use import?

Crude oil is the major source of dollars to nigeria

Rigie:
Please is here any logical explanation why Nations shouldn't be allowed to trade with their traditional currency at the ratio of trade volume. Or is there any ritual around the USD myth?

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Yes with dollarized trade America is able to export it's inflation to the rest of the world while printing cash with no commodity backing to meet needs since surely the rest of the world will gladly buy the dollar for trade.

Good move. When we see a positive step we should commend oga at the top. Joining brics will greatly help the economy, ease Nigeria from the claws of the western financial system.
Breaking it down to the minimum. Just imagine you want to buy something from China eg aliexpress. You then have to convert your naira to dollar before paying yuan. That is a discrepancy that will be sorted out.
Imagine America recently threatening Ghana with financial sanction through imf and world bank, simply because they recently passed an anti gay law.
Anyway, I hope oga at the to wount receive phone call for America threatening to expose him if he moves ahead with the brics plan.

AllenSpencer:
The US/UK will start making trouble with Nigeria soon

We are ready for them. Let them start. Awon werey.

Izuogu4Presdent:
Agbado Diaper weting Tinubu is a criminal. Thunda fire ndi ofeammanu and their miserable generation

Na wa o. Dey try appreciate better thing

Make them never join now. Make them wait till 2026 first. Na beg I dey beg oh.

themanderon:


It will surely reduce the pressure on forex. This is the reason Russia was able to stay very much above water despite the Western sanctions. They started selling their oil which is a necessary commodity to the Europeans in the Russian rouble making the rouble to appreciate against the dollar as Europeans scrambled for it to buy their oil.
Even the Afghanistan Afghani rose against the dollar because a similar measure was adopted to save their currency.

Your analogy is wrong
Russia is a productive nation, most of the things used in Russia are manufactured in Russia. What is their importation level compared to export? A country that has attained the level of developing her nuclear facility is no small nation. Brics is not a magic association to transform a nation that is not productive. To be very honest, joining brics will worsen things for a poor & struggling nation like Nigeria. So long we are running an import based economy, nothing is reducing pressure on forex!

lexy2014:


is it because Nigeria does not sell crude oil in naira that there is pressure on the forex?

Dey try do research before jumping to conclusions

stupid headline!

There is no sense in this move , it will not be of
any immense benefits to our economy Tinubu is inept, he should just resign. He is too in a haste to impress but lacks substantial blueprint.

They don't have the courage to do that. Our politicians have assets in the US and UK. They will be blackmailed

Misleading headline!

Draslo:

Dey try do research before jumping to conclusions

can you show me the conclusion you are talking about?

how is a question a conclusion?

are you aware that asking questions is the foundation of research?

since you have done research, then answering my question should not be a challenge for you:

is it because Nigeria does not sell crude oil in naira that there is pressure on the forex?

Rigie:
Please is here any logical explanation why Nations shouldn't be allowed to trade with their traditional currency at the ratio of trade volume. Or is there any ritual around the USD myth?

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because the US won the cold war and they will kill you if try to ditch their currency.

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.

What a repentant thought process....welcome back😂

I am not understanding something, if we sell in naira, won't that bring more pressure on the naira , because oil is the major source of dollar for Nigeria

Great

Nice development.May God help BAT to reposition Nigeria for a greater prosperity and increased development.
Joining BRICS might give Nigeria just a right leverage to grow economically and integrate economy wise more fully with the existing member countries.
But the West won't be happy with this,at all.

Dogalmighty17:
If joining BRICS is because Nigeria wants to sell crude in naira, then they got another thing coming. Russia has that market captured. They are the largest supplier to China and India. That's how they've managed to have a stronger economy inspite of western imposed sanctions. I can't imagine they'll let Nigeria cut into their market share.

that will means BRICS now control the world's oil supply. Russia will be happy and not the other way round. Besides UAE produce many times as much more oil than we do and they've already been accepted

A country of May...shall...will.. probably...never a word like has...nonsense people

Better to steal public funds in Naira than in 💲dollar

Joining them is not important
What is important now is how to reduce hunger first

I dey laff

Once you hear 'may' just know the report is a figment of the reporter’s imagination.

He should remember his doctor is from West.
Paris abhore BRICS.

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.

Global economy don't run on one road side analyses.

Like the Happy Boyz. Always.

Helinus post 128843873: 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.

ArewaNightmare:
Who's advising this muntula sef 😢
U want join BRICS 😆 people that have Refineries upon Refineries that can refine Crude and sell but it only hope is DANGOTE 😆😆😆 TULUMBU who swear for u oooo

Do u have all it takes to call the shot in brokering deals against Europe and Asia ? Where u only sell crude and import refined products 😆

As usual, since it's not done by Lienus.

tuoyoojo:
I would rather see that we have been accepted because as someone stated above, the oil market is largely dominated by Russia. Let's see how far we go

Hope this would not be used as a propagandas for APC as their achievements

"Attempted to join the BRICS"

I don't believe the APC government until it happens. Its a good thing dou.

But for now, it's just a propaganda. And moreover do Nigeria think its that easy from powers that be.