A very good idea. U.S Dollar don show us Shege.

israelmao:
"MAY start trading oil in naira".When Buhari was said to have sold Nigerian crude oil far into the future.

Bluearrow:

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!

You make a really good point. I believe this association will still require members to focus on internal shit instead of depending on a world economy that's US based. Imagine BRICS in 2124. Just imagine it cos e go still dey whether me and you like it or not. Best time to join is now. I thought we wouldn't have the balls to do this but I'm telling you that by this 2124 some major economies go still follow dem join am. This world go still dey roll fter me and you are gone by 2124

Ola9ja23:
Nigeria shall be great again

Were we once great before? Greatness is not about sell crude oil for dollars and stealing freely. Greatness is about fruitfulness. Able to create and add values. Not binding and casting Dollars to fall!

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?

Get a Super Professional Company Logo or Letterhead for Your Business for 2k only

Pay On Delivery

Drop us your Company name
https://forms.gle/f8ri6igdjAW4QSLB9

Think about it, let's say you want to buy something from South Africa and you pay in Naira, what will the South Africans do with your Naira, it's useless to them, they cannot use it to buy something from China or Vietnam, that's is what countries choose to trade in Dollar, because it is widely accepted, the only solution is if both countries have a trade agreement like the BRICS

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.

Russia produce most of the things they use and they are major exporter in international markets.
Nigeria on the other hand are import dependent and export only crude. If they sell in naira, how will they get foreign currency to import their needs?

Islie:


https://saharareporters.com/2024/03/08/nigeria-set-join-russia-china-brics-may-start-trading-crude-oil-naira

Is this for real?

The solution to Nigeria problem is not about joining BRICS or not. Nigeria problem is there are too many thieves! Thieves in civil service, in banking, in judiciary, security and politicians. Every where Thieves abound! That's Nigeria problem. Dem no know and fear God. The Bible and Koran means nothing. Tell dem to take oath using Shango or Ogun them go begin run! That's is our problem. Thieves! We need rat poison for all of them.

Will the naira still strong against dollar niii. Don’t play ooo

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.

At least, someone is thinking. Economics is clearly not Mr Falana's forte.

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.

I am glad that demented old mandate thief has begun digging his own grave because the west we use geopolitics to either throw him out or kill him

This, no doubt, will be one of the best decisions

That would be nice. The only problem is that the report failed to underscore the fact that about 24 other countries are currently in the queue.


Nigeria wants to apply in 2024; however, about 24 countries have already applied without any positive outcome. LOL.

Y may it should be will n not may

Putindbutt:
If Russia could sell her gas in ruble and makes it stay afloat western sanctions, why not Nigeria. Only that the pressure from the west will be massive, they killed Nigeria/China currency swap deal.

The West can do nothing without Nigerian enablers. So the right statement is with the enablement of some Nigerians the west killed the currency swap deal

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.

Because they do not know history

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 ?

Don't mind them. This is what I have been emphasizing for a while. The only way naira value could have dropped so low is because we are exporting our crude oil in dollars. And the Western world are laughing at us. In fact, they are enjoying the system.

Even if we don't join the new oil exporting body, whoever is buying our crude should pay in Naira. This will gradually restore back the value of our Naira.

Right now it's worthless because it's not used in either export or import.

So Naija wan belong. Is alright

Acidosis:
That would be nice. The only problem is that the report failed to underscore the fact that about 24 other countries are currently in the queue.


Nigeria wants to apply in 2024; however, about 24 countries have already applied without any positive outcome. LOL.

Who will accept Naira for oil.
Even Sanctioned Russia rejected rupees.

Lataro!!!!

Ola9ja23:
Nigeria shall be great again

Your father shall be great again

U collect food from Ukraine and wanna join Russia in brick? Wanderer

JuanDeDios:

At least, someone is thinking. Economics is clearly not Mr Falana's forte.

I think they are meant to buy the "Naira" they want to use to buy the crude oil with dollars.
Hence more dollars.

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.

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 Naira stronger, after receiving all our exports in Naira (including non-oil sales), they should allow our Naira cards to function for purchases abroad.

Long overdue

Smithwilliams826:
Make them never join now. Make them wait till 2026 first. Na beg I dey beg oh.

😁😁

May God facilitate the Nigeria of abundance, security, prosperity and sustainable development now and always.

Savage

Arobaga:



Partisan aside



Talk truth is Tinubu not useless?

what sortbof naiitivity is this?

Its about interests.

A world ruled by chinese will be an enslaved one. This guys are bleeping wicked even the russians.

They are worst than the west.

musicwriter:
Good!

Indeed, the right thing African countries should do is look towards China and Russia as partners. They have historically always been our side.

People feel they must talk when they have no clue what the issues are
The status quo is that the oil majors and NNPC sell oil abroad in. Dollars and these transactions happen in foreign banks. Our banks do not benefit.

If we sell in Naira the transaction will happen in Nigerian banks and or the. CBN


Those interested in buying our oil would come in with any payment that the CBN approves whether crypto ,dollar Euro Yuan or whatever.
They likely would be bringing in mostly dollars but they would now be obliged to trade and transact in Nigeria not London they
Once they bring in dollars they go to the banks or CBN buy Naira and pay for their oil

What happens is a shift of power from NNPC to. CBN with benefits to Nigerian banks ,insurers and law firms.
Any wonder why the British want their lawyers to operate in Nigeria
Once you change to Naira. Those buying oil will be forced to first buy Naira and then pay in Naira which makes NNPC 's business more transparent.
That activity will mean that every single day if we sell 100 million dollars worth of oil .
Somebody is asking for 100 million dollars worth of Naira. Every day

The way NNPC is run that money just stays in HSBC or CITIBANK
so this is a good thing but you should expect resistance from those banks and their governments

being:
If Nigeria likes let it sell oil in cowries, it changes nothing aboutbthe economy. the fundamental issue is what is ur import demand value versus export value.
For instance, u sell in naira, where will China get the naira they will use to buy d oil from? They will send goods to u.. the value of the goods they will send must be same as the value of the oil... Same thing happens whether d currency is $, pound or cowries... it is value for value!! U reduce usd demand and also reduce d supply at the same time... no effect

No China will be looking for Naira from our banks and platforms where currencies are being traded. Don’t forget that China will pay Yuan to the seller of Naira. In the process, Naira will appreciate in value because some people are looking around to buy it.
Assuming we manufacture more, we would gain more.

Any Yuan help by a Nigerian seller can be resold to any Nigerian who is looking for Yuan to his or her Chinese supplier or manufacturer.