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 ?

Yes, it will be very good deal for the Naira. alas! for Nigeria's corrupt and wicked leaders the deal may not see the light of day, because the West has enough dirt and classified files to blackmail them with i.e the Chicago University forged certificate scandal and the drug forfeiture case if Bola A. Tinubu.
Reason why it is very important to have clean individuals at the helm of affairs.
Somewhere corrupt leaders will be blackmailed thereby forcing them to work against the interest of their own country.

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.

It gives Naira more value. CBN where they'll get the naira from can easily decide what the rate will be.
They can say 1 naira = 1 dollar and that's it. We've solved the problem of exchange rate 😂

ADOPT FAPRES FOTCS AND CTC FOCS TRFG FIRST BEFORE YOU PULL 36 CONSTITUTIONAL STATES INTO ANOTHER QUAGMIRE. WE ARE STILL SUFFERING FROM OIC. EVERY NATION MUST BE LOGICALLY TRIBALISTIC.

ADOPT FAPRES FOTCS AND CTC FOCS TRFG FIRST BEFORE YOU PULL 36 CONSTITUTIONAL STATES INTO ANOTHER QUAGMIRE. WE ARE STILL SUFFERING FROM OIC. EVERY NATION MUST BE LOGICALLY TRIBALISTIC.


ORISA37

Islie:


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

An indication we are hopeless.

TheFreshVanilla:
"May start". Start first.

It's government logic to get public opinion on issues before starting or continue if they already did. Anyway they know what they wanted.

This is the best move, but I don’t think Tinubu has the guts. Tinubu is too close to the West… those who know , know.

Nigeria no reach. A country of 200 million goats.

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 😆

Or-deh
Frustrated muntula

It will now be BRINCS then

VanuatuWycombe:


We are not selling to BRICS only or at all. Whoever Nigeria is selling goods and services to will have to pay in Nigerian Naira. Not even only ooo once we join.
Common fertilizer export to Cameroon from Dangote’, for example, would have to be paid for in Nigerian Naira but not in USD again, as it is being done before.
It means a Cameroonian importer of fertilizer has to approach any of its preferred Nigerian banks or currencies trading platform and buy Naira with Cameroonian CFA.
In that process, Naira will gain value because demand for Naira will rise and those selling Naira will increase the price of Naira once there are many buyers.

A good submission but is BRIC membership a condition for other countries to pay for our goods and services in Naira?

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.

I think it's of Nigeria importing with the naira, rather than dollars. Nigeria/China trade is big and doing it in local currencies with reduce the dependence on dollars.

treatise:

A good submission but is BRIC membership a condition for other countries to pay for our goods and services in Naira?

I don’t think so. We may also sell in other currencies but we won’t be pegged, solely, to USD like before.

Inosky post=128845981[b:
]They are following Peter Obi's leadership ideology. I remember he said this during his campaign that he will be selling Nigeria oil in Naira. Obi is a great leader, now they are stealing his ideas from the backdoor. I hope they implement it well because most of his ideas they stole they forget to do the homework first before swift implementation.

You are right. Infact the air we currently breathe in Nigeria is Peter Obi ideology.

fabolouz1:
This is a right step and it's even coming late.
If one of the conditions for been a member is for countries that are influential in their continent , I see no reason why South Africa should be a member and Nigeria isn't .
Our international policy need to change towards emerging economies and cut off the reliance on the west , they are hypocrites and parasites .
You can only imagine how our local currency will fare if we trade our major export which is crude oil in Naira .

I don't think there is any connection between joining BRICS and selling crude in dollars
They are separate issues

Only reasonable news sins 2015
That's if it happens.

God bless Nigeria

Partisan aside Talk truth is Tinubu not useless?Partisan aside Talk truth is Tinubu not useless?...

treatise:

A good submission but is BRIC membership a condition for other countries to pay for our goods and services in Naira?

It's not a condition. It can be implemented now.

VanuatuWycombe:


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.

Do.u not realize that the govt already seeks to buy naira with the dollars they earned from selling crude?
We will just be going around circles..
The eventual point is that d naira cost of every imported thing will still.be as high ad it currently is.. it's all about demand and supply not trade currency

About time , fvck America

being:

Do.u not realize that the govt already seeks to buy naira with the dollars they earned from selling crude?
We will just be going around circles..
The eventual point is that d naira cost of every imported thing will still.be as high ad it currently is.. it's all about demand and supply not trade currency

Our government that is considering joining BRICS knows more than you and I know. What Nigeria as committed to payments of Futures is pegged at a certain barrels of oil production per day which is lower than our total oil production.
Our CBN and finance guys are not that dumb to sign away all our daily oil productions to a loan.

As oil production has increased, government will continently pay up. The only problem may be when oil daily production falls below the benchmark used on budgeting to that loan repayment.
Government is not buying Dollar with Naira. It’s individuals that are buying Dollar with Naira.

VanuatuWycombe:


Our government that is considering joining BRICS knows more than you and I know. What Nigeria as committed to payments of Futures is pegged at a certain barrels of oil production per day which is lower than our total oil production.
Our CBN and finance guys are not that dumb to sign away all our daily oil productions to a loan.

As oil production has increased, government will continently pay up. The only problem may be when oil daily production falls below the benchmark used on budgeting to that loan repayment.
Government is not buying Dollar with Naira. It’s individuals that are buying Dollar with Naira.

I'm not even talking about d hefty loans.. story for another day.. I'm saying govt actually earns naira by selling dollars..dollars earned from their share of crude production. So if we sell.oil in naira, instead of govt selling dollars to get naira, it will be India selling dollars to get naira to buy the crude.... it's exactly same effect.. nothing changes
Naira or dollars or cowries is not d problem but like Helinus said, import demand value vs export value..
As import demand(plus foreign debt service & fx repatriation) goes above export(plus diaspora remittance & foreign loans), the rate goes up. Pure demand and supply
Now, a sad part of the story is that most of what is imported are even basic survival needs not luxurious things that pple could.just easily cut out of their lives which means import demand will keep being high

Why sell crude oil in naira,when the central bank can print,naira,with one dollar, at 2000 naira,america will buy all your oil and leave you with a useless 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?/

No, but once everyone has to buy our oil in Naira, we will have so much dollars (because they must bring dollars to collect naira) that we can buy what we need abroad cheaper vis a vis a stronger naira.

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.

For heaven's sake have a sense of confidence and ambition. Slaves have become kings in this world you know?

Friends Jesus Christ loves y'all and he want you to accept him as your personal lord and saviour by giving your life to Christ, believing in him and repenting of your sins.remember tomorrow might be too late. Shalom

VanuatuWycombe:


It won’t. It requires just pairing, which is done by computer and the rate is determined by market forces.

If you are trading on a pair of currencies, you may not even know what’s happening to another pair of currencies until you are interested in it. It’s as simple as that.

All countries shouldn’t have allowed their currencies to be dominated by a few currencies.

If we can follow this New World Order, there would be lesser poorer countries, because every country exporting anything, no matter how little, would be relevant.

it is not as easy as you see it.

Islie:


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

This is cheap.
it has nothing to do with femi falana's comment.
Joining association/organisations is procedural not irrational and fire brigade approach of femi falana's self grandstanding and excessive empty exergerations

Great move if this’s true, I they accept Nigerias application though.

Move on the right direction.

Greyworld:

No body is on your side... it's all about interest.

Adolfnigeria:
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.

As far as Africa concerned, Western interest since 332 BC has been to enslave you, colonize and exploit you, re-colonize you.

But in the midst of all these, China and Russia stayed away from hurting you, even though they had everything it takes to join them to feast on you. In fact, they stayed on your side to demand that you be free.

Yes, they have interest like everyone does but their's isn't about dehumanizing you.

Be informed that Russian and Chinese efforts led to the united nation's (UN) declaration of emancipation of all colonized countries.

For a little more information about how the West dehumanized your ancestors VS how China and Russia tried to save you, see European crimes in Africa - European crimes caught on camera during colonization of Africa https://www.africason.com/2022/04/european-crimes-in-africa-during.html

And then buy what Produce with the naira they buy our curse with ejoor?

People in Zoogeria are simply optimistic for nothing.
So, you think the developed countries in BRICS will allow
you to water down their countries with your valueless Naira
and endemic infrastructure.