Nigeria's crude oil should be sold for Naira. Any country that wants our oil should buy it in Naira, and then zero importation of petroleum products - the government should enable refineries to refine the fuels we need.

that is one of the potent ways to increase the value of the Naira.

But guess what, Neither Tinubu nor his predecessors have the guts to demand Naira from US buyers. They are scared that foreign buyers might dish our oil.


https://www.youtube.com/watch?v=3JOcUrMKWMU

UHLmoving:
Nigeria's crude oil should be sold for Naira. Any country that wants our oil should buy it in Naira, and then zero importation of petroleum products - the government should enable refineries to refine the fuels we need.

that is one of the potent ways to increase the value of the Naira.

But guess what, Neither Tinubu nor his predecessors have the guts to demand Naira from US buyers. They are scared that foreign buyers might dish our oil.


https://www.youtube.com/watch?v=3JOcUrMKWMU

See quack thinking. For naira to appreciate, relative to the dollar, Nigeria needs to sell in dollar, so that we will have surplus dollars chasing few naira, which automatically will make naira appreciate. U mistake this for what people clamour for.

rtdCivilservant:

See quack thinking. For naira to appreciate, relative to the dollar, Nigeria needs to sell in dollar, so that we will have surplus dollars chasing few naira, which automatically will make naira appreciate. U mistake this for what people clamour for.

wow! Which school did you graduate from?

You lack basic understanding of international trade.

At least you should understand the basic law of demand and supply. If we have less need for the US dollar, the rate will automatically drop.

Imagine if our importer could pay with Naira instead of USD or Chinese yen.

Imagine the value Naira would reach, if the world start demanding for Naira to buy our crude oil.


This is basic knowledge, you can't devalue your own currency for another foreign currency and hope for miracle to happen.

Use more of Naira, to grow the naira.

USD is a hard currency today because the US are keen on this principle: we must buy from you with our dollar, and we must sell to you in our dollar, your Naira is useless we don't need it.

And sadly, you and the leaders have been hooked by the US dollar

UHLmoving:
wow! Which school did you graduate from?

You lack basic understanding of international trade.

At least you should understand the basic law of demand and supply. If we have less need for the US dollar, the rate will automatically drop.

Imagine if our importer could pay with Naira instead of USD or Chinese yen.

Imagine the value Naira would reach, if the world start demanding for Naira to buy our crude oil.


This is basic knowledge, you can't devalue your own currency for another foreign currency and hope for miracle to happen.

Use more of Naira, to grow naira.

USD is a hard currency today because the US are keen on this principle: we must buy from you with our dollar, and we must sell to you in our dollar, your Naira is useless we don't need it.

Is it ur local importers that buy Nigerian crude? Why would u sell ur crude internationally in naira, where would nigeria now see dollar to make other importations, since crude is our major source of forex. I know what u have in mind, but u are saying it wrongly. If government can fix our refineries that we refine our crude locally, I bet u dollar may come as low as 300 naira, buck of the dollars expended by our government go into petroleum product importation. Imagine if we have that amount of dollars set aside for other valuable stuffs. Oga, for naira to appreciate, we need to earn so much dollars.

When we say some of you have low IQ you will say we are insulting you

Where will the country get the Naira from to buy your crude in Naira?

SalamRushdie:
When we say some of you have low IQ you will say we are insulting you

Where will the country get the Naira from to buy your crude in Naira?

Where are we getting the dollars from?

HopeUzodinma:


Where are we getting the dollars from?

Dollar is the primary Balance of trade instrument and reserve so most countries have them , you cannot find Naira outside west Africa and in just small amounts

SalamRushdie:


Dollar is the primary Balance of trade instrument and reserve so most countries have them , you cannot find Naira outside west Africa and in just small amounts

that is where the work lies. We should make Naira popular as well.

US and China are constantly having trade issues because Chinese are demanding that the US buy from them with the Yen instead of US Dollar.

This is how international trade was supposed to be:

If US want to buy from Nigeria, they must pay with our Naira.

And if Nigeria wants to buy from the US, we must pay with their Dollar.

But as it stands now, the US dollars are in both sides of the divide. Nigeria buy petrol in USD, and sells crude oil in USD?

Where is the place of Naira?

When will Naira come into this trade?

Naira is a nation's currency, same way the USD is a nation's currency

SalamRushdie:


Dollar is the primary Balance of trade instrument and reserve so most countries have them , you cannot find Naira outside west Africa and in just small amounts

That's the point @UHLmoving is making. Create the demand for Naira to give it value. If you sell crude oil in dollar in a bid to meet the demand of those that will need dollar to import, you're only strengthen the dollar because it's the same Naira that will be used to buy dollar. How sure are you that CBN will be able to meet the demand of every Nigerians that want to import?

But when you create the demand for Naira outside the country, foreign currency will be used to purchase Naira.

What Nigeria does is, sell in Dollars and use the same dollars gotten from the sales to buy foreign goods.

We are operating a dollarized economy.

Tell me how the Naira would be appreciated.

All these propaganda

Raymondfayowole:


That's the point @UHLmoving is making. Create the demand for Naira to give it value. If you sell crude oil in dollars in a bid to meet the demand of those that will need dollars to import, you're only strengthening the dollar because it's the same Naira that will be used to buy dollars. How sure are you that CBN will be able to meet the demand of every Nigerian that wants to import?

But when you create a demand for Naira outside the country, foreign currency will be used to purchase Naira.

oil dey your head.

Anybody who wants to buy from us should change their currency to our Naira, the same way we are rushing to Bureau de Change to change the Naira to foreign currencies when we want to import.

UHLmoving:
Nigeria's crude oil should be sold for Naira. Any country that wants our oil should buy it in Naira, and then zero importation of petroleum products - the government should enable refineries to refine the fuels we need.

that is one of the potent ways to increase the value of the Naira.

But guess what, Neither Tinubu nor his predecessors have the guts to demand Naira from US buyers. They are scared that foreign buyers might dish our oil.


https://www.youtube.com/watch?v=3JOcUrMKWMU

We need to refine our own crude oil. Doesn’t make sense exporting crude oil and importing refined petroleum

If we sell our oil in Naira, how would we earn dollars? Sale of crude oil is the biggest fx earner for the Nigerian government, so you have to redo your analysis.

Besides, what is the incentive for any country to want to stress itself to look for Naira to buy Nigeria's oil? Is Nigeria the only producer of oil or does Nigeria's oil have any competitive advantage over the oil of, say, Saudi Arabia, Qatar, Libya, or other oil producers?

The only sensible and pragmatic solution, as far as the oil industry is the focus, is to refine locally. Pure and simple. The demand for dollars would reduce to a reasonable extent if we're not using dollars to import refined petroleum products.

You assume that Nigeria is in a position to dictate what currency it will sell its crude, when we are competing with other producers to find buyers.

International trade is mostly done in dollars and that is the currency most International buyers will use.

If Nigeria insist on naira, most International buyers will go elsewhere to buy.

Crude oil is available from so many sources, Nigeria can't dictate anything to buyers.

They had better. It is time to get serious in this country.

rtdCivilservant:

See quack thinking. For naira to appreciate, relative to the dollar, Nigeria needs to sell in dollar, so that we will have surplus dollars chasing few naira, which automatically will make naira appreciate. U mistake this for what people clamour for.

Have you asked yourself why you need to have surplus dollars? For how long will you keep worshipping the dollar? We have to start making bold decisions.

BondRiv:


Have you asked yourself why you need to have surplus dollars? For how long will you keep worshipping the dollar? We have to start making bold decisions.

This is no time for btsggadoism, at the international market, u need dollars to make any transaction, we may have reservation about that but that is just the plain truth. So if u don't have dollars, how do u do importations ( not necessarily oil), u cannot use naira to trade at the international market.

what are you going to buy with the naira, foreign jets and limousines?