₦airaland Forum

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The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the 🇺🇸 US dollar.

🇷🇺 Russia and 🇨🇳 China are trading in their own currencies.

Beijing, 🇦🇷 Argentina and 🇧🇷 Brazil have also dropped the dollar in bilateral trade.

The 🇦🇪 UAE is selling China its gas in yuan, through a French company.

🇧🇩 Bangladesh pays a Russian nuclear power company in Russian rubles, ditching the U.S dollars.

🇵🇰 Pakistan and 🇮🇳 India are trading with Russia in rubles and their local currencies.

Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems.

🇰🇪 Kenya is buying Persian Gulf oil with its own currency.

Even the Financial Times newspaper has acknowledged that a “multipolar currency world” is emerging.

When Chinese President Xi Jinping visited Moscow in March, his Russian counterpart Vladimir Putin revealed that two-thirds of the countries’ bilateral trade is already conducted in the ruble and renminbi.

“It is important that our national currencies are increasingly used in bilateral trade“, Putin said. “We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries’ markets”.

The Russian leader added, “We support using Chinese yuan in transactions between the Russian Federation and its partners in Asia, Africa and Latin America”.

Just a week after Xi’s trip to Moscow, China announced that it had for the first time used yuan to buy liquefied natural gas (LNG) from the UAE.

The deal was negotiated between the state-owned China National Offshore Oil Company and the French company TotalEnergies, meaning European firms are now willing to conduct transactions in yuan.

French media outlet RFI described the trade as a “major step in Beijing’s attempts to undermine the US dollar as universal ‘petrodollar’ for gas and oil trade”.

The report quoted the chairman of the Shanghai Petroleum and Natural Gas Exchange, Guo Xu, who said the deal encouraged “multi-currency pricing, settlement and cross-border payment”.

On March 30, China and Brazil (the world’s most populous and sixth-most populous countries) announced they had come to an agreement to trade with each other in their local currencies, yuan and reais.

China’s media network CGTN reported, “The deal will enable China, the world’s second-largest economy, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar”.

It noted that China is Brazil’s biggest trading partner, and in 2022 the two countries did more than $150.5 billion worth of trade.

Brazil’s leftist President Lula da Silva has called for Latin America to develop a new currency for regional trade, which he calls the Sur.

Geopolitical Economy || Market Insider

https://www.youtube.com/watch?v=zMXJsZHla6Q

Usa don carry their Sara pass moshalashi.

African countries would soon dump them if they insist on gay right

Nice development..

Nothing last for ever.

countries must pay with their currencies...

E gt why..

Make other countries rise too..

E get why.

Still better than ours

Be jubilating
As if you can live happily in China ..🤣


I remembered Nigerians that absconded during Russia 2018 World Cup !! Body tell them before they cried for self deportation


I wonder why people hate USA that have done so much for the world ….

Rubbish. The same song was played in 2006, 2007, and 2008, when musicians were hyping euros. Twelve years on, the dollar still stands proud.

But how the USA made its currency acceptable by all countries need to be studied. Forget it, the USA was/is very good at what they do.

The juju they did is about expiring and everyone's eyes are now open but I doubt any significant effects will be felt by USA. The structure is too huge to dismantle or it will take years.

My dear USA, what have the world done to you...

helinues:
Usa don carry their Sara pass moshalashi.

African countries would soon dumb them if they insist on gay right

how will that affect USA only poor country will suffer. They will still use dollar if they want to trade with USA

Gbogbowa:
how will that affect USA only poor country will suffer. They will still use dollar if they want to trade with USA

African countries are working towards self sufficient. Sooner or later, we wont longer need their service

Modified: It's simply inferiority complex that will make one to be relying on others for long. Is it a bad thing for African countries to be self sufficient? Have some people gave up on African to be self reliance.

Make una stop the unnecessary mentioning

ganisucks:
Rubbish. The same song was played in 2006, 2007, and 2008, when musicians were hyping euros. Twelve years on, the dollar still stands proud.

my brother dont mind them Dollar will still beat them, most people travel to usa for many reason and send dollar back home, how many people travel and stay in china compare to USA they are just foolin ghemselves

Nice way to go

Righteousness2:
If you really want to know or you want to have a grasp of what is playing out in the world today, you MUST be a student of the Word of God, the Holy Bible.

Like I have always said here, America aka Nomerica is the "Mystery Babylon" described by John the Beloved in the book of Revelation.
What we seeing now is the physical manifestation of what has happened spiritually.

Nomerica is right now under the judgement of the Most High GOD. A nation thst has turned her back on God right from the leadership . Whatever is happening now is nothing compared to What is coming. Read Revelation 18 to understand what is coming on her.

For the people of God there and those states that refused to sign those satanic laws of lgbt, abortion, transgender, and confusing little kids on their gender, fear not. God will spare you.

my brother all that is a lie if USA is under God judgement then Nigeria is under what? Keep deceiving yourself

ovieigho:
Be jubilating
As if you can live happily in China ..🤣


I remembered Nigerians that absconded during Russia 2014 World Cup !! Body tell them before they cried for self deportation


I wonder why people hate USA that have done so much for the world ….

Dont mind this people

I am sure Nigeria will just do follow follow and make decisions they don’t know whether it’s good or bad.

US stands gidigba, no shaking.

The question?
The strength of the US $ is rooted in the vibrant and liquid NYSE, technological innovation, human resources and Agriculture.

The strength of the Chinese Yuan is in Chinese exports and the population.
The strength of Saudi Arabia Riyadh is in Oil and tourism/pilgrimage
The West will always be the West.
Innovation rule the World.
Underate the Americans at your peril.
US trust herself, her economy, her military and allies.These are the determinlnant of US$ strength.
Nigeria as a nation should identify with the West. The benefits will far outweigh any perceive misconception.
If our leaders can put Nigeria in order, in terms of Rule of law, security and electricity, most of the American manufacturers will dump the BRICS and establish industries in Nigeria.
The hidden agenda and utmost goal of China is to re-colonise Africa.
The Chinese target in Brazil is Agriculture, they plan to use Brazil as an alternative food basket for their population.
Time will tell if the BRICS will survive inequality of resource distributions.

kenny714433:
But how the USA made its currency acceptable by all countries need to be studied. Forget it, the USA was/is very good at what they do.

The juju they did is about expiring and everyone's eyes are now open but I doubt any significant effects will be felt by USA. The structure is too huge to dismantle or it will take years.

My dear USA, what have the world done to you...

US controls world Bank

Edit

Traditionally, the World Bank Group president has always been an American citizen nominated by the United States, the Bank's largest shareholder and the IMF's managing director has been a European citizen.[1] While most World Bank Group presidents have had economic experience, some have not.[2]

What happened to naira -yaun swap deal.
APC scammed Nigerians

helinues:
Africa countries are working towards self sufficient. Sooner or later, we wont longer need their service

Unfortunately, this is just a wishful thinking. To start with, it will be very difficult for Africa to ditch dollars for a africa-centric currency for several reasons including the fact that more than two-third of our export is made up of primary products with and our manufacturing capacity and output is unfortunately poor. Look at the eco currency of ECOWAS, how far were we able to go about it? The West African Franc was able to work for obvious reasons.

Moreover, intra-African trade is very low. In a recent study I was working on, my search for intra-African trade statistics revealed that intra-ECOWAS trade is less than 15 percent. The adoption of AfFTA was not able to change the low intra-Africa trade since we basically export primary products which other African countries have and equally export. Our dependence on export from Europe, North America, China and India suggest we have to use the universal currency (dollars) or the country's currency. Either way, we not exporting manufactured goods means Africa will ave to dance to the tune of any county we depend on for import.

WrriterNig:
You are simple minded.

When every country starts trading in their own currencies, who then would have the need for the US dollars?

Are you an economist? It will interest you to know that the heavy demand for US dollars for international trade comes at a cost for the US economy. The appreciation of the dollars often give rise to higher inflation rate and sustained trade deficits. Trust me, China or Russia will not submit their currencies as standard currency for international trade. All the instances of China buying Saudi oil in yuan and India buying Russia gas in ruble is just to reduce the cost of international trade between the parties. In fact, it is not new. I'm sure you still remember the 2018 Naira/yuan currency swap agreement between Nigeria and China?

this was why they took out gadafi


he wanted a single currency for africa/end to dollarization but they killed him and made libya a failed state

Na today? It is very surprising that most of you do not know the implications of this event but continue to spew thrash. British pounds isn't the world's trading currency yet, it has the highest value in the world.

helinues:
Africa countries are working towards self sufficient. Sooner or later, we wont longer need their service

African countries like Nigeria,