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Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira (38175 Views)

Nigeria Did Not Apply To Join BRICS, Says Shettima / Nigeria Set To Commence Legal Action Against South Africa / We May Start Selling Petrol Above N145 –IPMAN (2) (3) (4)

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Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Hoelujohn: 7:21pm On Mar 08
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.

How will those people that want to buy get hold of Naira? They will actually pay with dollars to get. That was why Russia didn't feel the impact of all the western sanctions

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Jemex003: 7:21pm On Mar 08
Arobaga:



Partisan aside



Talk truth is Tinubu not useless?


Ask your gullible zombies followers OK


Tinubu is useless and become President then what about Your father!

3 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by spiSeyi: 7:21pm On Mar 08
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.

Ogbeni our clients would have to buy Naira with their currency before they can trade with us. Meaning, we will have some of our clients currency to trade with them. And most stuffs we use in Nigeria are from China undecided

6 Likes 1 Share

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Dijita: 7:22pm On Mar 08
This long article did not state how joining BRICs is going to improve naira value. It does not matter the currency you are trading with. If your fundamentals is strong your naira will be strong. If you are importing everything up to tooth pick and you are not exporting much, no matter the political block you join, it is going to be the same. It is probably going to be worse with BRICS. But we shall see

5 Likes 1 Share

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by jojothaiv(m): 7:24pm On Mar 08
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
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by youngrichnigga: 7:24pm On Mar 08
Set to, will, planning to etc..this government don taya pesin undecided undecided undecided undecided undecided

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by abobote: 7:25pm On Mar 08
I can't see the advantage in this.
They will buy the oil in naira, and we will source for dollars to import items into the country, since we import virtually everything we use

3 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Terrahawk: 7:25pm On Mar 08
Meanwhile, Peter Obi is still looking for his stolen manhood 🤣😆🤣😆

2 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by themanderon: 7:25pm On Mar 08
Will the US and their lapdog Britain allow them?
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by BrodaBenad: 7:26pm On Mar 08
Nice nice!
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by oneman2k7: 7:26pm On Mar 08
Do we have the liver?


Time shall tell
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by BigDawsNet: 7:26pm On Mar 08
Islie:


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

Good news

Finally paying off...
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by BrodaBenad: 7:26pm On Mar 08
Terrahawk:
Meanwhile, Peter Obi is still looking for his stolen manhood 🤣😆🤣😆
obsession grin

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by chopnaira: 7:28pm On Mar 08
And some idiot in their coven said the US and the West have bought Tinubu 😂
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Awesome01(m): 7:28pm On Mar 08
Islie:


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

If this is true. The United States will not be happy about it. This announcement is not too good and too early.

Things like this ought to be done abruptly to prevent any body or parties from sabotaging it. And to also punish those oil trading saboteurs hoarding the dollars to punish us.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Elliotwaveforec: 7:28pm On Mar 08
So South Africa is a member, no wonder the liquidity of the Rand in the international market.

Way to go Nigeria.

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by aywagze(m): 7:29pm On Mar 08
.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by themanderon: 7:30pm On Mar 08
abobote:
I can't see the advantage in this.
They will buy the oil in naira, and we will source for dollars to import items into the country, since we import virtually everything we use

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.

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by jesmond3945: 7:30pm On Mar 08
Islie:


https://saharareporters.com/2024/03/08/nigeria-set-join-russia-china-brics-may-start-trading-crude-oil-naira
charity begins at home. Trade oil in naira in nigeria before going international.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by being(m): 7:31pm On Mar 08
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

2 Likes 2 Shares

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by EmekaMD(m): 7:31pm On Mar 08
Great move.
Nigeria should learn to play world politics if it wants relevance and to be taken seriously in the world stage.

There's a reason why every world leader cares about South Africa and Egypt
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by lildush(m): 7:32pm On Mar 08
Una don dey get sense now abi? It's time to dump d Dollar oooo
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by 1chiboy: 7:32pm On Mar 08
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.

🤨
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by HighChiefZino: 7:34pm On Mar 08
Copy well oh
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Kilometres: 7:34pm On Mar 08
Izuogu4Presdent:
Agbado Diaper weting Tinubu is a criminal. Thunda fire ndi ofeammanu and their miserable generation


Seun
Fpmod

Don't you think this moniker deserves a life ban?
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Saidfx(m): 7:34pm On Mar 08
I love the BRICS idea but Nigeria is not ripe for it. They should just continue this reform and concentrate
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by RaptorX: 7:36pm On Mar 08
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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Blame the Saudis who entered into the petro dollar agreement in exchange for US military protection, since they are the largest oil producers so all the Opec countries like Nigeria even non open countries had to follow.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Mandate1: 7:37pm On Mar 08
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
when every nation trades internationally in their local currency, the international market will become a mad house of confusion.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by 43Ronin: 7:38pm On Mar 08
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.
The guy is just useless and trying very hard to distract nigerians. I put it on record that Nigeria can never join BRICS. A country that is a slave market to UK and USA. He should try it let me see if they won't rekive him from power. Mumu man
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by lexy2014: 7:38pm On Mar 08
Ola9ja23:
Nigeria shall be great again

was Nigeria not great before?

when did Nigeria stop being great?
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by johnjose68: 7:39pm On Mar 08
Islie:


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

Let's wait for the comments of the fans of the man that gets his idea from mad men grin

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Mandate1: 7:40pm On Mar 08
ArewaNightmare:
grin 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 😆
I'm certain Tinubu in his wisdom won't try this nonsense. It will completely lead to the collapse of the Nigerian economy.

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