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Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira - Politics (4) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira (39300 Views)

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Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by lexy2014: 7:40pm On Mar 08
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.

is it because Nigeria does not sell crude oil in naira that there is pressure on the forex?

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Bfly: 7:40pm On Mar 08
Anyhow it is, Nigerians always need dollar even to import basic needs.
The only advantage is that naira will be sourced which might eventually add value to it

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Empresa: 7:41pm On Mar 08
Why NOT join first or apply before making noise. This government like propaganda than hardwork
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by OChimex: 7:41pm On Mar 08
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 ?

If you seel your oil in Naira, they give you Naira, then how una go get dollar wey una go dey use import?

Crude oil is the major source of dollars to nigeria

2 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Positivepoint(m): 7:42pm 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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Yes with dollarized trade America is able to export it's inflation to the rest of the world while printing cash with no commodity backing to meet needs since surely the rest of the world will gladly buy the dollar for trade.

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by nedekid: 7:42pm On Mar 08
Good move. When we see a positive step we should commend oga at the top. Joining brics will greatly help the economy, ease Nigeria from the claws of the western financial system.
Breaking it down to the minimum. Just imagine you want to buy something from China eg aliexpress. You then have to convert your naira to dollar before paying yuan. That is a discrepancy that will be sorted out.
Imagine America recently threatening Ghana with financial sanction through imf and world bank, simply because they recently passed an anti gay law.
Anyway, I hope oga at the to wount receive phone call for America threatening to expose him if he moves ahead with the brics plan.

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Tellmeastory: 7:42pm On Mar 08
AllenSpencer:
The US/UK will start making trouble with Nigeria soon

We are ready for them. Let them start. Awon werey.

3 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Draslo(m): 7:42pm On Mar 08
Izuogu4Presdent:
Agbado Diaper weting Tinubu is a criminal. Thunda fire ndi ofeammanu and their miserable generation
Na wa o. Dey try appreciate better thing
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Smithwilliams826: 7:42pm On Mar 08
Make them never join now. Make them wait till 2026 first. Na beg I dey beg oh.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Bluearrow: 7:42pm On Mar 08
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.
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!

3 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Draslo(m): 7:43pm On Mar 08
lexy2014:


is it because Nigeria does not sell crude oil in naira that there is pressure on the forex?
Dey try do research before jumping to conclusions
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by GoodGovernance: 7:43pm On Mar 08
stupid headline!
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Akalia(m): 7:44pm On Mar 08
There is no sense in this move , it will not be of
any immense benefits to our economy Tinubu is inept, he should just resign. He is too in a haste to impress but lacks substantial blueprint.

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Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Feldie: 7:44pm On Mar 08
They don't have the courage to do that. Our politicians have assets in the US and UK. They will be blackmailed
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by GoodGovernance: 7:45pm On Mar 08
Misleading headline!
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by lexy2014: 7:45pm On Mar 08
Draslo:

Dey try do research before jumping to conclusions

can you show me the conclusion you are talking about?

how is a question a conclusion?

are you aware that asking questions is the foundation of research?

since you have done research, then answering my question should not be a challenge for you:

is it because Nigeria does not sell crude oil in naira that there is pressure on the forex?

3 Likes

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Feldie: 7:46pm 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
because the US won the cold war and they will kill you if try to ditch their currency.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Morbeta11(m): 7:46pm 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.

What a repentant thought process....welcome back😂

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Och77(m): 7:47pm On Mar 08
I am not understanding something, if we sell in naira, won't that bring more pressure on the naira , because oil is the major source of dollar for Nigeria
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by PHAYOL81: 7:48pm On Mar 08
Great
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Chukwuka319(m): 7:48pm On Mar 08
Nice development.May God help BAT to reposition Nigeria for a greater prosperity and increased development.
Joining BRICS might give Nigeria just a right leverage to grow economically and integrate economy wise more fully with the existing member countries.
But the West won't be happy with this,at all.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Feldie: 7:49pm 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.
that will means BRICS now control the world's oil supply. Russia will be happy and not the other way round. Besides UAE produce many times as much more oil than we do and they've already been accepted
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Adeolajude(m): 7:50pm On Mar 08
A country of May...shall...will.. probably...never a word like has...nonsense people
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Boondocxs(f): 7:50pm On Mar 08
Better to steal public funds in Naira than in 💲dollar
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by lechboy: 7:51pm On Mar 08
Joining them is not important
What is important now is how to reduce hunger first

1 Like

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by frog12: 7:52pm On Mar 08
I dey laff
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by olisaEze(m): 7:52pm On Mar 08
Once you hear 'may' just know the report is a figment of the reporter’s imagination. cool

Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by a4cube: 7:53pm On Mar 08
He should remember his doctor is from West.
Paris abhore BRICS.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by JagabanB: 7:54pm 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.

Global economy don't run on one road side analyses.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by Phabulous4(m): 7:54pm On Mar 08
Like the Happy Boyz. Always.
Helinus post 128843873: 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 JagabanB: 7:55pm 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 😆
As usual, since it's not done by Lienus.
Re: Nigeria Set To Join BRICS, May Start Trading Crude Oil In Naira by blackgold2018(m): 7:55pm On Mar 08
tuoyoojo:
I would rather see that we have been accepted because as someone stated above, the oil market is largely dominated by Russia. Let's see how far we go

Hope this would not be used as a propagandas for APC as their achievements

"Attempted to join the BRICS"

I don't believe the APC government until it happens. Its a good thing dou.

But for now, it's just a propaganda. And moreover do Nigeria think its that easy from powers that be.

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