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Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ - Foreign Affairs (3) - Nairaland

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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Reference(m): 9:08am On Aug 27, 2023
oilyngbati:
Many countries would accept the Naira if we insist on selling our oil and other commodities in Naira.
We can start with our neighbouring African countries by giving them the option of either pay us in Naira or dollar. We can achieve this by first getting our refineries working and refining our crude oil. We can then export the petrol, diesel and other byproducts to these countries and give them the option of Naira or $….believe me, most would choose to pay us in Naira, this in turn would help strengthen the Naira.
The first step is getting the refinery to work, so we don’t go looking for dollars to import fuel, rather we export the refined products.

Funny you.
Your CBN is looking for dollar under every stone and in every cobweb filled cabinet and you think your government will accept naira for exports?

Oga. Balance of trade decides everything. Not just what you sell but what you buy. Goods, services, credit, etc.

And even countries that have managed a trade balance and more with the United States such as China (that holds massive amounts of American debt) have discovered the ugly truth that size indeed matters.

That your debtor can indeed decide in what currency it pays it's debts because you have no alternative. You have no bigger customer to sell to.

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by ChristianMuslim: 9:10am On Aug 27, 2023
Nigeria will not follow the right step now, Join BRICS, lets dump the dollar and pound, let naira become a currency, all this japa japa go stop, those people abroad will become useless. Our leaders just dont want us to develop.. asslicking Western countries
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Zooposki(f): 9:11am On Aug 27, 2023
bowee4u:
The world is seeing the raise of a new global order, the one world government, the government of the lawless one, America will have to loss the global power to emerging new powers, a world that will not be controlled by any country but united nations.

America has always been the beast, the NWO. They control United Nations and other one world organizations like WHO, WEF, IMF. You guys have just been too blind to see it.

Daniel 2:42-44

42 As the [ten] toes of the feet were partly of iron and partly of clay, so some of the kingdom will be strong, and another part of it will be brittle. 43 And as you saw the iron mixed with common clay, so they will combine with one another in the seed of men; but they will not merge [for such diverse things or ideologies cannot unite], even as iron does not mix with clay.

The Divine Kingdom
44 In the days of those [final ten] kings the God of heaven will set up a kingdom that will never be destroyed, nor will its sovereignty be left for another people; but it will crush and put an end to all these kingdoms, and it will stand forever.

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by ecolime(m): 9:17am On Aug 27, 2023
Winters23:


China is ahead of usa in most of these things you idolise yet they don't make noise about it
China is ahead in hard-core production and manufacturing while the US is still leading in services and high revenue manufacturing.

Take Boeing for instance, their planes are everywhere. China just tested their locally made Airplane. It made a commercial trip few weeks ago. While US planes and helicopters have flooded the entire world for almost a century.

Lets go to IT, they are all based in US even though most of the key functional areas are outsourced to Indians. We all use their Laptops, Antivirus, security patches and the likes. Do you know the millions of dollars companies all over the world pay to Microsoft, Oracle for licenses alone?

Lets go to Cloud computing and storage, Amazon is there raking in Billons.

Talk about social media, Twitter FB, Instagram, WhatsApp, YouTube, Google music, etc..

These are companies doing hundreds of Billions in revenues.

Bro, this isn't about idolizing the US. Don't like them but you have to acknowledge greatness when you see one.

6 Likes 1 Share

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AImiron: 9:18am On Aug 27, 2023
saysoo:
This is rubbish. So the indians in Nigeria will start earning in naira and when leaving the country they will carry the naira to india or change to Rupees where?
What are you smoking, if you don’t this matter why not ignore, clear from my mention asapu
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by oluwaseyi0: 9:21am On Aug 27, 2023
Karleb:
Until I knew litte about international economics, I would wonder why this was not possible in the first place..

Because UAE that collected rupees from India instead of Dollar have nothing to use the rupee for

UAE can't easily trade with their neighbour using rupee, at the end of the day UAE may need to still change the rupee to dollar in other to spend it unless they intend to spend it by buying things from India (which will make it trade by barter)

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AntiChristian: 9:25am On Aug 27, 2023
Alpharey:


And start using cowries. 😀😀

No! Trade by barter!
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by saysoo: 9:25am On Aug 27, 2023
AImiron:
What are you smoking, if you don’t this matter why not ignore, clear from my mention asapu
English please!
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by HugeElephant(f): 9:27am On Aug 27, 2023
cenaman:
Which country will accept naira?
Biafra land and nairaland
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by udemzyudex(m): 9:28am On Aug 27, 2023
Walking the talk.
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by InvertedHammer: 9:28am On Aug 27, 2023
AImiron:


Source
/
I still don't understand why countries still use US$ for transactions when it could be arranged by both parties using counterparty currency. Why not £, €, ¥ or other major currencies? It doesn't make any sense.

/
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by udemzyudex(m): 9:29am On Aug 27, 2023
AllenSpencer:
🤣🤣🤣🤣🤣


Russia did same and we all know where the Ruble at now!

It’s just a matter of time!

India should dump the dollar as their reserve currency and I will take them serious. 🤣🤣🤣🤣


You go explain tire.
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Dubetex96(m): 9:30am On Aug 27, 2023
cenaman:
Which country will accept naira?

Not gonna happen anyway
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AImiron: 9:31am On Aug 27, 2023
saysoo:
English please!
translate dot google dot com
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Karleb(m): 9:34am On Aug 27, 2023
oluwaseyi0:


Because UAE that collected rupees from India instead of Dollar have nothing to use the rupee for

UAE can't easily trade with their neighbour using rupee, at the end of the day UAE may need to still change the rupee to dollar in other to spend it unless they intend to spend it by buying things from India (which will make it trade by barter)

There's a reason why BRICS is BRICS and not UAE and Indian only.

This is a group of countries that have agreed to trade with themselves. UAE will keep the Rupees in their Rupee reserve to trade with Indian when need arise.

You don't expect countries to come together and not have a solid plan.

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Eriokanmi: 9:35am On Aug 27, 2023
descartes400:


The country we trade with the most.

Nigeria should implement currency swap deals with China, Dubai, and India...we should trade less with western currencies.
Don't you know the value of rupees? For naira to trade across the borders, it has to be strong in value. Between 2011 and 2017, I was spending naira in cotonou to buy items. I can't do so anymore..cefa has overtaken naira in value. I still can't fathom how naira became so worthless in less than 1 decade. I don't get it.

Don't tell me it's becasue we import more and export less..we've always been importing more and exporting less even when obj, yaradua and Jonathan were in power, yet naira was so strong back then.

What has changed?

Bad economic policies
Bad leadership
Insecurity
Massive , yes...massive corruption.

Imagine just one accountant general stealing over 100bn naira under the apc's nose? That money was what the whole of the academic body called ASUU nationwide was asking for oo, to improve our university education. There are likes of the accountant general walking freely today after stealing hundreds of billions. When we're ready to free ourselves from their shackles, we'd stop defending their madness
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Winters23: 9:35am On Aug 27, 2023
ecolime:

China is ahead in hard-core production and manufacturing while the US is still leading in services and high revenue manufacturing.

Take Boeing for instance, their planes are everywhere. China just tested their locally made Airplane. It made a commercial trip few weeks ago. While US planes and helicopters have flooded the entire world for almost a century.

Lets go to IT, they are all based in US even though most of the key functional areas are outsourced to Indians. We all use their Laptops, Antivirus, security patches and the likes. Do you know the millions of dollars companies all over the world pay to Microsoft, Oracle for licenses alone?

Lets go to Cloud computing and storage, Amazon is there taking in Billons.

Talk about social media, Twitter FB, Instagram, WhatsApp, YouTube, Google music, etc..

There are companies doing hundreds of Billions in revenues.

Bro, this isn't about idolizing the US. Don't like them but you have to acknowledge greatness when you see one.

Lols

Chat-GPT inspired rhetoric.

China is a rising economy and power, it will surpass the USA before 2030 and there's not a damn thing anyone can do about it!

The USA keep talking about COUNTERING CHINA, do you ever ask why?

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Burgerlomo: 9:36am On Aug 27, 2023
AllenSpencer:
🤣🤣🤣🤣🤣


Russia did same and we all know where the Ruble at now!

It’s just a matter of time!

India should dump the dollar as their reserve currency and I will take them serious. 🤣🤣🤣🤣

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by nairalanda1(m): 9:39am On Aug 27, 2023
I know our dollars mad government and petroleum sector won't see this news at all.

No, let us continue with dollars
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Regex: 9:43am On Aug 27, 2023
Lexusgs430:
$ is the trust currency of the world ....... it's been so, for many years......

BRICS got lot of years to buy and build another trust currency.........

BRICS don't have to do much as USA is already ruining herself by herself.
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Majesty7: 9:44am On Aug 27, 2023
nedekid:

Oga, the topic here is is trade without the dollar but local currencies.
All you said is irrelevant to the discussion.

Honestly, many people here are either kids or just lunatics. You said something and you were corrected. Okay. Good luck
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by rottennaija(m): 9:46am On Aug 27, 2023
ecolime:
Good one. I've always supported trading in local currencies.

Nevertheless, it won't still scratch the value of the dollar. The US exports more than they import so na the balance of payment be the koko.

There is a reason why Pounds sterling GBP is strong like a rock despite not being used as the major world settlement currency like the USD.

As long as the US stay ahead of others in innovations, technologies, etc. they have nothing to worry.

A country that owns and hosts Apple, Google, Microsoft, Oracle, Boeing, GE, Amazon, Tesla, etc and you think their currency will just fall yakata?

Just dey play

The dollar is strong because it's the world's reserve currency not because of their exports. When countries starts dumbing the dollar as it is being doing now, irrespective of what they export, it's free fall from there because no one will want to hold it. For now, they can ride their high horse.

4 Likes

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Bluntemperor: 9:54am On Aug 27, 2023
ChristianMuslim:
Nigeria will not follow the right step now, Join BRICS, lets dump the dollar and pound, let naira become a currency, all this japa japa go stop, those people abroad will become useless. Our leaders just dont want us to develop.. asslicking Western countries

BRICS- My Foot!
You don't even understand anything conspiracy in international Politics!
BRICS are majorly Dictatorship Kingdoms,with exception of India and this India are guiding their paths because of the good side of their Past Democracy,as the Ghandhi- Dynasty liberated them and gave them that Freedoms and Privileged to know that Democracy is still the best form of Govt-!
Most African Leaders will love to Crowd themselves because they too are looking for Power Stayed like Russia and Chinese Communists Countries - where their Opponents wouldn't not talk or the Entire Nation have Choice nor Freedom.That is also the lives of the most Arab Nations- Dictatorships upon Dictatorships!
The World will Never Moved-nor bring any Development through such mentality!
BRICS my foot!
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Bullet01(f): 9:55am On Aug 27, 2023
Smart them

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by kasim155: 9:56am On Aug 27, 2023
cenaman:
Which country will accept naira?


Maybe when Nigeria join BRICS then the naira will be accepted by members of the BRICS community which is one of their major aim. This is just my own opinion.

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by sammyonal: 9:56am On Aug 27, 2023
ecolime:
Good one. I've always supported trading in local currencies.

Nevertheless, it won't still scratch the value of the dollar. The US exports more than they import so na the balance of payment be the koko.

There is a reason why Pounds sterling GBP is strong like a rock despite not being used as the major world settlement currency like the USD.

As long as the US stay ahead of others in innovations, technologies, etc. they have nothing to worry.

A country that owns and hosts Apple, Google, Microsoft, Oracle, Boeing, GE, Amazon, Tesla, etc and you think their currency will just fall yakata?

Just dey play
I just don't if this people re trying to catch fun or nah sarcasm. Because if they give them free visa go that country dem go reject am, American will always be number one any day any time.

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Maski87: 9:57am On Aug 27, 2023
cenaman:
Which country will accept naira?
They accept naira in Ghana Togo cameroon Benin and niger
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by sammyonal: 9:57am On Aug 27, 2023
sirblend:
90% of the countries in the world cannot do without America....
u dey mind those mofos.
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by abimic(m): 9:59am On Aug 27, 2023
ecolime:
Good one. I've always supported trading in local currencies.

Nevertheless, it won't still scratch the value of the dollar. The US exports more than they import so na the balance of payment be the koko.

There is a reason why Pounds sterling GBP is strong like a rock despite not being used as the major world settlement currency like the USD.

As long as the US stay ahead of others in innovations, technologies, etc. they have nothing to worry.

A country that owns and hosts Apple, Google, Microsoft, Oracle, Boeing, GE, Amazon, Tesla, etc and you think their currency will just fall yakata?

Just dey play

And the funniest part is, the indians are travelling to USA in drove getting the best education the world has to offer and doing well in USA.

USA is still their bros any day anytime.

They export technology to the World far higher than what all of UAE and India combined have to offer.

1 Like

Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by reiddecuti: 10:01am On Aug 27, 2023
The effects of BRICS.

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