Inflation rate is high and the naira is becoming useless day by day.

The cost of goods and services leep increasing, even if you earn in dollars doing freelancing jobs or working for an international organization, you will noticed that when you convert your dollar into naira, it is no more enough because of inflation.

I think what we need at this moment is a demand for naira to strengthen the naira.

The government need to start pricing all the goods we export in naira instead of the dollar, that will increase the demand for the naira and help in reducing inflation in the country.

The Russians, chinese, Turks and many other countries are now pricing their goods in their local currencies instead of the dollar, that way it help increase demand in their currencies and also help in stabilising exchange rate.

The reality could be that currency swap could be the future of international trade and Nigeria needs to adapt, the dollar is no more reliable, let's think about other methods to help balance the dollar naira exchange rate.

motymop:
Inflation rate is high and the naira is becoming useless day by day.

The cost of goods and services leep increasing, even if you earn in dollars doing freelancing jobs or working for an international organization, you will noticed that when you convert your dollar into naira, it is no more enough because of inflation.

I think what we need at this moment is a demand for naira to strengthen the naira.

The government need to start pricing all the goods we export in naira instead of the dollar, that will increase the demand for the naira and help in reducing inflation in the country.

The Russians, chinese, Turks and many other countries are now pricing their goods in their local currencies instead of the dollar, that way it help increase demand in their currencies and also help in stabilising exchange rate.

The reality could be that currency swap could be the future of international trade and Nigeria needs to adapt, the dollar is no more reliable, let's think about other methods to help balance the dollar naira exchange rate.

Nigeria is not important when it comes to Oil.

Drink your oil they will say. This oil business is now between America and the middle eastern countries

motymop:
Inflation rate is high and the naira is becoming useless day by day.

The cost of goods and services leep increasing, even if you earn in dollars doing freelancing jobs or working for an international organization, you will noticed that when you convert your dollar into naira, it is no more enough because of inflation.

I think what we need at this moment is a demand for naira to strengthen the naira.

The government need to start pricing all the goods we export in naira instead of the dollar, that will increase the demand for the naira and help in reducing inflation in the country.

The Russians, chinese, Turks and many other countries are now pricing their goods in their local currencies instead of the dollar, that way it help increase demand in their currencies and also help in stabilising exchange rate.

The reality could be that currency swap could be the future of international trade and Nigeria needs to adapt, the dollar is no more reliable, let's think about other methods to help balance the dollar naira exchange rate.

Nigeria is not all that important trade-wise. Russia could pull that off because their are countries totally dependent on their natural resources.

dadavivo:


Nigeria is not important when it comes to Oil.

Drink your oil they will say. This oil business is now between America and the middle eastern countries

Nigeria is one of the top producers of oil and a top member of the opec cartel.

Ogbomoso economist

Upworkwriter007:

Nigeria is not all that important trade-wise. Russia could pull that off because their are countries totally dependent on their natural resources.

The type of oil we produce is needed so we are important.

Even if we are not important trade wise, nothing stops us for pricing our oil in naira, it will increase the demand of the naira

motymop:
Inflation rate is high and the naira is becoming useless day by day.

The cost of goods and services leep increasing, even if you earn in dollars doing freelancing jobs or working for an international organization, you will noticed that when you convert your dollar into naira, it is no more enough because of inflation.

I think what we need at this moment is a demand for naira to strengthen the naira.

The government need to start pricing all the goods we export in naira instead of the dollar, that will increase the demand for the naira and help in reducing inflation in the country.

The Russians, chinese, Turks and many other countries are now pricing their goods in their local currencies instead of the dollar, that way it help increase demand in their currencies and also help in stabilising exchange rate.

The reality could be that currency swap could be the future of international trade and Nigeria needs to adapt, the dollar is no more reliable, let's think about other methods to help balance the dollar naira exchange rate.

Russia can do that because they have the military might to back up added with nuclear weapons. Nigeria cannot. USA will devour it.

dadavivo:


Nigeria is not important when it comes to Oil.

Drink your oil they will say. This oil business is now between America and the middle eastern countries

WHO will say ? Why talk ignorantly.

Do you know the countries that buy our oil as in
Number 1
Number 2
Number 3

Research and Think before talkin

India is number one and They will be pleased to pay in naira

motymop:


Nigeria is one of the top producers of oil and a top member of the opec cartel.

Stop that nonsense talk. For over 20 years Nigeria has never produce more than 2.5m barrel per day.

Saudi Arabia, Russia and America does 12m + barrel per day.

Our OPEC quota is 1.6m per day and we still can't meet up the number cos of Navy and oil bunkering deals .

Oman, Qatar, Kuwait and UAE sale more crude than us.

dadavivo:


Stop that nonsense talk. For over 20 years Nigeria has never produce more than 2.5m barrel per day.

Saudi Arabia, Russia and America does 12m + barrel per day.

Our OPEC quota is 1.6m per day and we still can't meet up the number cos of Navy and oil bunkering deals .

Oman, Qatar, Kuwait and UAE sale more crude than us.

You are the one talking nonsense
You have no manners

So with these "facts" Nigeria is not a a top producer
Because Saudi Produces 100 million a day we are not a top producer?

We are in the TOP TEN exporters of crude oil and by any use of the English language we are a TOP PRODUCER
.


Anyway your claims about countries doing over 12million barrels is a bare faced lie. No country does that

motymop:
Inflation rate is high and the naira is becoming useless day by day.

The cost of goods and services leep increasing, even if you earn in dollars doing freelancing jobs or working for an international organization, you will noticed that when you convert your dollar into naira, it is no more enough because of inflation.

I think what we need at this moment is a demand for naira to strengthen the naira.

The government need to start pricing all the goods we export in naira instead of the dollar, that will increase the demand for the naira and help in reducing inflation in the country.

The Russians, chinese, Turks and many other countries are now pricing their goods in their local currencies instead of the dollar, that way it help increase demand in their currencies and also help in stabilising exchange rate.

The reality could be that currency swap could be the future of international trade and Nigeria needs to adapt, the dollar is no more reliable, let's think about other methods to help balance the dollar naira exchange rate.

You are at least thinking and making us think, and I commend you for that.

One problem. Nigeria is not short of Naira, my anecdotal evidence being the humongous amounts of it charged for president aspirants registration form or whatever it's called.

Nigeria is short of dollars with which to pay its foreign debts and for what it imports and subsidises, so how will selling in Naira help?

You do know we'd have to pay lots more Naira to buy dollars if we do what you suggest, as in Naira might actually weaken Naira? Our dollar demand surely will.

https://www.nairaland.com/7144211/naira-weakens-bdc-operators-demand#113154942

Zonefree:
Ogbomoso economist

Abi na oshogbo economist..

He forgot that even with the way chinese yen is pronounced, china still saves its currency in Dollar..

Russia too have Dollar savings, that's how the EU and US were able to sanctioned them and seized their foreign reserve.
Pricing our oil in naira won't help strengthen our naira abeg..

U sell ur oil in naira, u still use dollars to import fuel ad other commodities back to ur country...

aribisala0:
You are the one talking nonsense
You have no manners

So with these "facts" Nigeria is not a a top producer
Because Saudi Produces 100 million a day we are not a top producer?

We are in the TOP TEN exporters of crude oil and by any use of the English language we are a TOP PRODUCER
.


Anyway your claims about countries doing over 12million barrels is a bare faced lie. No country does that

So those top 7 countries, r they selling their oil in their local currency?

Russia prior to now was selling in Dollar, the sanctions is what's making russia act this way..

And russia is a top player when it comes to anything energy.

poiZon:

So those top 7 countries, r they selling their oil in their local currency?

Russia prior to now was selling in Dollar, the sanctions is what's making russia act this way..

And Russia is a top player when it comes to anything energy.

Well it is a good question that can and should be debated respectfully and logically. Not just shutting people down rudely because you disagree.
My view is there are pros and cons.
There is nothing special about any one currency however having international commodities trad in any currency gives the home country immense power as we have seen with sanctions. SO many are beginning to see that such power can be weaponized . So it is not only Russian that is sanctioned but any other country that does not fall in line. Any country that wants to be great would have to think about how to "sanction-proof" their economies.
Now not selling in dollars does not mean selling in Naira as the only option. There are many options existing and some that will emerge in the future e.g. cryptocurrency. We have not traded in the dollar for 100 years and I do not believe that we will for another 100. So we need to be innovative and believe in ourselves
In the 70s Nigerians could take the Naira to the UK and exchange it there . Prices would not change for years , same price you bought Coke when you entered primary school was the same when you finished. Babangida changed all that with SAP
The main problem we have in Nigeria is our failure to develop power and manufacturing otherwise tell me what we need dollars for? Does it make sense for your currency to lose 50% of its value every 5 years?
I think selling oil whether all or some in Naira is not a bad idea as long as we do not approach it with a sense of confrontation with the US . It is not such a crazy suggestion .

The main advantage I see is even if the buyers bring in dollars to open an account in Nigeria and then convert ,the dollars are in Nigeria and not in American or European banks where they are vulnerable to sanctions
We can learn something from what is happening now.
China has over $3 trillion in foreign reserves . One thing the Chinese must have learnt is if they plan to invade Taiwan they have to liquidate those assets.
So it is not only Russia ,the whole world is waking up to the reality that the US is not a reliable place to store financial assets

aribisala0:
You are the one talking nonsense
You have no manners

So with these "facts" Nigeria is not a a top producer
Because Saudi Produces 100 million a day we are not a top producer?

We are in the TOP TEN exporters of crude oil and by any use of the English language we are a TOP PRODUCER
.


Anyway your claims about countries doing over 12million barrels is a bare faced lie. No country does that

No statistics will ever put a useless country like Nigeria in top 10 oil producing countries.

Country that can't produce more than 1.8m barrel per day is that one serious.

In the history of Nigeria, it has never produce more than 2.5m barrel per day. How do you achieve that when you steal oil from the indigenous communities and expect them not to fight back to get what belongs to them

dadavivo:


No statistics will ever put a useless country like Nigeria in top 10 oil producing countries.

Country that can't produce more than 1.8m barrel per day is that one serious.

In the history of Nigeria, it has never produce more than 2.5m barrel per day. How do you achieve that when you steal oil from the indigenous communities and expect them not to fight back to get what belongs to them

Well illiteracy might be part of your problem

Nigeria is in the top ten EXPORTING countries . You can rant all you like but that is the reality

aribisala0:
Well illiteracy might be part of your problem

Nigeria is in the top ten EXPORTING countries . You can rant all you like but that is the reality

Show your facts, that's why you people don't know anything. Country filled with illiterates who can use common Google search. Nonsense

dadavivo:


Show your facts, that's why you people don't know anything. Country filled with illiterates who can use common Google search. Nonsense

You have Google I am not jobless like you to be searching and pasting to win foolish arguments
Nigeria is in the top 10 oil exporting countries THAT IS A FACT

On the other hand YOUR CLAIM that THREE COUNTRIES produce 12 million barrels a day .

IS A LIE

aribisala0:
You have Google I am not jobless like you to be searching and pasting to win foolish arguments
Nigeria is in the top 10 oil exporting countries THAT IS A FACT

On the other hand YOUR CLAIM that THREE COUNTRIES produce 12 million barrels a day .

IS A LIE

That's why you people don't know anything in that country

dadavivo:


That's why you people don't know anything in that country

shut up, you are empty

budaatum:


You are at least thinking and making us think, and I commend you for that.

One problem. Nigeria is not short of Naira, my anecdotal evidence being the humongous amounts of it charged for president aspirants registration form or whatever it's called.

Nigeria is short of dollars with which to pay its foreign debts and for what it imports and subsidises, so how will selling in Naira help?

You do know we'd have to pay lots more Naira to buy dollars if we do what you suggest, as in Naira might actually weaken Naira? Our dollar demand surely will.

https://www.nairaland.com/7144211/naira-weakens-bdc-operators-demand#113154942

If we price the goods we export in naira, it might as well push demand for the naira and likely stabilise exchange rate between the 2 currencies.

Pricing goods in naira does not stop us from meeting our debt obligations in dollars, what we will have here is favourable exchange for government to source dollars. But also we need cut off speculators to start this idea off

dadavivo:


Stop that nonsense talk. For over 20 years Nigeria has never produce more than 2.5m barrel per day.

Saudi Arabia, Russia and America does 12m + barrel per day.

Our OPEC quota is 1.6m per day and we still can't meet up the number cos of Navy and oil bunkering deals .

Oman, Qatar, Kuwait and UAE sale more crude than us.

I am not here for gra gra argument, no time for that.

Nigeria can still price its resources in naira instead of the dollar

motymop:



I am not here for gra gra argument, no time for that.

Nigeria can still price its resources in naira instead of the dollar

Una funny die, a worthless Naira even Nigerians don't want

motymop:


If we price the goods we export in naira, it might as well push demand for the naira and likely stabilise exchange rate between the 2 currencies.

Pricing goods in naira does not stop us from meeting our debt obligations in dollars, what we will have here is favourable exchange for government to source dollars. But also we need cut off speculators to start this idea off

First you'd face the difficulty of finding Naira abroad. Second, you'd need to convince your buyer to first buy Naira and then buy from you. And third, your buyers can always buy where their preferred currency is accepted.

Nigeria does not sell a lot of stuff abroad, is the reason our currency depreciates, and whatever we make is spent buying from abroad. Effectively, we'd be accepting our own currency only to go buy dollars to meet our obligations, and with us needing more dollars than the naira we'd have, whatever currency we need will likely cost us more than if we'd just accepted the foreign currency in the first place.

Oh, and by the way. You can not stop people from speculating in your currency, and much less if you increase buyers for it. I will buy my Naira when it is cheap and sell when its is dear and there's nought anyone can do about it.

Nigeria's main trading partener is China we do not do that much trade with the US so we do not really do need dollars .All these excuses are at best speculative. There is now a digital naira and all that talk of difficulty finding naira is just ignorant.

Many Contracts for oil are flexible to include payments in USD, Euros and GBP so there is no harm in adding naira to that basket. Then we can tell whether or not there are benefits to selling oil in naira or not.
In practical terms what Russia is doing is requiring customers to open accounts in Russia and that means payments actually enter the Russian banking system meaning that Nigerian banks benefit

As it is now we are doing receiving payments in foreign banks and even saving our reserves there where interest rates have been zero or close for nearly a decade whilst we have double digit interest rates at home
If naira is in the basket of currencies then we can expect an aggregate increase in demand and more exchange rate stability