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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ (29373 Views)
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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by FuckTheMod: 8:25pm On Aug 27, 2023 |
naijamerican:Or deh And what country are you worried about? |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by FuckTheMod: 8:27pm On Aug 27, 2023 |
Fuckyoumod:Common sense is indeed not common... You need to start seeing beyond your nose... |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by FuckTheMod: 8:29pm On Aug 27, 2023 |
ovie8200:Use your sense and stop being ignorantly and unnecessarily sentimental. This is a trad between two countries. And common sense should tell you that the rupee will be used to buy goods from India. The two countries has a lot to offer to themselves. Make una dey think before una type. 1 Like 1 Share |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Carribbeanqun: 8:53pm On Aug 27, 2023 |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by jaxxy(m): 9:00pm On Aug 27, 2023 |
Truthday: This is very funny. Americas economy has been the biggest for decades and u are here saying this? America produce alot of things and even when they import its for meaningful development and production of tech or valuable products that the world still comes back to import from them. America is not like Nigeria and stupid countries that import food to eat or useless things because they are lazy. America has been giving Africa aids and grants. U think they are stupid? They have a 50 year road map in all areas and sectors infront of them not like dummy African countries that can think going anywhere belle face. if I travel to Europe what will I do with the rupees? I need dollars that's all. 1 Like |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Wettoid123: 9:09pm On Aug 27, 2023 |
fxexperts: What you are saying is different from my reasoning I have my MSc in Economics, dollar has been recognize for so long as a medium for international transaction all over the world let a new currency come out that will be internationally accepted by some develop countries you know that is what is giving birth to BRICS 1 Like 1 Share |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by nedekid: 9:29pm On Aug 27, 2023 |
fxexperts:You made a valid point. The discussion I believe is about India paying uae for crude in rupees instead of the normal usd ie the usual western system of payments. Lots of countries are seeing reason to avoid having to depend on the dollar, which exposes them to higher cost, makes them also exposed to eg US sanctions. This brings the purpose of brics, countries willing to trade together and major purpose is to make payments for their goods and services in either a decided new means of payment eg currency or settle within their local currencies. As per your concerns if one country decided to print more currency etc. Those are modalities that will be sorted our or agreed on. I am no economist, but I assume that Nigeria sells it's crude to China, China pays Nigeria out of its stock of naira, Nigeria buys goods from China and pays China through its stock of yuan. There is no need for dollars. Value of currencies can be peged to eg gold. It makes both currencies stronger. Afterall that is what makes the dollar which is ordinary printed paper, backed with nothing, have value. Because people see it as a reserve currency and change their money into dollar before any trade. Dont forget years ago, dollar was backed with gold but in the 70s it became ordinary paper backed with nothing . Read about the bretttonwood agrement. Nigeria started this with currency swap arrangement few years ago. Kindly read the below link https://businessday.ng/uncategorized/article/explainer-what-to-know-as-china-nigeria-currency-swap-record-n436-67bn/ As I said earlier, I am no economist. People with better knowledge can educate us better. 1 Like |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Nyne: 9:30pm On Aug 27, 2023 |
AllenSpencer: Shey na by force to use your currency trade ? I can pay with whatever I like so far the receiver accepts. Abi no be so ? |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Nyne: 9:31pm On Aug 27, 2023 |
sirblend: Dey play . |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Nyne: 9:45pm On Aug 27, 2023 |
descartes400: As simple as that. We should even be able to pay with crude oil, so far the receiver accepts. No be everytime be dollar dollar dollar like say na dem own the world. There’s this song that I’m trying to decipher. Burna Boy titled ‘Another Story’ Kindly listen to the first 1minutes and 5 seconds of the song. I really don’t really know what really happened in Nigeria at that time. If you can explain , I would be very glad. |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AllenSpencer: 9:47pm On Aug 27, 2023 |
Nyne: You are right! But you will still bring it back to dollar at some point, and that would always take you to a loss! Instability of a currency outside the dollar will send you back to your village |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Nyne: 9:54pm On Aug 27, 2023 |
AllenSpencer: No it will not. Just do your thing independently you’ll scale through . Were people not trading before the dollar came ? |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Babalola0920: 10:01pm On Aug 27, 2023 |
ecolime: Market is bigger than brand the world is bigger than the name ! 1 Like 1 Share |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AllenSpencer: 10:08pm On Aug 27, 2023 |
Nyne: They were! But you must realize the world was not globalized like today. Now, a legal tender that is fit, stable, and backed by powerful institutions is what’s required. Even as you so much detest the USD, you won’t still move all your life saving outside the USD. That’s just the bitter truth you will find difficult to accept. |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Nyne: 10:18pm On Aug 27, 2023 |
AllenSpencer: Lol. What happened to gold ? Or landed property. Solid valuable asset. Grow your food by yourself. Don’t be dependent on anybody. Just yourself. You’ll scale through 100%. Don’t make it a necessity for you to use currency. They are planning to turn paper currency to digital. If they should successfully turn currency to 100% digital, you’re in big trouble. I know they’ll fail in the end. You and I have to pray before that happens. |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by fxexperts: 10:45pm On Aug 27, 2023 |
Wettoid123:I understand what you are saying, but i just tried to correct the first point you said dollar is going high, because the value of the dollar has been pretty kind of constant and it is Naira that is losing value, not only against the dollar but also against the Chinese Yuan, the Euro, pounds and all the world major currency. Even if the Chinese Yuan was the world most reserve currency like the Dollar, going by our economic nightmare Naira will still be losing value. And for the second point, i do not think any country at the moment has the capacity to make their currency the world reserve currency like the dollar at the moment. If you talk about BRIC, my only answer is let them try, but i do not think they will succeed, because these guys do not trust themselves enough to succeed. Their first major challenge will be whose currency are they going to adopt for the single recognized currency for the BRICS and secondly if all the BRICS country decide to dump their local currency and formulate a one currency system, then the question will be who is going to be controlling the currency. Crypto currency would have been the game changer, because like what they told us it was supposed to replace the US dollar and it is not controlled by any government, but so far crypto has failed to compete with the dollar on all fronts. I really do not think we Nigeria should be praying for the downfall of the dollar, because regardless of the country whose currency replaces the dollar, Naira is still most definitely going to suffer. We just have to look for ways to boost our economy and make the Naira stronger, that is the only and best way to go. At the moment i see Nigeria praying for the downfall of the US as that poor lazy brother of a rich man in the village, who spends all his energy marrying many wives, drinking and getting drunk without going to work and wishing his fortune will turn around if the wealthiest man in his village dies and someone else takes up that position as the village richest man. The poor man has refused to work, he fails to farm, but he is praying for a miracle. I think that is what we called Witchcraft in Africa. 4 Likes |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Fujiyama: 11:09pm On Aug 27, 2023 |
oluwaseyi0: ^^^ Everything depends on trade volumes between the two countries. If trade volumes are sizable then the UAE will definitely have something to use Rupees for...just as India will definitely have something to use Dirhams for. oluwaseyi0: ^^^ Your neighbours aren't necessarily your biggest trading partners. In fact, there are several countries who trade very little with their neighbours. Again...the issue is trade voulmes...if the UAE and India build trade volumes significantly, and trade very little with their neighbours, then what do they need dollars for? Also...if the UAE accumulates rupee reserves and uses these reserves to buy goods from India, that isn't trade by barter. Trade by barter (by definition) does not involve currency. 2 Likes |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Nyne: 11:10pm On Aug 27, 2023 |
AllenSpencer: Learn to not use but in things that you want to succeed in. Make sure to remove all the buts. They US are humans too. Did they create you? NO! So why not use your brain, do everything possible to fight back. They are trying to lock you in a cage, find your way out. Make sure they don’t succeed. |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by godwinstringed1(m): 11:16pm On Aug 27, 2023 |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by IbeOkehie: 12:58am On Aug 28, 2023 |
ecolime: The USA is a great and productive nation and generally good for the world. No doubt about it. Whether it's arrogance, irresponsibility or political expediency, the USA government has been exploiting and abusing the status of the dollar for a long time. The consequences will be ugly. I hope we can manage the inevitable outcome. Just in the last 4 years or so, the USA government has printed more dollars than have been printed since the country came into existence. The more dollars produced, the less valuable it is. Inflation is one real life consequence of their profligacy. The prices of regular goods and services have risen steeply. It's uncomfortable. Add to that, the USA government uses the currency as a weapon of diplomacy and war. So other countries are now doubting the value of keeping the dollar as reserves. It's all good, but there's a price to be paid. Good Luck to us all. 1 Like |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Karen2024(f): 3:31am On Aug 28, 2023 |
nedekid:It would have been wise of you if you just past. But replying that you have to be silent has further naked your internal stupidity. I hope you get help soonest! |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Fuckyoumod: 7:02am On Aug 28, 2023 |
FuckTheMod:You are the proverbial slug. A slow, lazy and useless animal called "Idiot, heavily infected and infested by all kinds of diseases and insects, yet it goes around from grass to grass, tree to tree cleaning and eating up shit and waste of from other animals, but failed to clean up himself, unaware that his own body is a refuse dump" You are a Nigerian, you have not done anything to better your country, but you are busy chasing shadows. This African proverb is the only way I can make you realize you are an Idiot. A lazy and a useless animal. Do you even know that there is an animal called idiot? See your picture below 👇 That is what you are!
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Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by nijanigga: 7:26am On Aug 28, 2023 |
YouEssay: here INSIDER. I'm laughing in swahili ..huhuhuhu. The BRICS summit ended with no new currency and all 5 members issuing differing and contradictory commentary on de-dollarization |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by nedekid: 7:30am On Aug 28, 2023 |
Karen2024:Bugger off you transvestite. |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by FuckTheMod: 8:18am On Aug 28, 2023 |
Fuckyoumod:I love how you described your parents and all the adjectives you used to qualify them. ![]() |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by AntiChristian: 9:18am On Aug 28, 2023 |
Revolution2022: Make we use another! We want to sell to Benin here we use Dollar! Make Africans think out something! |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Watcharena: 9:20am On Aug 28, 2023 |
fxexperts:you are missing some points about brics and the entire international exchange system smaller nations are counting on Brics have alot of options,they can transact with their local currencies,if country A want to buy something from country B ,then country A will have to buy it in country B's currency with this they eliminate the dollar charges and possibility of been sanction by US at will . Another option is to adapt hold for international settlement of transactions.some one said US can infuse more gold to crash the price but brics can buy that gold and use it as foreign reserve US will not be able to infuse gold into the market for more than three times in order to avoid shortage back at home considering that indian women alone are holding more Gold than the entire US gold reserve . The point in general is that when two countries are trading they don't need a third party's currency unless if it's absolutely necessary and agreed by the two parties involved 1 Like |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by XAUBulls: 12:02pm On Aug 28, 2023 |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by Truthday: 2:32pm On Aug 28, 2023 |
jaxxy: Again, what do america produce. It's their responsibility to give aid and sponsor international organizations UN, IMF, WHO, WTO and give loans since their currency is used as international reserve currency. Not naira or yuan |
Re: Dollar Dumped? India Bought 1m Barrels Of Oil From UAE Using Rupees Instead Of $ by jaxxy(m): 5:50pm On Aug 28, 2023 |
Truthday: nope the US doesn't give aids because their currency is used ans international reserve. They give it cos they are economic leaders globally and in those various organisations. |
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