"In an effort to prop up the value of the dollar, Richard Nixon negotiated a deal with Saudi Arabia that in exchange for arms and protection they would denominate all future oil sales in U.S. dollars. Subsequently, the other OPEC
countries agreed to similar deals thus ensuring a global demand for
U.S. dollars and allowing the U.S. to export some of its inflation.
Large inflows of petrodollars into a country often has an impact on the value of its currency."
https://en.wikipedia.org/wiki/Petrodollar
"Europe's dream of promoting the euro as a competitor to the U.S. dollar may get a boost from SADDAM HUSSEIN. Iraq says that from now on, it wants payments for its oil in euros..."
Foreign Exchange: Saddam Turns His Back on Greenbacks
"Gaddafi did not give up. In the months leading up to the military intervention, he called on African and Muslim nations to join together to create this new currency that would rival the dollar and euro. They would sell oil and other resources around the world only for gold dinars."
Update, January 9, 2016:
Large inflows of petrodollars into a country often has an impact on the value of its currency."
https://en.wikipedia.org/wiki/Petrodollar
"Europe's dream of promoting the euro as a competitor to the U.S. dollar may get a boost from SADDAM HUSSEIN. Iraq says that from now on, it wants payments for its oil in euros..."
Foreign Exchange: Saddam Turns His Back on Greenbacks
"Gaddafi did not give up. In the months leading up to the military intervention, he called on African and Muslim nations to join together to create this new currency that would rival the dollar and euro. They would sell oil and other resources around the world only for gold dinars."
Saving the world economy from Gaddafi
Update, January 9, 2016:
