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Nigeria Bucks BRICS and Stays with the US Dollar for Oil Exports!
In the context of BRICS, Nigeria rejects local currencies for oil and relies on the US dollar to maintain stability.
Nigeria Bucks BRICS and Stays with the US Dollar for Oil Exports!
BRICS shock! Nigeria is putting on the brakes. The plan to replace the US dollar with local currencies in oil trading is facing resistance. Nigeria, a potential BRICS member, waves it off: They are sticking to the powerful dollar! A risky naira-for-oil model threatens to collapse like a house of cards. The Nigerian oil cartel DAPPMAN is sounding the alarm and warning of a collapse in foreign exchange reserves and a decline in foreign investment if the idea is implemented. as watcher.guru reports.
Nigeria is turning back the wheel and rejecting the BRICS dream of an oil-based currency exchange. In a statement, Olufemi Adewole, the Managing Director of DAPPMAN, explains: The dollar is king in the global oil market! A switch to local currencies could scare away investors and disrupt international trade. Saudi Arabia's relaxation of acceptance of local currencies has also had little effect - the dollar remains the main currency of the oil game, supported by its stability, according to the watcher.guru report.
Brics in fiasco? The great move away from dollar dominance appears to be in danger as Nigeria and Co. continue to rely on green majesty. Sticking to the US dollar could call into question the desired independence from the major currency powers - a drama for the international currency markets!