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Nigeria breaks dollar chains: oil only in naira!
Nigeria breaks with the US dollar: Naira use in oil trading announced before BRICS summit. Strategic realignment for stability.
Nigeria breaks dollar chains: oil only in naira!
Nigeria is now making a splash on the international stage! The West African country has taken a drastic step and is officially saying goodbye to the US dollar in oil transactions. A bold move that could throw the BRICS association into turmoil and rock the global economy!
Mohammed Manga, Director of Information and Public Relations at the Nigerian Ministry of Finance, dropped the bombshell: “The move away from the dollar is a done deal!” Nigeria already settles its accounts using its local currency, the naira. But that's not all - other alternative currencies should also come into play. So are we in for a new era of global trade?
The US dollar under pressure
Since 2022, the BRICS bloc has been fighting against the supremacy of the US dollar. Sanctions and global economic changes caused confidence in the green banknote to wane. Now Nigeria is following this trend to protect and strengthen its own economy. Given the gigantic 37 billion barrels of oil reserves, this is likely to be a painful blow for the USA.
But behind the scenes, the motivations are even deeper. Next year, Nigeria plans to join the BRICS community. This latest decision could be seen as a clear nod towards the global south, a clear sign of turning away from the West.
BRICS – The new star in the economic sky?
Nigeria shows clearly where the journey is heading: towards BRICS! Brazil, Russia, India, China and South Africa, the founding members, are likely to see this as a welcome reinforcement. But what does this mean for the rest of the world? A new economic order seems within reach.
Mohammed Manga is sure that this move will benefit Nigeria in the long run. The change in trade policy is an important step in a rapidly changing global economic environment. A sign that the future of retail may look very different than previously assumed.
The question remains: who will follow the Nigerian example? One thing is certain – it will be exciting on the international stage!