Nigeria Urges BRICS to Ditch Dollar for Local Currency Trade

Nigeria has made a bold appeal to BRICS nations, urging the bloc to abandon the US dollar in cross-border transactions in favor of local currencies. The call came during a BRICS trade forum in Brazil, where Nigerian lawmaker Wole Oke emphasized the need for economic equality among member states.

The proposal includes creating a new settlement system for local currencies, reducing reliance on Western financial systems. Nigeria, one of 13 BRICS partner members, sees this as a pivotal step toward reshaping global finance. The country recently mandated the use of its naira for all domestic transactions.

With BRICS accounting for 40% of global GDP, the MOVE could significantly impact international trade flows and currency markets. The bloc's potential to expand its economic influence remains largely untapped, according to Nigerian officials.