BRICS Nations Rally Global Alliances to Challenge US Dollar Dominance

Nigeria''s House Committee on Foreign Affairs has issued a clarion call at the BRICS Forum Trade in Brazil, urging unified action to dismantle the US dollar''s reserve currency status. Wole Oke''s proposition—backed by Kenya and other African nations—advocates for local currency settlements among BRICS, ASEAN, MERCOSUR, and the African Union. "The traditional financial paradigm must yield to a multipolar system," he declared to Punch Newspaper, framing de-dollarization as an inevitable shift rather than mere dissent.

Emerging economies are accelerating their pivot away from the greenback, with Nigeria and Kenya leading African efforts to adopt native currencies for trade. This movement gains momentum as BRICS consolidates influence, potentially reshaping global liquidity flows. While cryptocurrencies remain unmentioned in official statements, the push for monetary decentralization aligns with blockchain''s Core ethos—a silent parallel markets are likely noting.