Nigeria’s Dollar Ditch Backfires—Now Begging for USD Lifeline

West Africa’s economic giant eats crow as its bold de-dollarization play crumbles. Turns out, cutting ties with the global reserve currency isn’t as easy as printing new Naira notes.

The Hard Currency Reality Check

Trade partners balked at settling in Naira, inflation rocketed, and now Abuja’s stuck holding a bag of depreciated local currency—while scrambling to woo back USD liquidity. Another masterclass in central planning meets free market forces.

Crypto’s Silent Victory Lap

Meanwhile, Bitcoin OTC volumes in Lagos hit record highs as citizens hedge against the mess. Because when governments fail monetary policy 101, decentralized assets start looking mighty sophisticated.

De-Dollarization: Nigeria Expresses Regret For Ditching the US Dollar For Oil & Gas Payments

The oil and gas union head in Nigeria, Olufemi Adewole said that the government’s move is destabilizing the energy industry.The de-dollarization agenda is not working in Nigeria as refiners now want the US dollar to thrive and survive.

said Adewole.he stated. Many refiners in Nigeria could distance themselves from the government’s de-dollarization initiative and start accepting the US dollar for oil.