Nigeria to BRICS: Ditch the Dollar—Trade in Local Currencies Instead

West Africa's largest economy throws down the gauntlet—calls for de-dollarization in BRICS trade. Another brick in the wall against USD hegemony?

Nigeria's push comes as BRICS nations quietly build alternatives to SWIFT. Local currency swaps could slash transaction costs—if anyone can agree on exchange rates.

Wall Street won't like this one bit. Less dollar demand means fewer excuses to print more monopoly money.

Nigeria Follows the Footsteps of BRICS, Makes Local Currencies Official

Just recently, the government of Nigeria announced that only their local currency, the Nigerian naira will be the official tender for oil trade in the country, ending dependency on the US dollar. All oil-refiners must use the local currency and the MOVE could boost its prospects in the forex markets. The African country is looking to tackle the US dollar’s dominance by putting it second in line for oil payments.