India Accelerates De-Dollarization: Pays Nigeria for Oil in Naira—A Bold Move Against USD Dominance

India just fired another shot in the global de-dollarization battle—this time with Nigeria's oil on the line. No greenbacks needed.

The Naira Play:
New Delhi bypasses the USD entirely, settling crude purchases in Nigeria's local currency. A direct challenge to the petrodollar's 50-year reign.

Why It Matters:
Every non-USD energy deal chips away at Washington's exorbitant privilege. India's move follows BRICS' gold-backed payment systems—because nothing says 'trust issues' like ditching the world reserve currency.

The Cynic's Take:
Wall Street bankers clutching their pearls? Probably not—they're too busy repackaging Nigerian oil futures into ESG-compliant derivatives.

De-Dollarization Growing Under US Pressure: India Seeks Nigerian Oil, Will Pay in Naira

The steps were taken to boost the naira in the international markets and strengthen the local currency. While some refiners have objected to the rule, citing losses, the law remains intact despite opposition from various energy stakeholders. Nigeria is Africa’s largest oil producer, and India could soon come to the priority list of clients. Nigeria is among the first countries in Africa to push de-dollarization in oil payments, and India could soon use the naira.

India faced 50% tariffs from the US for buying Russian oil despite sanctions being in place. The Modi government is now scrambling to find solutions and is looking to renew talks with the WHITE House. Oil procurement from Russia was cheaper due to the sanctions and financially helped both countries. While Russia received constant business, India saved $7 billion in foreign exchange rates. De-dollarization is the only option left for survival, and India could buy Nigerian oil in naira, ushering a major change.