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BRICS member India finalized a major trade partnership with Nigeria on Friday switching away from the US dollar. Both countries will use local currencies in the Nigeria could reduce dependency on the US dollar by engaging in trade with BRICS, an economic bloc consisting of Brazil, Russia, India, China, South Africa, Egypt In a significant move aimed at challenging the dominance of the United States dollar, India and Nigeria, both members of the BRICS alliance, have agreed to conduct Nigeria has started selling its crude oil in naira, breaking free from the dominance of the U.S. dollar, while India is strengthening strategic energy partnerships with Nigeria and India and Nigeria, two key members of the BRICS alliance, have reportedly agreed to settle bilateral trade in their local currencies, ditching the US dollar. This move has BRICS member India finalized a major trade partnership with Nigeria on Friday switching away from the US dollar. Both countries will use local currencies in the bilateral trade agreement for

BRICS India & Nigeria Finalize Landmark Partnership: Ditching the US Dollar

In a groundbreaking development shaking up global finance, BRICS member India finalized a major trade partnership with Nigeria on Friday switching away from the US dollar. This signals a significant shift towards de-dollarization and greater economic autonomy for both nations. Both countries will use local currencies in the bilateral trade agreement for settlement, marking a pivotal moment in South-South cooperation.

India-Nigeria Trade in Local Currencies: A New Era

India and Nigeria, two key members of the BRICS alliance, have reportedly agreed to settle bilateral trade in their local currencies, ditching the US dollar. This move has widespread implications for global trade and the future of the dollar's dominance. This partnership demonstrates the growing influence of BRICS nations and their commitment to alternative financial systems.

Why Ditch the Dollar? Benefits for Nigeria and India

This strategic alliance offers several key advantages. Nigeria could reduce dependency on the US dollar by engaging in trade with BRICS, an economic bloc consisting of Brazil, Russia, India, China, South Africa, Egypt. Using local currencies reduces transaction costs and currency exchange risks, fostering more robust and sustainable trade relations. Furthermore, Nigeria has started selling its crude oil in naira, breaking free from the dominance of the U.S. dollar, while India is strengthening strategic energy partnerships with Nigeria, securing vital energy resources and bolstering its economic growth.

Challenging the US Dollar: A BRICS Strategy

In a significant move aimed at challenging the dominance of the United States dollar, India and Nigeria, both members of the BRICS alliance, have agreed to conduct bilateral trade in their respective local currencies. This initiative aligns with the broader BRICS agenda of fostering a more multi-polar world order and diversifying away from reliance on Western-dominated financial institutions. BRICS member India finalized a major trade partnership with Nigeria on Friday switching away from the US dollar. Both countries will use local currencies in the agreement, setting a precedent for other nations seeking greater economic sovereignty.

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