India and Nigeria abandon the dollar.

[Riberet19]

De-dollarization is a sine qua non-condition for joining the BRICS alliance. Nigeria wishes to be part on UE and has just shown goodwill by abandoning the dollar for its transactions with India.

The two nations have agreed on a national currency settlement system to bolster their bilateral trade. Nigeria is India’s second-largest trading partner in Africa. Their trade totaled 12 and 8 billion dollars in 2022 and 2023, respectively.

The African giant imports a lot of Indian pharmaceutical products in exchange for its oil. The ties are also significant in the renewable energy sector, agriculture, education, and transportation...

Full news: https://www.cointribune.com/en/india-and-nigeria-abandon-the-dollar/

 

[Kane]

I think US dollars is soon losing its power as world reserve currency. Recently the deal with Saudia regarding petrodollar expired and Saudis are not renewing the treaty and a lot of countries are using their own currency for trading for instance Russia and China, US Dollar hegemony is soon ending.

 

[Riberet19]

I think US dollars is soon losing its power as world reserve currency. Recently the deal with Saudia regarding petrodollar expired and Saudis are not renewing the treaty and a lot of countries are using their own currency for trading for instance Russia and China, US Dollar hegemony is soon ending.

Many countries are abandoning their holdings in dollars and American bonds, many economists have already warned of this, even Donald Trump warned of this a few days ago, I think that de-dollarization is a reality, but it will be slow and painful.

 

[goall]

De-dollarization is a sine qua non-condition for joining the BRICS alliance. Nigeria wishes to be part on UE and has just shown goodwill by abandoning the dollar for its transactions with India.

The two nations have agreed on a national currency settlement system to bolster their bilateral trade. Nigeria is India’s second-largest trading partner in Africa. Their trade totaled 12 and 8 billion dollars in 2022 and 2023, respectively.

The African giant imports a lot of Indian pharmaceutical products in exchange for its oil. The ties are also significant in the renewable energy sector, agriculture, education, and transportation...

Full news: https://www.cointribune.com/en/india-and-nigeria-abandon-the-dollar/

Nigeria's move may be beneficial.
To delve beneath the surface, one should ask why Nigeria is importing huge volumes of pharmaceutical products from India.
In my view, a more beneficial initiative would involve implementing strategies meant to ensure that Nigeria ceases importing large amounts of pharmaceuticals from India. This would not only bolster Nigeria's currency, it would also spur broad-based development in the country.

 

[eLdavis]

It's only a matter of time, most countries today are trying to boycott the use of dollar. Let's see how this development would affect Nigeria as time goes on.

 

[Riberet19]

It's only a matter of time, most countries today are trying to boycott the use of dollar. Let's see how this development would affect Nigeria as time goes on.

I don't think it's boycott, but independence and sovereignty, depending on a foreign currency I don't think can be considered sovereignty by any country, and in the long run, I don't think it's equal to prosperity, depend on another economy to have stability in yours, it's a bit sad.

 

[saoussen57651]

I don't think it's boycott, but independence and sovereignty, depending on a foreign currency I don't think can be considered sovereignty by any country, and in the long run, I don't think it's equal to prosperity, depend on another economy to have stability in yours, it's a bit sad.

There are many factors that could be determinative in such relationship, however foreign currency could affect badly the power of purchase as there are foreign products purchased with foreign currency.

 

[Henrywrites]

It's only a matter of time, most countries today are trying to boycott the use of dollar. Let's see how this development would affect Nigeria as time goes on.

Nigeria would need the leaders standing firm and not letting anyone jeopardise their push to becoming better. If the level of corruption in the country is tackled, I know this policy will end up benefitting the poor masses.