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https://en.sputniknews.africa/20240417/nigerias-budget-office-says-open-to-enlarging-basket-of-currencies-1066109211.html
Nigeria’s Budget Office Says Open to Enlarging ‘Basket of Currencies’
Nigeria’s Budget Office Says Open to Enlarging ‘Basket of Currencies’
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WASHINGTON (Sputnik) - This year, as Russia chairs of the expanded BRICS group, with Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the... 17.04.2024, Sputnik Africa
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Although Nigeria's primary source of foreign exchange continues to be oil, and the US dollar serves as the currency for oil transactions, Abuja is open to enlarging the "basket of currencies" in the country, Ben Akabueze, the Director General of the Budget Office of the Federation, told Sputnik. Several countries, such as China and Russia, have started to trade commodities like oil in currencies other than the dollar.
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Nigeria’s Budget Office Says Open to Enlarging ‘Basket of Currencies’

10:44 17.04.2024
© Sputnik . Alexander DemianchukChinese banknotes in denominations of 100, 50, 20, 10 and 5 yuan and Russian 1000 and 100 ruble bills.
Chinese banknotes in denominations of 100, 50, 20, 10 and 5 yuan and Russian 1000 and 100 ruble bills. - Sputnik Africa, 1920, 17.04.2024
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WASHINGTON (Sputnik) - This year, as Russia chairs of the expanded BRICS group, with Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the five new members, one of the bloc's top priorities is to promote international trade in local currencies.
Although Nigeria's primary source of foreign exchange continues to be oil, and the US dollar serves as the currency for oil transactions, Abuja is open to enlarging the "basket of currencies" in the country, Ben Akabueze, the Director General of the Budget Office of the Federation, told Sputnik.

“Nigeria by itself cannot change that, but if the collective of oil exporters decides to take action to change that, then Nigeria would follow suit,” he said. “For Nigeria, there's no pursuing the objective of de-dollarization, but we are open to enlarging the basket of currencies.”

Several countries, such as China and Russia, have started to trade commodities like oil in currencies other than the dollar.
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