https://en.sputniknews.africa/20240925/nigeria-should-join-growing-trend-of-trading-in-local-currencies-particularly-with-russia-expert-1068418976.html
Nigeria Should Join Growing Trend of Trading in Local Currencies, Particularly With Russia: Expert
Nigeria Should Join Growing Trend of Trading in Local Currencies, Particularly With Russia: Expert
Sputnik Africa
The de-dollarization movement has gained steam in recent years. Many countries seek to reduce their reliance on the US currency and get rid of its hegemony in... 25.09.2024, Sputnik Africa
2024-09-25T19:04+0200
2024-09-25T19:04+0200
2024-09-25T19:04+0200
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Nigeria should join the growing trend of trading in local currencies, particularly with Russia, Dr. Abdulkareem Alhassan, Director of the Center for General Studies at the Federal University of Lafia, believes.In an interview with Sputnik Africa, Dr. Alhassan emphasized the numerous benefits of this shift. He argued that using local currencies would conserve Nigeria's foreign exchange reserves, alleviate pressure on the naira, and enhance the country's economic sovereignty.He argued that using local currencies would conserve Nigeria's foreign exchange reserves, alleviate pressure on the naira, and enhance the country's economic sovereignty.The academician highlighted the potential of local currency trading to boost Nigeria's agricultural sector by providing access to advanced agricultural technologies and inputs from Russia. This, in turn, would stimulate growth in other sectors of the Nigerian economy.He further argued that the move away from Western-dominated financial systems, which he believes have kept African countries in a cycle of poverty and debt, could serve as a blueprint for broader economic growth across the continent.
https://en.sputniknews.africa/20240717/more-than-40-of-world-countries-support-de-dollarization-1067529433.html
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Nigeria Should Join Growing Trend of Trading in Local Currencies, Particularly With Russia: Expert
Muhammad Nooh Osman
Writer/Editor
The de-dollarization movement has gained steam in recent years. Many countries seek to reduce their reliance on the US currency and get rid of its hegemony in international trade. Key players include the BRICS nations, with Russia leading the de-dollarization efforts in response to unprecedented unilateral Western sanctions.
Nigeria should join the growing trend of trading in local currencies, particularly with Russia, Dr. Abdulkareem Alhassan, Director of the Center for General Studies at the Federal University of Lafia, believes.
In an
interview with
Sputnik Africa, Dr. Alhassan emphasized the numerous benefits of this shift. He argued that using local currencies would conserve Nigeria's foreign exchange reserves, alleviate pressure on the naira, and enhance the country's economic sovereignty.
He argued that
using local currencies would conserve Nigeria's foreign exchange reserves, alleviate pressure on the naira, and enhance the country's economic sovereignty.
"The level of independence in policymaking and policy implementation, particularly economic policies, will improve when we trade in local currency," Dr. Alhassan stated. "This means the monetary and fiscal policies of the country can be controlled domestically more than when we rely on USD and the other foreign currency for international trade."
The academician highlighted the potential of local currency trading to boost Nigeria's
agricultural sector by providing access to advanced agricultural technologies and inputs from Russia. This, in turn, would stimulate growth in other sectors of the Nigerian economy.
He further argued that the move away from Western-dominated financial systems, which he believes have
kept African countries in a cycle of poverty and debt, could serve as a blueprint for broader economic growth across the continent.
"In the multipolar global geopolitics from the African perspective, Nigeria is a major player," Dr. Alhassan concluded. "And the moment Nigeria embraces this shift, advocated by Russia, a lot of African countries will follow."
