https://en.sputniknews.africa/20240925/russia-africa-currency-shift-nigerias-chance-for-enhanced-economic-opportunities-1068329221.html
Russia-Africa Currency Shift: Nigeria's Chance for Enhanced Economic Opportunities
Russia-Africa Currency Shift: Nigeria's Chance for Enhanced Economic Opportunities
Sputnik Africa
Nigeria is poised to seize an economic opportunity as the shift to local currencies in Russia-Africa trade gains traction. By embracing this move, the country... 25.09.2024, Sputnik Africa
2024-09-25T17:07+0200
2024-09-25T17:07+0200
2024-09-25T17:07+0200
african currents
podcasts
sputnik africa
nigeria
russia
brics
africa
africa insight
central africa
east africa
https://cdn1.img.sputniknews.africa/img/07e8/09/14/1068357036_0:88:400:313_1920x0_80_0_0_ea04f46c5f1eb42a9e2f43a8b6f707d1.jpg
Russia-Africa Currency Shift: Nigeria's Chance for Enhanced Economic Opportunities
Sputnik Africa
Nigeria stands poised to seize an economic opportunity as the shift to local currencies gains traction in Russia-Africa trade. By embracing this move, the country could reduce reliance on foreign currencies and unlock new trade avenues, economist say.
Switching to local currencies for trade between Russia and Nigeria will cut Nigeria’s dependence on dominant foreign currencies like the US dollar and the euro, expresses Dr. Abdulkareem Alhassan, Director of the Center for General Studies at the Federal University of Lafia, Nasarawa State, Nigeria, in an interview with African Currents. He adds that this change will reduce economic volatility and minimize the pressure on the naira caused by exchange fluctuations due to reliance on external currencies. It will also strengthen trade ties with Russia and improve Nigeria's foreign exchange reserves, the expert notes.To find out what else our guest had to say, tune in to the African Currents podcast, brought to you by Sputnik Africa.In addition to the website, you can also catch our episodes on Telegram.► You can also listen to our podcast on Apple Podcasts, Spotify, Deezer, Pocket Casts, Afripods, Podcast Addict.► Check out all the episodes of African Currents.
nigeria
russia
africa
central africa
east africa
west africa
southern africa
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2024
Chimauchem Nwosu
https://cdn1.img.sputniknews.africa/img/07e8/06/0b/1066992175_0:0:278:278_100x100_80_0_0_b5f6eaa3b85dbfcd0266ea860848a996.jpg
Chimauchem Nwosu
https://cdn1.img.sputniknews.africa/img/07e8/06/0b/1066992175_0:0:278:278_100x100_80_0_0_b5f6eaa3b85dbfcd0266ea860848a996.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Chimauchem Nwosu
https://cdn1.img.sputniknews.africa/img/07e8/06/0b/1066992175_0:0:278:278_100x100_80_0_0_b5f6eaa3b85dbfcd0266ea860848a996.jpg
podcasts, sputnik africa, nigeria, russia, brics, africa, africa insight, central africa, east africa, west africa, southern africa, аудио
podcasts, sputnik africa, nigeria, russia, brics, africa, africa insight, central africa, east africa, west africa, southern africa, аудио
Russia-Africa Currency Shift: Nigeria's Chance for Enhanced Economic Opportunities
Nigeria is poised to seize an economic opportunity as the shift to local currencies in Russia-Africa trade gains traction. By embracing this move, the country could reduce reliance on foreign currencies and unlock new trade avenues, says African Currents' guest economist.
Switching to local currencies for trade between Russia and Nigeria will cut Nigeria’s dependence on dominant foreign currencies like the US dollar and the euro, expresses Dr. Abdulkareem Alhassan, Director of the Center for General Studies at the Federal University of Lafia, Nasarawa State, Nigeria, in an interview with African Currents. He adds that this change will reduce economic volatility and minimize the pressure on the naira caused by exchange fluctuations due to reliance on external currencies. It will also strengthen trade ties with Russia and improve Nigeria's foreign exchange reserves, the expert notes.
"When you trade in local currency, you can conserve your foreign exchange reserves, and the pressure on the naira will significantly reduce. And in the same vein, this shift will enhance the economic sovereignty of Nigeria. The level of independence in policy making and policy implementation, particularly economic policies, will improve when we trade in local currency. This is because when the trade is based on local currencies, this means the monetary and fiscal policies of the country can be controlled domestically more than when we rely on USD and other foreign currency for international trade. By this, the trade in local currencies will reduce the influence of these foreign powers in the economic affairs of Nigeria," Alhassan notes.
To find out what else our guest had to say, tune in to the African Currents podcast, brought to you by Sputnik Africa.
In addition to the website, you can also catch our episodes on
Telegram.► Check out all the episodes of African Currents. 
