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.