"The BRICS Grain Exchange may weaken the US dollar's dominance in global trade by promoting the use of national currencies," Prof. Njiforti said. "The exchange could facilitate price regulation, benefiting Russia and Brazil that are the major grain exporters in the BRICS alliance."
"By using national currencies, Russia and African countries can reduce their reliance on the US dollars, minimizing exchange rate risks and potential sanctions impact. Secondly, it is going to simplify transactions that is direct currency exchange will streamline transactions, reducing conversion costs, and complexities," he stated, adding that this, in turn, will allow Russian agricultural exporters to expand their market share in Africa and offer more competitive prices to African buyers.
"Many African countries are actually interested in Russia collaborating with them […] Russia's cooperation with Africa will contribute to the global trends of South-South collaboration for strong economic growth and development," Prof. Njiforti concluded.