Nigeria Dumps US Dollar And Begins Selling Crude Oil in Naira Ahead of BRICS Summit

Nigeria Dumps US Dollar And Begins Selling Crude Oil in Naira Ahead of BRICS Summit
The US Dollar has been the world’s dominant reserve currency since 1944, but can it retain this position? It seems not because the BRICS de-dollarization campaign is gaining more traction and many more countries, especially in the Global South, have jumped on its train. Recently, Nigeria, one of Africa’s strongest economies, has become the latest country to implement the BRICS de-dollarization policy by selling its crude oil in its local currency. This is fantastic but it begs the question “Why did Nigeria decide to ditch the US dollar for the Naira, given the fact that it has a fairly stable relationship with the US? What does Nigeria have to gain from selling its crude in Naira and What does this mean for Africa?