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The Nigerian government announced in October last year that the country’s oil and gas firms would settle payments in local currency Naira and ditch the US dollar to advance the de-dollarization agenda. The government emphasized that the move would bolster their local currency usage on the global stage and give the nation’s GDP a boost in the arm. As the policy kicked-in, oil and gas firms are now reeling under losses as refiners are finding major mismatches in sales in naira and purchase of crude in the US dollars. Also Read: Tesla Chair Cashes Out $32M in Tesla Stock, Extending 2024–25 Selloff The government’s Naira-for-crude oil transaction framework is being frowned upon by refiners as refiners’ balance sheets are printing losses. The move is destabilizing Nigeria’s oil and gas industry, which is the largest in the whole of Africa. The de-dollarization agenda is backfiring in Nigeria and oil and gas refiners now want the US dollar for trade settlements. ...

BRICS member India finalized a major trade partnership with Nigeria on Friday switching away from the US dollar. Both countries will use local currencies in the bilateral trade agreement for energy, pharmaceuticals, and transport sectors. India and Nigeria have agreed to cooperate and settle trade in local currencies and not the US dollar. Also Read: BRICS: 20% of Oil Payments Settled in Local Currencies, Not US Dollar However, the local currency in question is yet to be finalized and could be either the India n Rupee or the Nigeria n Naira . The agreement comes at a time when BRICS is looking to uproot the US dollar as the world’s reserve currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: Economist Predicts One Final Rally Before the Markets Crash 50% BRICS: India & Nigeria To Trade in Local Currencies, Ditch US Dollar Soir...

The Central Bank of Nigeria expressed that the local CBDC, the eNaira, is not a threat to the nation’s financial stability. On October 9, the Central Bank of Nigeria (CBN) issued a statement explaining that the eNaira does not threaten the nation’s financial stability. The statement came in response to local media indicating that the CBDC could threaten the nation’s financial stability. In September, the central bank published a  300-page book, “Economics of Digital Currencies: A Book of Readings, ” explaining the financial implications of adopting a CBDC. The paper included topics such as the potential effect of a CBDC on deposit liabilities, regulatory concerns, social welfare, and public sentiment. You might also like: Bahamas, Jamaica, and Nigeria pioneer CBDC adoption The bank explained that the CBDC and the cryptocurrencies are different things; hence, the speculation of the cryptocurrency market behind the fake news doesn’t ...