China News Today TheBitTimes.com

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. ...

Tensions in the Middle East are escalating after Iran launched over 300 missile drone attacks against Israel on Sunday. The Iron Dome intercepted all the Iranian missiles but the situation remains grim with growing threats of war. Amid the Iran and Israel conflict, BRICS has called for the Middle East to ditch the US dollar for oil settlements. Also Read: 3 New Countries Express Interest To Join BRICS BRICS calls on the Middle East to stop using the US dollar for oil trade settlements. pic.twitter.com/Wvva4f0Rgz — BRICS News (@BRICSinfo) April 15, 2024 Russian President Vladimir Putin urged countries in the Middle East to teach Israel and the US a lesson. BRICS member Russia explained that ditching the US dollar for oil payments can bring America and Israel to a standstill. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: US Loses Control, BRICS Becoming Mouthpiece of Non-Western Countries BRICS U...

The United Arab Emirates ( UAE ) is asking BRICS countries to settle Oil trade in local currencies and not the U.S. dollar. The Middle Eastern nation is aiming to diversify its economic partnerships by renewing payment methods for Oil trade deals. The UAE is approaching China, Russia, India, and Egypt, among other nations to pay local currencies for Oil settlement and sideline the U.S. dollar. Read here to know how many sectors in the U.S. will be affected if BRICS stops using the dollar. Also Read: BRICS : U.S. Dollar Dips Against Local Currencies According to reports, the UAE is in talks with 15 countries and is promoting local currency payments ending reliance on the U.S. dollar. The realigning of bilateral strategic partnerships could lead to a paradigm shift in the financial approach of BRICS countries. Controlling the global oil sector by ending reliance on the U.S. dollar could make BRICS turn into an economic powerhouse. Also Read: BRICS: China, Russia & Ind...