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Dangote refinery is set to buy Nigeria's crude oil in local currency, Naira. Photo: Reuters. Nigeria has announced that it will start selling crude oil in local currency Nigeria, Africa’s biggest oil-producing country, is done with selling crude oil in US dollars. The government has decided to start selling in naira. Amid BRICS opposition, Nigeria has announced its intention to ditch the US dollar in oil trade. Specifically, the country will settle trade dealings in its local Naira and other Nigeria, Africa's oil and gas-rich country, has also announced that it will start selling crude oil in local currency instead of the US dollar, which is still widely used for The BRICS group's campaign to replace the US dollar with local currencies in oil transactions is meeting stiff resistance from both member and prospective member nations Nigeria plans to switch from the US dollar to the Naira for oil trade to strengthen its local currency. Despite rejection from BRICS in 2025, Nigeria still seeks Nigeria has announced a groundbreaking shift in its oil trade policies, choosing to abandon the US dollar. This move aligns with the upcoming BRICS Summit

Nigeria to Sell Oil in Local Currency, Naira: Ditching the US Dollar?

Nigeria has announced a groundbreaking shift in its oil trade policies, choosing to abandon the US dollar. This move aligns with the upcoming BRICS Summit and signals a significant change in the global energy landscape. Nigeria, Africa's biggest oil-producing country, is done with selling crude oil in US dollars. The government has decided to start selling in naira.

Nigeria Plans to Sell Oil in Naira: Why Now?

Amid BRICS opposition and its push for de-dollarization, Nigeria has announced its intention to ditch the US dollar in oil trade. Specifically, the country will settle trade dealings in its local Naira and other currencies. This decision to move away from the USD is driven by a desire to strengthen its local currency. Despite rejection from BRICS in 2025, Nigeria still seeks financial independence.

Dangote Refinery Fuels Naira Oil Trade

The shift to the Naira is already underway. Dangote refinery is set to buy Nigeria's crude oil in local currency, Naira. Photo: Reuters. This is a crucial step in implementing the new policy and boosting the value of the Naira.

BRICS and the Push for Local Currencies in Oil Trade

Nigeria's decision comes as the BRICS group's campaign to replace the US dollar with local currencies in oil transactions gains momentum. While the BRICS group's campaign to replace the US dollar with local currencies in oil transactions is meeting stiff resistance from both member and prospective member nations, Nigeria is taking a bold step forward.

Nigeria's Oil Trade: A New Era?

Nigeria plans to switch from the US dollar to the Naira for oil trade to strengthen its local currency. This marks a significant departure from the traditional practice of using the US dollar in international oil transactions. Nigeria, Africa's oil and gas-rich country, has also announced that it will start selling crude oil in local currency instead of the US dollar, which is still widely used for global oil transactions. Will this strategy succeed and encourage other nations to follow suit? Only time will tell.

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