Nigeria Begins Sale of Crude Oil in Local Currency Naira | Firstpost Africa
Nigeria Begins Sale of Crude Oil in Local Currency Naira | Firstpost Africa
Africa's biggest oil producer Nigeria, has taken a groundbreaking step. It has decided to ditch the US Dollar and sell its crude and refined oil in the local currency Naira. Nigeria has begun selling its crude oil to the Dangote refinery in the local currency. The Dangote refinery is Nigeria's first private oil refinery. The decision comes at a time when many nations in the world are moving away from the US Dollar and exploring alternatives to trade. Nigeria, which has expressed its intention to join the BRICS has notably decided to move away from the US Dollar the same month the BRICS summit will take place in Russia. Could the decision be a clear signal of Nairobi's alignment with the global south, rather than the West? Watch for more.
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