Nigeria Calls on BRICS To Switch Trading in Local Currencies
Nigeria has called on BRICS to switch to trading in local currencies and refrain from using the US dollar for cross-border transactions. During a meeting at the BRICS trade forum held in Brazil, Nigeria’s House Committee on Foreign Affairs, Wole Oke, said that the alliance must begin investing in each other’s economy to maintain equal economic stability for all. At the trade forum, he urged BRICS to reduce usage of US dollar transactions and begin payments in local currencies. He also urged the bloc to reduce dependency on Western powers and uplift the economies of developing countries. Also Read: BRICS Will Meet in July To Unveil Most Ambitious Plan: US Congressman “Strengthening BRICS trade is no longer optional, it is a necessity. We must trade more with each other, invest in one another, and build a trade ecosystem that puts our people first,” he said, stressing that the time to use local currencies for trade is ripe. The lawmaker proposed BRICS to create a new establish...