Nigeria Eyes BRICS Membership, Considers Oil Trading in Naira

by Ohepo Ohepo

The administration of President Bola Tinubu is preparing to apply on behalf of Nigeria to join the BRICS international organization.

The worldwide union announced this in a post that was published on social media on Friday.

The union stated, “Nigeria will apply to join BRICS in 2024.”

Major global powers like China and Russia as well as nations with sway on their continent like Brazil and South Africa are included in the BRICS group.

With the increased group, the total population is close to 3.5 billion, or 45% of all people on Earth.

The purpose of the group was to challenge the political and economic dominance of the wealthier countries of North America and Western Europe by bringing together the most significant developing nations on the planet.

This implies that Nigeria would trade its main export, oil, in Naira should it ever join the BRICS. Nigeria is a West African country.

Human rights attorney Femi Falana, SAN, claimed in February that exchanging crude oil for naira would increase the value of the currency and lessen reliance on foreign currencies.

Falana claimed that a more thorough policy change was required and that the Central Bank of Nigeria’s recent circulars are insufficient to address the forex issues.

He continued by saying that the Federal Government ought to depend less on the World Bank and the International Monetary Fund (IMF), two Bretton Woods organizations, for their economic forecasts and policies.

Falana claimed that in order to save the naira, Nigeria needed to re-join the economic union.

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