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India, Nigeria Seal Major Trade Partnership, Moving Away From US Dollar

India, Nigeria Seal Major Trade Partnership, Moving Away From US Dollar

Editorial team
9 May, 2024

Last Friday, India and Nigeria announced a major trade partnership that marks a new chapter in their bilateral relations. In a step considered important for these two emerging economies, they have decided to move away from the US dollar and use their local currencies in their trade transactions.

The agreement covers many sectors, including energy, pharmaceuticals and transport, and is expected to have a wider impact on their economies.

This decision came as both countries are facing pressure from international markets and have decided to join forces to face these challenges. India, as a member of BRICS, demonstrates its commitment to autonomy and independence in its economic dealings.

The Nigerian authorities underlined that this trade agreement will help strengthen the local economy and its monetary stability, as well as reduce its dependence on foreign currency.

This decision reflects the general trend observed in emerging economies, which seek to reduce their dependence on the US dollar and strengthen the use of their local currencies in their international transactions.

India and Nigeria's decision to use their local currencies for trade may have long-term implications for the international economy. This move may strengthen these countries' independence from the US dollar and facilitate the strengthening of their local currencies.

Moreover, cooperation on local currencies may encourage other emerging economies to follow suit and seek alternative forms of trade besides the dollar.

However, the success of this trade partnership depends on the stability of local currencies and the countries' abilities to manage any currency or economic problems that may arise.


Here are some possible sources for the article:

  1. “India and Nigeria Sign Trade Agreement to Use Local Currencies” – Article in the Economic Times
  2. "India, Nigeria to use local currencies for bilateral trade" - Article in The Times of India
  3. “BRICS nations look to reduce dependency on US dollar in trade” – Article on CNBC
  4. “Impact of India-Nigeria Trade Agreement on Global Economy” – Article in Bloomberg
  5. “Challenges and Opportunities in Bilateral Trade Using Local Currencies” – Analysis at the World Economic Forum

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