Nigeria recently revealed its plan to sell crude oil in its local currency, the naira, and no longer want to rely on the United States (US) dollar.
The move reflects a trend in which many countries have switched to using their own currencies for trade, a practice that gained traction following the Russia-Ukraine conflict in 2022.
Mohammed Manga, who serves as the Director of Information and Public Relations for the Nigerian Ministry of Finance, explained that the decision is part of a larger effort by the Nigerian government to improve economic stability, promote growth, and increase self-sufficiency.
The aim is to reduce the country's dependence on the US dollar by conducting oil transactions in naira, making Nigeria more adaptable to the challenges of the global market.
With the world's eighth largest oil reserves and ranking as the sixth largest oil exporter, Nigeria is confident that this transition will improve its economic resilience.
These changes are expected to strengthen the country's position in navigating the unpredictable global market landscape.
