About five years ago, the Federal Government of Nigeria and China entered into a currency exchange agreement. The transaction, which was valued at Renminbi (RMB) 16 billion or N720 billion was aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby, reducing difficulties encountered in the search for the United States Dollar. The swap was also designed to improve the speed, convenience and volume of transactions between the two countries.
About five years ago, the Federal Government of Nigeria and China entered into a currency exchange agreement. The transaction, which was valued at Renminbi 16 billion or N720 billion was aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby, reducing difficulties encountered in the search for the United States Dollar.
While other nations are making arrangements to promote their local currencies the Federal Government has continued to dollarise the Nigerian economy. Just recently, the Kenyan Government signed an agreement with Saudi Aramco to supply fuel and diesel for the next six months, while Abu Dhabi National Oil Company will deliver three cargoes of super petrol every month.
However, it is public knowledge that the BRICS have concluded plans to launch a new international currency to be used for cross-border trade by the member nations. Ahead of the August summit of the BRICS scheduled to hold in South Africa, a total of 24 nations are now looking to build a strategic alliance that will challenge the US dollar’s decades-long role as the world’s reserve currency.
Moreover, many Asian countries have had a less ideological approach to economic policies, so, even when they adopted neo-liberal policies, those policies were usually not implemented in their extreme forms, as they were in Latin America.
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