Nigeria Regrets Ditching the US Dollar For Trade

By: cryptosheadlines|2025/05/02 20:00:10

Token

GAS

BTC

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com The Nigerian government announced in October last year that the country’s oil and gas firms would settle payments in local currency Naira and ditch the US dollar to advance the de-dollarization agenda. The government emphasized that the move would bolster their local currency usage on the global stage and give the nation’s GDP a boost in the arm. As the policy kicked-in, oil and gas firms are now reeling under losses as refiners are finding major mismatches in sales in naira and purchase of crude in the US dollars.Also Read: Tesla Chair Cashes Out $32M in Tesla Stock, Extending 2024–25 SelloffThe government’s Naira-for-crude oil transaction framework is being frowned upon by refiners as refiners’ balance sheets are printing losses. The move is destabilizing Nigeria’s oil and gas industry, which is the largest in the whole of Africa. The de-dollarization agenda is backfiring in Nigeria and oil and gas refiners now want the US dollar for trade settlements.Just recently, Nigeria’s Dangote refinery announced that it is suspending sales in local currencies and will only accept the US dollar, challenging the government’s de-dollarization agenda. “To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency” the statement read.Also Read: Bitcoin (BTC) to $10M? Why Buffett Still Doesn’t Get It, Saylor ExplainsDe-Dollarization: Nigeria Expresses Regret For Ditching the US Dollar For Oil & Gas PaymentsSource: ReutersThe oil and gas union head in Nigeria, Olufemi Adewole said that the government’s move is destabilizing the energy industry. “The naira-for-crude oil transaction framework presents significant risks that could affect Nigeria’s foreign exchange stability and deter foreign direct investment.” The de-dollarization agenda is not working in Nigeria as refiners now want the US dollar to thrive and survive.Also Read: Cryptocurrency: Top 3 Memecoins Predicted To Rally In May 2025“The global oil market operates in US dollar due to its stability,” said Adewole. “Continuing the policy (Naira-for-crude) could alienate trade partners and investors who rely on the predictability of the dollar,” he stated. Many refiners in Nigeria could distance themselves from the government’s de-dollarization initiative and start accepting the US dollar for oil.Source link

-- Price

The Ethereum Foundation has released this non-technical introductory report aimed at government officials, central banks, regulators, and corporate decision-makers, explaining how Ethereum works, how it is governed, how it differs from other blockchains, and how institutions and governments are alre...

A pre-announced harvesting case: After the cryptocurrency price dropped by 99%, the public chain Saga exited to transform into AI

True failure often isn't a single price drop, but rather a pricing mechanism that repeatedly rewards those who tell stories while repeatedly punishing those who believe in the stories.

When American giants collectively "defect" from Chinese AI models

Coinbase CEO publicly stated: the company has fully switched its AI to a Chinese model, cutting expenses in half while usage has doubled. Snowflake and Lindy are also doing the same thing—an unnoticed "AI model migration wave" is happening.

BIS Report Compliance Observation: The Real Risks of Stablecoins, Not Just "Depegging"

The issue with stablecoins is not just whether their price will decouple, but whether they can be integrated into a recognizable, monitorable, accountable, and regulated financial system.

Portugal 2-1 Croatia: Ronaldo's 20-Year Knockout-Stage Drought Ends With a Debt Finally Collected

Portugal beat Croatia 2-1 in the 2026 global football championship's knockout rounds as Ronaldo scored his first-ever knockout-stage goal, Gonçalo Ramos struck a stoppage-time winner, and VAR ruled out a late equalizer for offside.

Bitcoin Price Prediction July 2026: Will BTC Recover to $70K or Drop Below $55K?

Bitcoin price prediction for July 2026: Can BTC recover to $70,000 or fall below $55,000? Explore ETF flows, key support levels, Fed outlook, and our Bitcoin forecast.

A South Korean company that learned the strategy of hoarding coins, from a bull market to delisting?

When the overall momentum of the Korean stock market is strong, this batch of cryptocurrency concept stocks, branded as the "Korean version of Strategy," finds itself at a crossroads of life and death.

WEEX API Broker Program: Turn Your Trading Platform Into a Revenue Engine

Become a WEEX API Broker and earn up to 70% trading fee sharing. Get institutional-grade liquidity, OAuth Fast Connect, and a 4-5 day integration for your AI trading platform, bot, or signal community.

How to choose between buying discounted ETH, Bitmine, and SharpLink?

The answer may not lie in whose story is told better, but in specific dimensions such as cost of holding, financing ability, liquidity, and whether the narrative can be realized.

Wosh: Inflation has cooled in recent weeks, AI is reshaping the economy, and forward guidance has lost its necessity

Federal Reserve Chairman Waller clearly stated at the ECB forum that the Fed will abandon forward guidance on interest rates, with future decisions relying entirely on real-time economic data. He noted that inflation risks in the U.S. have decreased over the past four weeks, but the ultimate impact ...

From Pump.fun to Collector Crypt: Has Solana's income throne changed hands?

The revenue from consumer applications on Solana is no longer solely reliant on meme coin issuance, but is gradually spreading to more consumption scenarios.

Dan Bin's latest speech: Don't miss out on a great era

Don't let hesitation trap your steps, and don't let shortsightedness waste the passing years—make sure not to miss this magnificent era that belongs to us.

Robinhood launches its own blockchain, no longer wanting to be a tenant on others' chains

While laying off employees and issuing bonds, it is the predictive market business that temporarily supports the income.