India’s potential purchase of Nigerian oil in naira could mark a major push toward global de-dollarization.
According to Firstpost Africa, Indian refiners — including Indian Oil — have already ordered over 2 million barrels of Nigerian crude, expected to arrive next month. Nigeria, Africa’s largest oil producer, mandates that oil and energy payments be made in naira, rejecting US dollar settlements.
This policy aims to strengthen the naira in global markets despite pushback from some refiners. If India proceeds, it would join Nigeria in reshaping global oil trade dynamics, moving away from dollar dominance.
India’s interest follows its struggles with US-imposed tariffs on Russian oil purchases, which previously saved the country $7 billion in foreign exchange. With supply chains shifting and BRICS nations pushing for currency alternatives, buying Nigerian oil in naira could be India’s next strategic move.
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