India To Boost De-Dollarization: Buy Nigerian Oil Paying in Naira
India could advance the de-dollarization agenda and procure Nigerian oil and settle payments in their local currency, the naira, according to a latest de-dollarization report from Firstpost Africa. The report also claims that Indian refiners, especially Indian Oil, have placed orders for Nigerian oil, and over 2 million barrels are expected to reach Indian shores next month. However, the Modi government has not gone all-in on procuring crude from Nigeria. If India fully decides to buy Nigerian oil, it will have to pay the naira and not the US dollar. The Nigerian government announced last year that oil and energy payments must be settled in the naira, and refiners must not accept the USD. This would make India inadvertently push de-dollarization if it intends to buy Nigerian oil and pay in naira. The global oil trade is shifting fast, and supply chains and policies are being redrawn. Also Read: Historic BRICS Loan Worth $2 Billion in Yuan Disbursed to Australia De-Dollarization Growing...