Former presidential aide, Reno Omokri, has raised questions about the proposed BRICS currency, specifically why Nigeria is referred to as “Najeriya” in the plan.
Omokri wrote, “Why is the proposed BRICS currency referring to Nigeria as Najeriya?” His remarks have sparked a discussion on the broader implications of the BRICS bloc’s new currency initiative.
The BRICS currency, part of a blockchain-based BRICS pay system, is seen as a critical move towards de-dollarization, allowing the bloc to bypass Western financial infrastructure such as the SWIFT payment platform.
This development is viewed as a significant opportunity for BRICS nations to promote their local currencies for international trade, reducing dependence on the US dollar.
The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—has experienced significant growth over the past two years. During this time, the group has made concerted efforts to diminish reliance on the dollar by accelerating de-dollarization initiatives.
On the picture of the proposed currency bill circulating the Internet, Nigeria, who recently joined the BRICS was spelt in what appears to be in Hausa language “Najeriya”.
The introduction of a BRICS currency, expected to be backed by gold, marks the next major step in creating a global financial system where the US dollar does not hold a dominant position.
Reports suggest that the new BRICS currency will be backed by 40% gold, with the remaining 60% linked to the local currencies of member nations. Currencies such as the Chinese yuan, Russian ruble, and Indian rupee are expected to form part of this mix.
A mock-up of the BRICS currency, featuring the flags of the five BRICS nations, was recently unveiled at the alliance’s summit in Kazan, Russia. The currency note displayed had a value of 100, and on the reverse side, additional flags, potentially representing future BRICS members like Mexico, Egypt, Nigeria, and Bahrain, were included.
While the BRICS bloc has yet to formally launch its new currency, the topic has been central to discussions within the group for years. Earlier today, Chinese President Xi Jinping made a historic announcement about the bloc’s new payment system during the summit.
In his speech, he highlighted the importance of the system for achieving a multipolar world, stating, “There is an urgent need to reform the international financial architecture. BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power.”
Russian President Vladimir Putin also participated in the unveiling of the mock-up BRICS bill, marking the first public display of the much-anticipated currency. The move reflects the bloc’s ongoing efforts to assert a stronger presence on the global stage while reducing reliance on Western economic systems.
