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Human rights activist and lawyer Femi Falana has accused the International Monetary Fund (IMF) and the World Bank of sabotaging the currency swap between Nigeria and China. In a statement, Falana said the Nigerian Central Bank, together with the financial institutions, was helping to perpetuate dollar dominance. While Nigeria has become an important source of oil and petroleum for China, the Nigerian government continues to demand payment in dollars, rather than nairas. The currency swap agreement, which some experts believe failed due to a trade imbalance, should be renewed, with similar arrangements made with other nations, Falana argued.
This article originally appeared on news.bitcoin.com
An activist lawyer has accused the International Monetary Fund (IMF) and the World Bank of promoting economic sabotage to push the US dollar as a global currency. The lawyer, Barrister Nnamdi Nwokocha-Ahaaiwe, has urged Nigeria to join the BRICS countries (Brazil, Russia, India, China, and South Africa) instead, as they represent an emerging group of nations that are challenging the dominance of western economies.
In an interview with Africa Bitcoin News, Barrister Nwokocha-Ahaaiwe stated that the IMF and the World Bank have been imposing strict economic policies on countries in exchange for loans, which have resulted in the destabilization of national economies and the accumulation of debt. He also accused the institutions of forcing countries to trade in US dollars, even if it did not make economic sense for them to do so.
According to Nwokocha-Ahaaiwe, the BRICS countries are offering an alternative to the IMF and the World Bank, as they provide loans without imposing restrictive conditions. He believes that Nigeria should seize this opportunity to join BRICS and diversify its economic partnerships.
Nigeria is currently facing economic challenges, with high levels of inflation, currency depreciation, and a shortage of foreign reserves. With the COVID-19 pandemic exacerbating these issues, the country is seeking ways to boost its economic growth.
By joining BRICS, Nigeria would gain access to the New Development Bank (NDB), which provides loans for infrastructure projects in developing countries. This could help Nigeria to fund its infrastructure development and boost its economy.
However, Nwokocha-Ahaaiwe noted that there are some challenges that Nigeria would need to overcome before joining BRICS. These include political instability, corruption, and the need for structural reforms. Nevertheless, he believes that Nigeria has the potential to become a major player in the BRICS bloc, given its large population, natural resources, and strategic location in Africa.
Overall, Nwokocha-Ahaaiwe’s comments highlight the growing criticism of the IMF and the World Bank’s economic policies in developing countries. As the BRICS countries continue to challenge the dominance of western economies, more countries may consider joining this emerging group of nations. This could lead to a shift in the global economic landscape, away from the traditional powers and towards emerging economies.
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