Obasanjo, other world leaders move against the use of dollars

It was another week of anti-dollar vituperations as developing and emerging economies under the BRICS group met in Johannesburg South Africa.

Former Nigerian President Chief Olusegun questioned the need for the dollar as the international reserve currency and medium of global trade.

Bloomberg reports the ex-Nigeria leader saying “I want to buy from India. Why should I use dollars? which received a loud cheer in response. Nigeria earns most of its dollars from crude oil sales but in recent times has been facing FX scarcity as a result of rising imports.