By: Babajide A. Martins Faleru
The creators of BRICS are being utilized to fight a proxy war against the US dollar, hence its future is uncertain. It could encourage her members to trade in their native currency, which is fine.
Russia seeks to depolarize America’s unipolar system to shift the world order to one of multipolarity. Scholars may argue that Russia and China are attempting to undermine America’s global dominance by encouraging third-world countries to join the BRICS.
Creating partnerships with the developing world has not provided a solution to the global economic problem. Creating coalitions with the Third World has not provided a solution to the global economic problem. South Africa had been used as a stepping stone to entice other African countries, as well as India, to do the same.
Brazil will follow suit in attempting to entice South American countries to join the alliance as well.
Critics claim that Nigeria blew her opportunity by not joining the bloc, Nigeria has made the correct decision to become an observer, which is a good thing. Russia is Nigeria’s competitor in the oil and gas business, and Nigeria is ready to compete with Russia. Nigeria is a part of the American alliance.
The pipeline project in Niger, Nigeria, will not be abandoned in the name of joining the BRICS. The BRICS cannot, under any circumstances, sustain the strength of the dollar. The SWIFT payment mechanism, which has aided businesses in several ways, and Russia have been sanctioned as a result of the Ukraine war.
Russia is fighting a proxy war, but many will not comprehend the complexities involved. I don’t believe any currency can compete with the USD because it is a reserve currency. “We are the reserve currency,” says American billionaire Warren Buffet. I don’t see any other money as a viable choice.”
Buffet believes that the Chinese Yuan, Indian Rupee, Russian Ruble, or any other currency will never be able to compete with the US dollar.”I believe China and the United States will be the two superpowers.” “However, I believe it is extremely unlikely that any currency will replace the US dollar as the world reserve currency for many decades, if ever,” he concluded.
Because of its qualities, durability, and stability, investors will want to deal in dollars. Before considering it as a good source of trading in comparison to the dollar, investors will conduct extensive research. The SWOT analysis will be used to identify the application in global trading.
When asked why Nigeria did not apply to join the BRICS, Nigeria’s vice president cleared the air. He cites “There are so many variables that need to be taken into cognizance. We have to evaluate so many tendencies and issues that require engagements with the economic advisory council, the Federal Executive Council, and even the National Assembly before an informed decision towards joining the BRICS would be taken.”
Before making a complete commitment, the emerging world must examine the bloc and all of its complexity.
Source by: Babajide A.Martins Faleru.
Freelance writer, London School of Journalism Alumni.
