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De-dollarization from below
Manage episode 490422574 series 2985742
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Discussions about ongoing attempts to move beyond the US dollar as the hegemonic currency of world trade often focus on the official policies of nation-states. Frequently referenced in such debates, for instance, are attempts by central banks to issue digital currencies, the recently mooted BRICS currency, and various measures taken by countries in the Global South to hold larger shares of their foreign reserves in currencies other than the dollar.
But what is often missing from these conversations are the perspectives and practical considerations of citizens who interact with multiple currencies by necessity or by choice —whether through trade, remittances, or other forms of cross-border exchange. To what extent is de-dollarization already a practical outcome of increasing Africa-China trade? Are Igbo importers of Chinese-made goods at the vanguard of a multi-currency fluency which nation-states will ultimately have to adopt?
The Nigerian Scam explores these issues on the most recent Africa Is a Country podcast through a conversation with Dr. Jing Jing Liu, focused on her recently published study “Decentering the Dollar in Africa–China Trade: How Nigerian Entrepreneurs Navigate Currency Swaps and Digital Currencies in an Era of USD Hegemony and RMB Internationalization.”
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