Two BRICS countries, India and Nigeria, are making a change in how they do business with each other.
BRICS stands for Brazil, Russia, India, China, and South Africa. These countries are trying to work together more on trade and other economic issues.
Normally, countries use US dollars for a lot of international trade. But India and Nigeria just signed an agreement to trade with each other using their own money, like rupees and naira, instead. This is a big deal because it could weaken the dominance of the US dollar in international trade.
The idea behind BRICS is for these developing countries to help each other grow their economies and have more influence on the world stage. There are even talks about BRICS creating a whole new currency someday!
Nigeria isn’t even officially a member of BRICS yet, but they’re interested in joining. This trade deal between India and Nigeria is a big step towards that goal.
The two countries already trade a lot together, especially in areas like energy, medicine, and transportation. In the past year, their trade has reached almost $8 billion! If more BRICS countries follow India and Nigeria’s lead and stop using US dollars, it could have a big impact on the US economy, which is already facing challenges like inflation and high debt.