The NARC Weekly Subject Experts Presentations on Monday 31 July 2023 was held at Hall C, TY Buratai Block. There was only one presentation made by Brig Gen OD Donibo the Subject Expert for India sub-continent.
The presentation dwelt on 22 Countries open account to trade in Rupee to ditch US Dollar. The Indian Rupee is getting recognition globally as 22 countries have open special bank accounts to trade with Rupee and also opened a special Nestro account to settle cross border transaction in the Indian Rupee. A total of 22 countries have now open bank accounts and will begin a settle global trade in the Indian Rupee, Indian is a strong member of BRICS alliance, which is seeking to end the global dominace of the US Dollar in international trade.
General Donibo noted that the open account in Rupee will make it easier for money to move between banks in different countries, reduce exchange risks , while enabling banks hold funds in a foreign currency without having a physical presence thus giving convenience to business operators while noting that Nigeria should diversify its economy from over dependence on oil and gas to other sector like solid minerals and agriculture. He recommended that federal government should invest in the power sector so as to increase power output
Present at the presentation were the Director of Research, Senior Research Fellows, Research Fellows, Consultants, Senior Officers and other staff of the Centre.
