Mr. Bashir Ahmad, a former aide to the Muhammadu Buhari and a prominent member of the ruling All Progressives Congress (APC), has responded to the news that Egypt has officially ceased using the United States Dollar for international transactions within the country.
In his reaction, Mr. Ahmad acknowledged that the world is undergoing a gradual and significant transformation. He shared this insight on his official X handle.
He wrote: “Egypt has officially stopped using the US Dollar as the currency of international transactions. The world is truly changing.”
It can be recalled that earlier today it was announced that Egypt has formally abandoned the use of the US Dollar in their trade transactions. Egypt was one of the five nations that decided to become part of BRICS during its summit in 2023.
Egypt has stated its intention to reduce its reliance on the US dollar for trade purposes. The Ministry of Foreign Affairs has confirmed that it will actively encourage its trading partners to use national currencies instead, in order to alleviate the financial strain caused by the increasing costs associated with using foreign currencies for settlements.
