It would indeed be illogical for Nigeria to abandon SWIFT entirely in favor of the BRICS payment system
It would indeed be illogical for Nigeria to abandon SWIFT entirely in favor of the BRICS payment system, especially considering that even the BRICS nations themselves continue to use SWIFT concurrently. Here’s why running both systems simultaneously is the most pragmatic approach for Nigeria: 1. Dual-System Use Among BRICS Countries Shows Strategic Necessity BRICS Members’ Dependence on SWIFT: Countries like Brazil, India, and South Africa, which rely on trade with both Western and Eastern markets, continue to use SWIFT alongside their emerging BRICS payment networks. This dual-system approach allows them to engage with Western markets seamlessly while exploring alternative trade routes within BRICS. Logical Implication for Nigeria: If BRICS nations themselves are not abandoning SWIFT, it would be even more illogical for Nigeria—a non-BRICS country with high trade dependencies on both BRICS and Western markets—to cut off SWIFT access. Maintaining SWIFT ensures Nigeria can continue fa...