The world market is dominated by the dollar, due to which there is a downward trend in the markets of the world. Kingsley Odafi's clothing store in the Nigerian capital is almost at a standstill. Business seems to have gone out of business as there are hardly any buyers for the clothes. The owner has fired three employees. The declining business situation is due to the depreciation of the Nigerian currency, the naira, against the dollar. and stable values ​​that have made foreign clothing and other goods imported from other countries expensive beyond the reach of ordinary consumers. The price of a bag of imported cloth will increase three times than before. These days, an export garment costs about 350,000 Naira or $450 US dollars.

Purchasing Power

Odafe, the owner of Odafe Cloth House, said that now people's purchasing power is very low, so business is nonexistent. They have to eat and drink, so he says that you have to think about your food before buying clothes. The developing countries of the world are currently tired of dominating the global financial system. In particular, the dominance of the dollar in the global system is a source of severe confusion for many countries. Brazil, Russia, India, China, and the United States are meeting with other emerging market countries in the BRICS bloc in Johannesburg, South Africa.

Global Markets

But global markets' complaints about the dollar will have their place, and making those complaints is easier said than done to eliminate a de facto global currency. The dollar is by far the most used currency in the global business market and it has made its place in the market by overcoming the challenges of the past and by overcoming the problems faced in the global market it has established and maintained its superiority.

BRICS

The BRICS countries have repeatedly talked about introducing their own currencies to the market to get rid of the dominance of the dollar which is affecting global trade. However, the summit, which began on Tuesday, failed to come up with a formal strategy and could not come up with any proposals that could be implemented. Emerging economies, however, have insisted that marketers bring in their own currencies. Dependence on the dollar can be reduced. At the BRICS foreign ministers meeting in June, South Africa's Nellidi Pandor said that the BRICS bloc's new development bank would provide an alternative currency to the dollar for current international trade. The complacency that without him the global market will fall into disarray will become complacency. They are eager to undermine the hegemony.

The dollar destabilizes their economies

Brazil, Russia, India, and China have been the four emerging economies since 2009. South Africa joined BRICS in 2010 by adding an “S”. There are more than 20 countries that have expressed interest in BRICS, including Saudi Arabia, Iran, and Venezuela. These countries complain to the dollar that the fluctuations in the dollar destabilize their economies. If the demand for pulses is increasing, there is usually a chaotic situation in the country. People withdraw investment from abroad and invest in their own countries, which creates an economic crisis. The interest rate also increases on it. And so does the cost of buying imported goods. And export goods are often priced in dollars, so various countries with emerging economies want to introduce their own currency against the dollar in order to end the dollar's dominance in the market.

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