Emerging economies are pushing to end the dollar's dominance. But what's the alternative?
Across the developing world, many countries are fed up with America’s dominance of the global financial system — and especially the power of the dollar ABUJA, Nigeria -- Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees. One culprit for his troubles stands out: The U.S. dollar’s strength against the Nigerian currency, the naira, has pushed the price of garments and other foreign goods beyond the reach of local consumers. A bag of imported clothes costs three times what it did two years ago. The price these days is running around 350,000 naira, or $450. “There are no sales anymore because people have to eat first before thinking of buying clothes," Odafe said. Across the developing world, many countries are fed up with America’s dominance of the global financial system — especially the power of the dollar. They will air their grievances next week as the BRICS bloc of Brazil, Russia, India, China and South Africa mee...