A mock-up of the upcoming BRICS currency was unveiled at the alliance’s summit in Kazan, Russia, with Russian President Vladimir Putin prominently displaying the ‘BRICS bill.’

This marks the first public presentation of the new currency, generating significant interest among member nations.

In his address, Putin acknowledged the ongoing dominance of the US dollar in global finance but criticized its use as a political weapon, arguing that such practices undermine trust in the currency.

At the summit, Putin also proposed the establishment of a BRICS-based grain exchange.

He emphasized that many BRICS countries are major producers of grain, vegetables, and oilseeds, and suggested that the exchange could facilitate fair pricing and enhance global food security.

‘A number of BRICS countries are among the world’s largest producers of grain, vegetables, and oilseeds.

‘We propose opening a BRICS grain exchange, which would facilitate the formation of fair and predictable price indicators for products and raw materials, taking into account their special role in ensuring food security.’

The initiative aims to leverage the agricultural strengths of BRICS nations to create a more balanced and transparent market for essential commodities.

Notably absent from the summit were Nigerian President Bola Ahmed Tinubu and Vice President Kashim Shettima, raising questions and tensions among Nigerians on social media regarding their absence.

Although neither leader was present, the Nigerian flag was featured in the new currency design, igniting debate among citizens.

Journalist David Hundeyin, @DavidHundeyin highlighted a contentious detail on X: the proposed BRICS reserve currency banknote features the word ‘Nigeria’ written in Hausa, sparking criticism.

Hundeyin remarked that this choice reflects a lack of representation for Nigeria’s official language and suggests that the current Tinubu administration may be sidelined from BRICS initiatives.

‘Nigeria, for some reason, is apparently skipping the ongoing 2024 BRICS summit entirely. Nobody is representing Nigeria in Kazan. Not the president, not the VP, not the foreign minister, nobody.

‘This is a huge statement for a summit that basically every consequential president in the Global South is attending in person’, Hundeyin said.

Responses from Nigerians on social media varied, with some, like Abubakar Buba, suggesting that BRICS might prefer native languages over English.

Others like Aganji Adeyemi, @Olasunkanmiiiii argued that using indigenous languages is essential for Nigeria’s identity and independence, with calls to replace English as the official language with Pidgin or Hausa to reflect the nation’s cultural diversity.

As discussions continue, the summit underscores both the aspirations and challenges facing the BRICS alliance as it seeks to strengthen its global influence.